RWA Wealth Partners LLC Increases Position in Corning Incorporated (NYSE:GLW)

RWA Wealth Partners LLC grew its position in shares of Corning Incorporated (NYSE:GLW) by 10.0% during the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 18,261 shares of the electronics maker’s stock after purchasing an additional 1,655 shares during the period. RWA Wealth Partners LLC’s holdings in Corning were worth $868,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of the company. Sound Income Strategies LLC boosted its holdings in Corning by 76.7% during the 4th quarter. Sound Income Strategies LLC now owns 523 shares of the electronics maker’s stock valued at $25,000 after acquiring an additional 227 shares during the period. Sierra Ocean LLC acquired a new position in shares of Corning in the fourth quarter valued at approximately $25,000. Asset Planning Inc purchased a new stake in Corning during the 4th quarter worth approximately $29,000. Rosenberg Matthew Hamilton increased its stake in Corning by 202.4% during the 4th quarter. Rosenberg Matthew Hamilton now owns 747 shares of the electronics maker’s stock worth $35,000 after buying an additional 500 shares during the period. Finally, Mainstream Capital Management LLC purchased a new position in Corning in the 4th quarter valued at approximately $35,000. 69.80% of the stock is currently owned by hedge funds and other institutional investors.

Corning Stock Performance

NYSE GLW opened at $45.77 on Tuesday. The company has a fifty day moving average of $49.76 and a two-hundred day moving average of $47.98. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.62 and a quick ratio of 1.07. Corning Incorporated has a 1 year low of $30.72 and a 1 year high of $55.33. The company has a market capitalization of $39.22 billion, a PE ratio of 78.92, a P/E/G ratio of 1.50 and a beta of 1.03.

Corning (NYSE:GLW) last released its quarterly earnings results on Wednesday, January 29th. The electronics maker reported $0.57 EPS for the quarter, topping the consensus estimate of $0.56 by $0.01. Corning had a return on equity of 15.10% and a net margin of 3.86%. As a group, analysts expect that Corning Incorporated will post 2.33 earnings per share for the current year.

Corning Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 28th. Shareholders of record on Friday, February 28th were given a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a yield of 2.45%. The ex-dividend date of this dividend was Friday, February 28th. Corning’s payout ratio is currently 193.10%.

Wall Street Analysts Forecast Growth

GLW has been the subject of several research reports. Citigroup boosted their price target on shares of Corning from $55.00 to $58.00 and gave the stock a “buy” rating in a research note on Tuesday, January 21st. Morgan Stanley upped their price target on Corning from $39.00 to $48.00 and gave the stock an “equal weight” rating in a report on Tuesday, December 17th. StockNews.com cut Corning from a “buy” rating to a “hold” rating in a research note on Tuesday, February 25th. HSBC raised shares of Corning from a “hold” rating to a “buy” rating and raised their target price for the company from $51.00 to $60.00 in a report on Thursday, January 30th. Finally, Barclays lowered their price target on shares of Corning from $53.00 to $52.00 and set an “equal weight” rating for the company in a report on Wednesday, January 29th. Four research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Corning presently has a consensus rating of “Moderate Buy” and a consensus price target of $54.31.

Insider Buying and Selling at Corning

In related news, SVP Michael Alan Bell sold 2,209 shares of the business’s stock in a transaction dated Thursday, January 30th. The stock was sold at an average price of $49.87, for a total value of $110,162.83. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, COO Eric S. Musser sold 30,000 shares of the stock in a transaction that occurred on Friday, January 31st. The stock was sold at an average price of $51.92, for a total value of $1,557,600.00. Following the sale, the chief operating officer now directly owns 152,944 shares of the company’s stock, valued at $7,940,852.48. The trade was a 16.40 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.40% of the stock is currently owned by company insiders.

Corning Profile

Corning Incorporated engages in the display technologies, optical communications, environmental technologies, specialty materials, and life sciences businesses in the United States and internationally. The company's Display Technologies segment offers glass substrates for flat panel displays, including liquid crystal displays and organic light-emitting diodes that are used in televisions, notebook computers, desktop monitors, tablets, and handheld devices.