Modera Wealth Management LLC Has $987,000 Position in Corning Incorporated (NYSE:GLW)

Modera Wealth Management LLC raised its holdings in shares of Corning Incorporated (NYSE:GLW) by 2.5% in the 4th quarter, HoldingsChannel reports. The firm owned 20,778 shares of the electronics maker’s stock after buying an additional 507 shares during the period. Modera Wealth Management LLC’s holdings in Corning were worth $987,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in GLW. Gladstone Institutional Advisory LLC bought a new stake in shares of Corning during the 3rd quarter worth about $284,000. Farther Finance Advisors LLC lifted its position in Corning by 61.9% during the third quarter. Farther Finance Advisors LLC now owns 23,936 shares of the electronics maker’s stock worth $1,081,000 after acquiring an additional 9,149 shares during the last quarter. Pure Financial Advisors LLC bought a new stake in shares of Corning during the third quarter worth approximately $227,000. Janney Montgomery Scott LLC grew its position in shares of Corning by 6.7% in the third quarter. Janney Montgomery Scott LLC now owns 404,686 shares of the electronics maker’s stock valued at $18,272,000 after purchasing an additional 25,576 shares during the last quarter. Finally, Robeco Institutional Asset Management B.V. increased its stake in shares of Corning by 372.1% during the third quarter. Robeco Institutional Asset Management B.V. now owns 413,327 shares of the electronics maker’s stock worth $18,662,000 after purchasing an additional 325,776 shares during the period. 69.80% of the stock is owned by institutional investors.

Corning Trading Down 4.0 %

Shares of GLW stock opened at $48.14 on Tuesday. Corning Incorporated has a fifty-two week low of $30.72 and a fifty-two week high of $55.33. The stock’s fifty day moving average price is $50.19 and its two-hundred day moving average price is $47.21. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.07 and a current ratio of 1.62. The company has a market cap of $41.23 billion, a PE ratio of 83.00, a P/E/G ratio of 1.50 and a beta of 1.03.

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

Corning Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Friday, February 28th will be given a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a yield of 2.33%. The ex-dividend date of this dividend is Friday, February 28th. Corning’s dividend payout ratio is 193.10%.

Insider Activity at Corning

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

Analyst Ratings Changes

GLW has been the subject of several recent research reports. StockNews.com downgraded Corning from a “buy” rating to a “hold” rating in a research note on Tuesday, February 25th. Barclays reduced their target price on shares of Corning from $53.00 to $52.00 and set an “equal weight” rating for the company in a research report on Wednesday, January 29th. Citigroup raised their price target on shares of Corning from $55.00 to $58.00 and gave the stock a “buy” rating in a research report on Tuesday, January 21st. Morgan Stanley boosted their price objective on shares of Corning from $39.00 to $48.00 and gave the company an “equal weight” rating in a report on Tuesday, December 17th. Finally, HSBC raised shares of Corning from a “hold” rating to a “buy” rating and raised their target price for the stock from $51.00 to $60.00 in a report on Thursday, January 30th. Four analysts have rated the stock with a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $53.00.

Corning Company 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.