Spire Wealth Management Acquires 17,666 Shares of Corning Incorporated (NYSE:GLW)

Spire Wealth Management raised its holdings in shares of Corning Incorporated (NYSE:GLW) by 197.9% in the fourth quarter, HoldingsChannel reports. The firm owned 26,593 shares of the electronics maker’s stock after buying an additional 17,666 shares during the quarter. Spire Wealth Management’s holdings in Corning were worth $809,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also bought and sold shares of GLW. Harvest Investment Advisors LLC raised its holdings in shares of Corning by 1.0% during the third quarter. Harvest Investment Advisors LLC now owns 36,286 shares of the electronics maker’s stock valued at $1,106,000 after acquiring an additional 364 shares in the last quarter. Venture Visionary Partners LLC lifted its position in shares of Corning by 2.0% in the 4th quarter. Venture Visionary Partners LLC now owns 19,359 shares of the electronics maker’s stock worth $589,000 after purchasing an additional 380 shares during the period. Fiera Capital Corp boosted its stake in shares of Corning by 2.7% during the 3rd quarter. Fiera Capital Corp now owns 14,785 shares of the electronics maker’s stock valued at $450,000 after purchasing an additional 385 shares in the last quarter. New World Advisors LLC increased its position in shares of Corning by 3.5% during the fourth quarter. New World Advisors LLC now owns 11,800 shares of the electronics maker’s stock valued at $359,000 after buying an additional 400 shares during the period. Finally, Western Wealth Management LLC raised its stake in Corning by 1.6% in the third quarter. Western Wealth Management LLC now owns 25,719 shares of the electronics maker’s stock worth $784,000 after buying an additional 405 shares in the last quarter. Hedge funds and other institutional investors own 69.80% of the company’s stock.

Insider Activity

In other news, VP Jeffrey W. Evenson sold 103,437 shares of the business’s stock in a transaction that occurred on Monday, May 6th. The shares were sold at an average price of $33.19, for a total transaction of $3,433,074.03. Following the completion of the transaction, the vice president now directly owns 70,110 shares of the company’s stock, valued at $2,326,950.90. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Corning news, VP Martin J. Curran sold 16,416 shares of the business’s stock in a transaction dated Friday, May 3rd. The stock was sold at an average price of $33.70, for a total transaction of $553,219.20. Following the completion of the sale, the vice president now directly owns 65,598 shares in the company, valued at approximately $2,210,652.60. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, VP Jeffrey W. Evenson sold 103,437 shares of the stock in a transaction that occurred on Monday, May 6th. The stock was sold at an average price of $33.19, for a total transaction of $3,433,074.03. Following the completion of the transaction, the vice president now owns 70,110 shares in the company, valued at approximately $2,326,950.90. The disclosure for this sale can be found here. Insiders have sold a total of 239,841 shares of company stock valued at $7,971,257 in the last 90 days. 0.45% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on GLW. Morgan Stanley reissued an “overweight” rating and issued a $35.00 target price on shares of Corning in a research report on Monday, April 22nd. Susquehanna reiterated a “positive” rating and issued a $40.00 price objective on shares of Corning in a report on Monday, April 1st. JPMorgan Chase & Co. raised their price objective on Corning from $36.00 to $37.00 and gave the company a “neutral” rating in a research report on Wednesday, May 1st. HSBC downgraded shares of Corning from a “hold” rating to a “reduce” rating and set a $29.00 target price on the stock. in a research report on Thursday, February 1st. Finally, Barclays boosted their price objective on shares of Corning from $28.00 to $35.00 and gave the stock an “equal weight” rating in a research note on Wednesday, January 31st. One investment analyst has rated the stock with a sell rating, six have given a hold rating and four have issued a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $35.00.

Corning Trading Up 1.5 %

Shares of NYSE GLW opened at $33.93 on Thursday. The company has a market cap of $29.06 billion, a PE ratio of 47.78, a P/E/G ratio of 1.70 and a beta of 1.07. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.02 and a current ratio of 1.67. The firm’s 50 day moving average price is $32.40 and its 200-day moving average price is $30.74. Corning Incorporated has a 52-week low of $25.26 and a 52-week high of $36.01.

Corning (NYSE:GLW) last issued its earnings results on Tuesday, April 30th. The electronics maker reported $0.38 EPS for the quarter, beating the consensus estimate of $0.36 by $0.02. Corning had a return on equity of 12.31% and a net margin of 4.96%. The business had revenue of $2.98 billion for the quarter, compared to the consensus estimate of $3.12 billion. During the same period last year, the business posted $0.41 EPS. The company’s revenue was down 11.5% compared to the same quarter last year. On average, equities research analysts expect that Corning Incorporated will post 1.9 EPS for the current fiscal year.

Corning Announces Dividend

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 dividend of $0.28 per share. This represents a $1.12 annualized dividend and a yield of 3.30%. The ex-dividend date is Thursday, May 30th. Corning’s dividend payout ratio is currently 157.75%.

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.