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

RMR Wealth Builders lifted its holdings in shares of Corning Incorporated (NYSE:GLW) by 25.6% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 18,984 shares of the electronics maker’s stock after purchasing an additional 3,864 shares during the period. RMR Wealth Builders’ holdings in Corning were worth $578,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Raymond James Financial Services Advisors Inc. grew its holdings in shares of Corning by 9.9% during the 3rd quarter. Raymond James Financial Services Advisors Inc. now owns 269,980 shares of the electronics maker’s stock valued at $8,226,000 after purchasing an additional 24,225 shares during the last quarter. Stratos Wealth Partners LTD. grew its holdings in shares of Corning by 152.3% in the third quarter. Stratos Wealth Partners LTD. now owns 21,262 shares of the electronics maker’s stock worth $648,000 after purchasing an additional 12,836 shares during the last quarter. Verdence Capital Advisors LLC raised its holdings in Corning by 4.4% during the 3rd quarter. Verdence Capital Advisors LLC now owns 18,224 shares of the electronics maker’s stock valued at $555,000 after buying an additional 771 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its position in shares of Corning by 2.8% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 133,739 shares of the electronics maker’s stock valued at $4,075,000 after acquiring an additional 3,663 shares during the period. Finally, Mackenzie Financial Corp lifted its holdings in Corning by 13.4% in the 3rd quarter. Mackenzie Financial Corp now owns 99,610 shares of the electronics maker’s stock worth $2,990,000 after buying an additional 11,739 shares during the period. Hedge funds and other institutional investors own 69.80% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on the company. Susquehanna reissued a “positive” rating and set a $40.00 price target on shares of Corning in a report on Monday, April 1st. UBS Group raised their target price on shares of Corning from $34.00 to $35.00 and gave the company a “neutral” rating in a research note on Monday, April 8th. Barclays boosted their target price on Corning from $28.00 to $35.00 and gave the company an “equal weight” rating in a research report on Wednesday, January 31st. JPMorgan Chase & Co. raised their price target on shares of Corning from $36.00 to $37.00 and gave the stock a “neutral” rating in a research note on Wednesday, May 1st. Finally, StockNews.com upgraded Corning from a “sell” rating to a “hold” rating in a report on Monday, April 1st. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $35.00.

Insiders Place Their Bets

In other Corning news, VP Martin J. Curran sold 16,416 shares of the stock in a transaction that occurred on Friday, May 3rd. The stock was sold at an average price of $33.70, for a total transaction of $553,219.20. Following the transaction, the vice president now owns 65,598 shares in the company, valued at $2,210,652.60. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other news, VP Martin J. Curran sold 16,416 shares of the company’s stock in a transaction dated Friday, May 3rd. The shares were sold at an average price of $33.70, for a total transaction of $553,219.20. Following the completion of the transaction, the vice president now owns 65,598 shares of the company’s stock, valued at $2,210,652.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Jeffrey W. Evenson sold 103,437 shares of the business’s stock in a transaction dated Monday, May 6th. The shares were sold at an average price of $33.19, for a total value of $3,433,074.03. Following the transaction, the vice president now owns 70,110 shares in the company, valued at $2,326,950.90. The disclosure for this sale can be found here. Insiders sold a total of 239,841 shares of company stock worth $7,971,257 in the last quarter. 0.45% of the stock is currently owned by corporate insiders.

Corning Stock Up 1.5 %

NYSE GLW traded up $0.50 during mid-day trading 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 company has a market cap of $29.06 billion, a price-to-earnings ratio of 47.78, a P/E/G ratio of 1.70 and a beta of 1.07. The company has a current ratio of 1.67, a quick ratio of 1.02 and a debt-to-equity ratio of 0.61. Corning Incorporated has a 1-year low of $25.26 and a 1-year high of $36.01. The company has a fifty day simple moving average of $32.40 and a 200-day simple moving average of $30.74.

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

Corning Dividend Announcement

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

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.