RMR Wealth Builders Raises Stake in Corning Incorporated (NYSE:GLW)

RMR Wealth Builders boosted its position in Corning Incorporated (NYSE:GLW) by 12.6% during the first quarter, Holdings Channel.com reports. The institutional investor owned 30,805 shares of the electronics maker’s stock after purchasing an additional 3,438 shares during the period. RMR Wealth Builders’ holdings in Corning were worth $1,410,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently bought and sold shares of GLW. Vanguard Group Inc. boosted its position in Corning by 0.9% in the 4th quarter. Vanguard Group Inc. now owns 99,903,247 shares of the electronics maker’s stock worth $4,747,402,000 after purchasing an additional 916,528 shares in the last quarter. Geode Capital Management LLC boosted its position in Corning by 3.0% in the 4th quarter. Geode Capital Management LLC now owns 18,470,610 shares of the electronics maker’s stock worth $875,633,000 after purchasing an additional 533,686 shares in the last quarter. Northern Trust Corp boosted its position in Corning by 2.0% in the 4th quarter. Northern Trust Corp now owns 10,870,375 shares of the electronics maker’s stock worth $516,560,000 after purchasing an additional 208,826 shares in the last quarter. Norges Bank purchased a new stake in Corning in the 4th quarter worth approximately $490,933,000. Finally, Dimensional Fund Advisors LP boosted its position in Corning by 0.8% in the 4th quarter. Dimensional Fund Advisors LP now owns 9,800,573 shares of the electronics maker’s stock worth $465,723,000 after purchasing an additional 78,497 shares in the last quarter. Hedge funds and other institutional investors own 69.80% of the company’s stock.

Corning Trading Up 0.7%

NYSE:GLW opened at $50.80 on Friday. The firm has a market cap of $43.51 billion, a P/E ratio of 87.59, a PEG ratio of 1.50 and a beta of 1.11. The company has a current ratio of 1.62, a quick ratio of 1.07 and a debt-to-equity ratio of 0.62. The stock’s 50 day simple moving average is $45.98 and its 200-day simple moving average is $47.76. Corning Incorporated has a 12-month low of $37.05 and a 12-month high of $55.33.

Corning (NYSE:GLW) last released its earnings results on Tuesday, April 29th. The electronics maker reported $0.54 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.51 by $0.03. Corning had a return on equity of 15.10% and a net margin of 3.86%. The business had revenue of $3.68 billion for the quarter, compared to analyst estimates of $3.63 billion. During the same quarter in the previous year, the company posted $0.38 earnings per share. The company’s revenue for the quarter was up 12.9% compared to the same quarter last year. Equities analysts anticipate that Corning Incorporated will post 2.33 EPS for the current year.

Corning Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 27th. Investors of record on Friday, May 30th will be paid a $0.28 dividend. The ex-dividend date is Friday, May 30th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.20%. Corning’s dividend payout ratio (DPR) is presently 215.38%.

Wall Street Analysts Forecast Growth

Several research firms have commented on GLW. Citigroup lowered their price objective on Corning from $58.00 to $50.00 and set a “buy” rating on the stock in a research report on Monday, April 14th. Bank of America upped their price objective on Corning from $65.00 to $68.00 and gave the stock a “buy” rating in a research report on Wednesday, March 19th. Wall Street Zen lowered Corning from a “buy” rating to a “hold” rating in a research report on Tuesday, February 25th. Mizuho set a $52.00 price objective on Corning in a research report on Tuesday, April 15th. Finally, JPMorgan Chase & Co. decreased their target price on Corning from $62.00 to $50.00 and set an “overweight” rating on the stock in a research report on Thursday, April 17th. Four research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $53.08.

Insider Activity at Corning

In other Corning news, SVP Michael Alan Bell sold 20,262 shares of the business’s stock in a transaction on Wednesday, April 30th. The stock was sold at an average price of $44.06, for a total transaction of $892,743.72. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, SVP Stefan Becker sold 17,106 shares of the business’s stock in a transaction on Thursday, May 29th. The stock was sold at an average price of $49.68, for a total value of $849,826.08. Following the sale, the senior vice president now owns 16,117 shares in the company, valued at approximately $800,692.56. The trade was a 51.49% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 75,796 shares of company stock worth $3,632,635 over the last three months. 0.40% of the stock is currently owned by corporate 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.