Performance Wealth Partners LLC purchased a new position in Corning Incorporated (NYSE:GLW – Free Report) during the second quarter, HoldingsChannel reports. The firm purchased 16,158 shares of the electronics maker’s stock, valued at approximately $4,127,000.
Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Berbice Capital Management LLC purchased a new stake in Corning in the 4th quarter valued at about $26,000. Basepoint Wealth LLC purchased a new position in shares of Corning during the fourth quarter worth approximately $26,000. Atwood & Palmer Inc. bought a new stake in shares of Corning during the second quarter valued at approximately $26,000. Kemnay Advisory Services Inc. bought a new stake in shares of Corning during the fourth quarter valued at approximately $27,000. Finally, Litman Gregory Wealth Management LLC purchased a new stake in shares of Corning in the fourth quarter valued at approximately $31,000. Institutional investors own 69.80% of the company’s stock.
Corning Stock Performance
GLW opened at $173.29 on Tuesday. The company has a market cap of $149.27 billion, a P/E ratio of 79.13, a price-to-earnings-growth ratio of 2.12 and a beta of 1.14. The company has a quick ratio of 1.24, a current ratio of 1.81 and a debt-to-equity ratio of 0.59. The firm’s 50-day moving average price is $176.54 and its 200-day moving average price is $162.37. Corning Incorporated has a 52-week low of $63.37 and a 52-week high of $271.78.
Corning Dividend Announcement
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 29th. Shareholders of record on Monday, August 31st will be issued a $0.28 dividend. This represents a $1.12 annualized dividend and a yield of 0.6%. The ex-dividend date of this dividend is Monday, August 31st. Corning’s dividend payout ratio is presently 51.14%.
Wall Street Analyst Weigh In
Several research analysts have commented on the company. Oppenheimer reduced their price objective on Corning from $230.00 to $200.00 and set an “outperform” rating on the stock in a report on Wednesday, July 29th. Bank of America upped their target price on Corning from $223.00 to $243.00 and gave the stock a “buy” rating in a report on Monday, July 6th. Weiss Ratings raised Corning from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Friday, August 7th. JPMorgan Chase & Co. decreased their price objective on Corning from $200.00 to $170.00 and set a “neutral” rating for the company in a report on Wednesday, July 29th. Finally, Wall Street Zen lowered shares of Corning from a “strong-buy” rating to a “buy” rating in a research note on Sunday. Eleven research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $174.08.
Check Out Our Latest Stock Analysis on GLW
Insider Activity
In related news, CEO Wendell P. Weeks sold 100,000 shares of Corning stock in a transaction that occurred on Tuesday, June 9th. The stock was sold at an average price of $186.46, for a total transaction of $18,646,000.00. Following the completion of the transaction, the chief executive officer directly owned 908,353 shares in the company, valued at approximately $169,371,500.38. This trade represents a 9.92% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP Jaymin Amin sold 27,395 shares of Corning stock in a transaction that occurred on Friday, May 22nd. The shares were sold at an average price of $192.14, for a total transaction of $5,263,675.30. Following the transaction, the senior vice president directly owned 94,400 shares of the company’s stock, valued at approximately $18,138,016. This trade represents a 22.49% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 0.25% of the stock is currently owned by company insiders.
Corning Company Profile
Corning Incorporated is a global manufacturer specializing in specialty glass, ceramics and related materials and technologies. Headquartered in Corning, New York, the company supplies engineered materials and components used across multiple industries, including consumer electronics, telecommunications, automotive emissions control, pharmaceutical and life sciences, and industrial and scientific applications. Corning emphasizes materials science and precision manufacturing to develop durable, high-performance glass and ceramic products.
Key product lines include specialty display glass used by television and mobile-device manufacturers, cover glass marketed under well-known trade names for smartphones and tablets, and optical fiber and cable and related hardware for telecommunications networks.
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