Executive Wealth Management LLC Takes Position in Corning Incorporated (GLW)

Executive Wealth Management LLC acquired a new position in shares of Corning Incorporated (NYSE:GLW) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 1,209 shares of the electronics maker’s stock, valued at approximately $37,000.

Several other institutional investors also recently made changes to their positions in GLW. Riverview Trust Co bought a new stake in shares of Corning in the fourth quarter valued at about $26,000. Sontag Advisory LLC bought a new stake in shares of Corning in the fourth quarter valued at about $29,000. Athena Capital Advisors LLC bought a new stake in shares of Corning in the fourth quarter valued at about $33,000. Essex Savings Bank bought a new stake in Corning during the fourth quarter worth about $34,000. Finally, Hanson McClain Inc. raised its holdings in Corning by 72.2% during the fourth quarter. Hanson McClain Inc. now owns 1,193 shares of the electronics maker’s stock worth $36,000 after acquiring an additional 500 shares in the last quarter. 72.08% of the stock is owned by institutional investors and hedge funds.

In related news, VP David L. Morse sold 36,664 shares of the business’s stock in a transaction that occurred on Monday, February 25th. The stock was sold at an average price of $35.00, for a total value of $1,283,240.00. Following the completion of the sale, the vice president now directly owns 47,527 shares in the company, valued at $1,663,445. The sale was disclosed in a filing with the SEC, which is available at this link. Also, insider David L. Morse sold 35,701 shares of the business’s stock in a transaction that occurred on Wednesday, January 30th. The shares were sold at an average price of $33.71, for a total value of $1,203,480.71. Following the completion of the sale, the insider now owns 47,961 shares of the company’s stock, valued at $1,616,765.31. The disclosure for this sale can be found here. Insiders sold 328,767 shares of company stock worth $11,162,588 in the last ninety days. 0.46% of the stock is owned by company insiders.

Several analysts recently issued reports on GLW shares. Zacks Investment Research upgraded Corning from a “sell” rating to a “hold” rating in a report on Wednesday, January 23rd. ValuEngine raised Corning from a “hold” rating to a “buy” rating in a research report on Tuesday, January 29th. Four analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and a consensus target price of $35.50.

Shares of Corning stock traded down $0.06 on Friday, hitting $34.85. The stock had a trading volume of 2,967,964 shares, compared to its average volume of 2,908,598. Corning Incorporated has a twelve month low of $26.11 and a twelve month high of $36.56. The company has a current ratio of 2.12, a quick ratio of 1.51 and a debt-to-equity ratio of 0.52. The company has a market capitalization of $27.36 billion, a price-to-earnings ratio of 19.58, a PEG ratio of 1.98 and a beta of 1.16.

Corning (NYSE:GLW) last posted its earnings results on Tuesday, January 29th. The electronics maker reported $0.59 EPS for the quarter, beating the consensus estimate of $0.57 by $0.02. Corning had a return on equity of 14.21% and a net margin of 9.44%. The company had revenue of $3.04 billion for the quarter, compared to the consensus estimate of $3.02 billion. During the same quarter in the prior year, the business earned $0.49 earnings per share. The firm’s revenue for the quarter was up 15.1% on a year-over-year basis. As a group, equities research analysts predict that Corning Incorporated will post 2 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which was paid on Friday, March 29th. Stockholders of record on Thursday, February 28th were given a $0.20 dividend. This is an increase from Corning’s previous quarterly dividend of $0.18. The ex-dividend date of this dividend was Wednesday, February 27th. This represents a $0.80 annualized dividend and a dividend yield of 2.30%. Corning’s dividend payout ratio is presently 44.94%.

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Corning Profile

Corning Incorporated engages in display technologies, optical communications, environmental technologies, specialty materials, and life sciences businesses worldwide. The company's Display Technologies segment manufactures glass substrates for organic light-emitting diodes and liquid crystal displays used in televisions, notebook computers, and flat panel desktop monitors.

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Institutional Ownership by Quarter for Corning (NYSE:GLW)

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