Mission Wealth Management LP Has $438,000 Stake in Corning Incorporated (NYSE:GLW)

Mission Wealth Management LP grew its holdings in shares of Corning Incorporated (NYSE:GLW) by 10.6% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 14,398 shares of the electronics maker’s stock after acquiring an additional 1,382 shares during the period. Mission Wealth Management LP’s holdings in Corning were worth $438,000 as of its most recent SEC filing.

Several other hedge funds have also recently made changes to their positions in GLW. Peoples Bank KS acquired a new position in shares of Corning during the third quarter valued at about $25,000. OFI Invest Asset Management bought a new position in shares of Corning in the 3rd quarter worth $25,000. SRS Capital Advisors Inc. increased its stake in Corning by 232.9% during the 3rd quarter. SRS Capital Advisors Inc. now owns 932 shares of the electronics maker’s stock valued at $28,000 after purchasing an additional 652 shares in the last quarter. Bruce G. Allen Investments LLC acquired a new position in Corning during the fourth quarter worth $31,000. Finally, Emfo LLC bought a new position in shares of Corning in the fourth quarter valued at $33,000. 69.80% of the stock is owned by institutional investors.

Corning Stock Performance

Shares of GLW stock opened at $33.72 on Friday. The firm’s 50 day moving average is $32.34 and its 200 day moving average is $30.57. The stock has a market capitalization of $28.84 billion, a P/E ratio of 47.49, a PEG ratio of 1.70 and a beta of 1.07. Corning Incorporated has a 12 month low of $25.26 and a 12 month high of $36.01. The company has a current ratio of 1.67, a quick ratio of 1.05 and a debt-to-equity ratio of 0.61.

Corning (NYSE:GLW) last posted its earnings results on Tuesday, April 30th. The electronics maker reported $0.38 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.36 by $0.02. The firm had revenue of $2.98 billion for the quarter, compared to the consensus estimate of $3.12 billion. Corning had a return on equity of 12.31% and a net margin of 4.96%. The business’s quarterly revenue was down 11.5% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.41 earnings per share. On average, sell-side analysts anticipate that Corning Incorporated will post 1.9 earnings per share for the current year.

Corning Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, June 27th. Shareholders of record on Friday, May 31st will be paid a $0.28 dividend. The ex-dividend date is Friday, May 31st. This represents a $1.12 annualized dividend and a yield of 3.32%. Corning’s dividend payout ratio is currently 157.75%.

Wall Street Analyst Weigh In

A number of analysts have commented on GLW shares. Morgan Stanley reissued an “overweight” rating and set a $35.00 price objective on shares of Corning in a report on Monday, April 22nd. HSBC downgraded Corning from a “hold” rating to a “reduce” rating and set a $29.00 target price on the stock. in a research note on Thursday, February 1st. JPMorgan Chase & Co. increased their price target on Corning from $36.00 to $37.00 and gave the company a “neutral” rating in a research report on Wednesday. UBS Group boosted their price objective on Corning from $34.00 to $35.00 and gave the stock a “neutral” rating in a research report on Monday, April 8th. Finally, Susquehanna reaffirmed a “positive” rating and set a $40.00 target price on shares of Corning in a research report on Monday, April 1st. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and four have assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $34.89.

Insider Buying and Selling at Corning

In other news, SVP John Z. Zhang sold 12,546 shares of the firm’s stock in a transaction that occurred on Thursday, May 2nd. The shares were sold at an average price of $33.42, for a total value of $419,287.32. Following the completion of the transaction, the senior vice president now directly owns 11,355 shares in the company, valued at $379,484.10. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other news, Vice Chairman Lawrence D. Mcrae sold 77,464 shares of Corning stock in a transaction dated Thursday, March 21st. The stock was sold at an average price of $33.24, for a total transaction of $2,574,903.36. Following the completion of the sale, the insider now owns 215,254 shares in the company, valued at approximately $7,155,042.96. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, SVP John Z. Zhang sold 12,546 shares of the firm’s stock in a transaction that occurred on Thursday, May 2nd. The shares were sold at an average price of $33.42, for a total transaction of $419,287.32. Following the completion of the sale, the senior vice president now directly owns 11,355 shares in the company, valued at $379,484.10. The disclosure for this sale can be found here. Insiders sold 119,988 shares of company stock valued at $3,984,964 in the last quarter. 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.