RMR Wealth Builders Purchases 3,864 Shares of Corning Incorporated (NYSE:GLW)

RMR Wealth Builders lifted its position in shares of Corning Incorporated (NYSE:GLW) by 25.6% during the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 18,984 shares of the electronics maker’s stock after purchasing an additional 3,864 shares during the quarter. RMR Wealth Builders’ holdings in Corning were worth $578,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of GLW. Ameriprise Financial Inc. boosted its stake in shares of Corning by 15.0% during the 3rd quarter. Ameriprise Financial Inc. now owns 17,615,078 shares of the electronics maker’s stock valued at $536,114,000 after purchasing an additional 2,301,745 shares in the last quarter. Wellington Management Group LLP increased its stake in shares of Corning by 7.7% during the third quarter. Wellington Management Group LLP now owns 28,714,901 shares of the electronics maker’s stock valued at $874,943,000 after purchasing an additional 2,055,388 shares in the last quarter. Federated Hermes Inc. boosted its position in shares of Corning by 1,329.2% in the 4th quarter. Federated Hermes Inc. now owns 1,321,494 shares of the electronics maker’s stock worth $40,239,000 after purchasing an additional 1,229,031 shares in the last quarter. Assenagon Asset Management S.A. grew its stake in shares of Corning by 302.7% in the 4th quarter. Assenagon Asset Management S.A. now owns 1,496,362 shares of the electronics maker’s stock worth $45,564,000 after buying an additional 1,124,787 shares during the last quarter. Finally, Morgan Stanley increased its position in Corning by 5.1% during the 3rd quarter. Morgan Stanley now owns 21,899,529 shares of the electronics maker’s stock valued at $667,279,000 after buying an additional 1,060,450 shares in the last quarter. Institutional investors own 69.80% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on the company. Mizuho initiated coverage on Corning in a research report on Tuesday. They issued a “neutral” rating and a $36.00 price objective on the stock. JPMorgan Chase & Co. increased their price target on Corning from $36.00 to $37.00 and gave the company a “neutral” rating in a report on Wednesday, May 1st. Morgan Stanley reiterated an “overweight” rating and set a $35.00 price objective on shares of Corning in a research report on Monday, April 22nd. StockNews.com raised Corning from a “sell” rating to a “hold” rating in a research report on Monday, April 1st. Finally, HSBC lowered shares of Corning from a “hold” rating to a “reduce” rating and set a $29.00 price target for the company. in a research report on Thursday, February 1st. One research analyst has rated the stock with a sell rating, six have given a hold rating and four have assigned a buy rating to the company. According to MarketBeat, Corning currently has a consensus rating of “Hold” and a consensus price target of $35.00.

Corning Trading Up 1.5 %

GLW traded up $0.50 during trading hours on Wednesday, reaching $33.93. 3,956,296 shares of the company’s stock traded hands, compared to its average volume of 4,850,637. The firm has a 50-day moving average price of $32.40 and a 200 day moving average price of $30.74. The firm has a market capitalization of $29.06 billion, a PE ratio of 47.78, a PEG ratio of 1.70 and a beta of 1.07. The company has a quick ratio of 1.02, a current ratio of 1.67 and a debt-to-equity ratio of 0.61. Corning Incorporated has a 52-week low of $25.26 and a 52-week high of $36.01.

Corning (NYSE:GLW) last posted its quarterly earnings results on Tuesday, April 30th. The electronics maker reported $0.38 EPS for the quarter, topping the consensus estimate of $0.36 by $0.02. The company had revenue of $2.98 billion for the quarter, compared to the consensus estimate of $3.12 billion. Corning had a net margin of 4.96% and a return on equity of 12.31%. The firm’s revenue was down 11.5% compared to the same quarter last year. During the same quarter last year, the firm posted $0.41 EPS. As a group, sell-side analysts predict that Corning Incorporated will post 1.9 EPS for the current fiscal year.

Corning Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, June 27th. Investors of record on Friday, May 31st will be issued a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a yield of 3.30%. The ex-dividend date is Thursday, May 30th. Corning’s payout ratio is 157.75%.

Insider Transactions at Corning

In related news, VP Jeffrey W. Evenson sold 103,437 shares of the stock in a transaction that occurred on Monday, May 6th. The shares were sold at an average price of $33.19, for a total transaction of $3,433,074.03. Following the completion of the sale, the vice president now owns 70,110 shares of the company’s stock, valued at $2,326,950.90. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, Vice Chairman Lawrence D. Mcrae sold 77,464 shares of the company’s stock in a transaction that occurred on Thursday, March 21st. The stock was sold at an average price of $33.24, for a total value of $2,574,903.36. Following the sale, the insider now owns 215,254 shares in the company, valued at $7,155,042.96. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, VP Jeffrey W. Evenson sold 103,437 shares of the firm’s stock in a transaction on Monday, May 6th. The stock was sold at an average price of $33.19, for a total transaction of $3,433,074.03. Following the transaction, the vice president now directly owns 70,110 shares of the company’s stock, valued at approximately $2,326,950.90. The disclosure for this sale can be found here. In the last three months, insiders sold 239,841 shares of company stock valued at $7,971,257. Corporate insiders own 0.45% of the company’s stock.

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.