Prosperity Consulting Group LLC Takes $208,000 Position in Corning Incorporated (NYSE:GLW)

Prosperity Consulting Group LLC acquired a new stake in Corning Incorporated (NYSE:GLW) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 4,369 shares of the electronics maker’s stock, valued at approximately $208,000.

A number of other hedge funds also recently made changes to their positions in the business. Sound Income Strategies LLC lifted its holdings in Corning by 76.7% during the 4th quarter. Sound Income Strategies LLC now owns 523 shares of the electronics maker’s stock worth $25,000 after purchasing an additional 227 shares during the last quarter. Sierra Ocean LLC acquired a new stake in Corning during the 4th quarter worth approximately $25,000. Asset Planning Inc acquired a new stake in Corning during the 4th quarter worth approximately $29,000. Mainstream Capital Management LLC acquired a new stake in Corning during the 4th quarter worth approximately $35,000. Finally, Rosenberg Matthew Hamilton lifted its holdings in Corning by 202.4% during the 4th quarter. Rosenberg Matthew Hamilton now owns 747 shares of the electronics maker’s stock worth $35,000 after purchasing an additional 500 shares during the last quarter. 69.80% of the stock is owned by institutional investors and hedge funds.

Corning Trading Down 0.3 %

Shares of GLW stock opened at $44.06 on Tuesday. The firm has a market capitalization of $37.75 billion, a P/E ratio of 75.97, a P/E/G ratio of 1.50 and a beta of 1.03. Corning Incorporated has a twelve month low of $31.37 and a twelve month high of $55.33. The company has a quick ratio of 1.07, a current ratio of 1.62 and a debt-to-equity ratio of 0.62. The stock’s fifty day simple moving average is $45.28 and its 200 day simple moving average is $47.60.

Corning (NYSE:GLW) last issued its quarterly earnings data on Wednesday, January 29th. The electronics maker reported $0.57 earnings per share for the quarter, topping analysts’ consensus estimates of $0.56 by $0.01. Corning had a return on equity of 15.10% and a net margin of 3.86%. As a group, sell-side analysts predict that Corning Incorporated will post 2.33 EPS for the current fiscal year.

Corning Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 28th. Investors of record on Friday, February 28th were given a dividend of $0.28 per share. The ex-dividend date of this dividend was Friday, February 28th. This represents a $1.12 dividend on an annualized basis and a yield of 2.54%. Corning’s dividend payout ratio is currently 193.10%.

Insider Buying and Selling at Corning

In other Corning news, COO Eric S. Musser sold 30,000 shares of the firm’s stock in a transaction that occurred on Friday, January 31st. The shares were sold at an average price of $51.92, for a total transaction of $1,557,600.00. Following the completion of the transaction, the chief operating officer now owns 152,944 shares in the company, valued at approximately $7,940,852.48. This trade represents a 16.40 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Michael Alan Bell sold 2,209 shares of the firm’s stock in a transaction that occurred on Thursday, January 30th. The stock was sold at an average price of $49.87, for a total transaction of $110,162.83. The disclosure for this sale can be found here. Corporate insiders own 0.40% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on the company. Bank of America lifted their price objective on Corning from $65.00 to $68.00 and gave the company a “buy” rating in a report on Wednesday, March 19th. Barclays dropped their price objective on Corning from $53.00 to $52.00 and set an “equal weight” rating for the company in a report on Wednesday, January 29th. Mizuho set a $52.00 price objective on Corning in a report on Tuesday, April 15th. Citigroup dropped their price objective on Corning from $58.00 to $50.00 and set a “buy” rating for the company in a report on Monday, April 14th. Finally, JPMorgan Chase & Co. dropped their price objective on Corning from $62.00 to $50.00 and set an “overweight” rating for the company in a report on Thursday, April 17th. Four equities research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, Corning currently has an average rating of “Moderate Buy” and a consensus price target of $53.31.

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.