Sagespring Wealth Partners LLC Acquires Shares of 10,171 Corning Incorporated (NYSE:GLW)

Sagespring Wealth Partners LLC bought a new position in Corning Incorporated (NYSE:GLW - Free Report) during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 10,171 shares of the electronics maker's stock, valued at approximately $483,000.

A number of other institutional investors have also recently bought and sold shares of the stock. Oregon Public Employees Retirement Fund grew its stake in shares of Corning by 0.3% during the 4th quarter. Oregon Public Employees Retirement Fund now owns 66,063 shares of the electronics maker's stock valued at $3,139,000 after buying an additional 204 shares during the period. Principal Securities Inc. grew its position in Corning by 3.5% during the fourth quarter. Principal Securities Inc. now owns 6,170 shares of the electronics maker's stock valued at $293,000 after acquiring an additional 211 shares during the period. Bogart Wealth LLC increased its stake in Corning by 18.3% during the fourth quarter. Bogart Wealth LLC now owns 1,419 shares of the electronics maker's stock worth $67,000 after acquiring an additional 219 shares during the last quarter. Buffington Mohr McNeal raised its holdings in shares of Corning by 2.1% in the 4th quarter. Buffington Mohr McNeal now owns 10,461 shares of the electronics maker's stock worth $497,000 after purchasing an additional 220 shares during the period. Finally, Allworth Financial LP raised its holdings in shares of Corning by 1.1% in the 4th quarter. Allworth Financial LP now owns 19,581 shares of the electronics maker's stock worth $930,000 after purchasing an additional 220 shares during the period. 69.80% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research firms recently issued reports on GLW. HSBC raised shares of Corning from a "hold" rating to a "buy" rating and increased their target price for the stock from $51.00 to $60.00 in a research report on Thursday, January 30th. JPMorgan Chase & Co. cut their target price on shares of Corning from $62.00 to $50.00 and set an "overweight" rating on the stock in a research note on Thursday. StockNews.com cut shares of Corning from a "buy" rating to a "hold" rating in a research report on Tuesday, February 25th. Hsbc Global Res raised Corning from a "hold" rating to a "strong-buy" rating in a research report on Thursday, January 30th. Finally, Mizuho set a $52.00 target price on Corning in a research note on Tuesday. Four analysts have rated the stock with a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, Corning presently has a consensus rating of "Moderate Buy" and an average target price of $53.31.

Corning Trading Up 0.5 %

GLW traded up $0.22 during trading on Friday, reaching $41.50. The company had a trading volume of 4,976,031 shares, compared to its average volume of 5,941,917. The firm's 50-day simple moving average is $46.42 and its 200 day simple moving average is $47.65. Corning Incorporated has a 12-month low of $30.91 and a 12-month high of $55.33. 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 $35.55 billion, a price-to-earnings ratio of 71.55, a PEG ratio of 1.50 and a beta of 1.03.

Corning (NYSE:GLW - Get Free Report) last released its earnings results on Wednesday, January 29th. The electronics maker reported $0.57 earnings per share (EPS) for the quarter, beating 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%. Equities research analysts anticipate that Corning Incorporated will post 2.33 earnings per share for the current year.

Corning Announces Dividend

The firm 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. This represents a $1.12 annualized dividend and a yield of 2.70%. The ex-dividend date was Friday, February 28th. Corning's payout ratio is presently 193.10%.

Insider Buying and Selling at Corning

In related news, COO Eric S. Musser sold 30,000 shares of the firm's stock in a transaction that occurred on 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 transaction, the chief operating officer now directly owns 152,944 shares of the company's stock, valued at approximately $7,940,852.48. This trade represents a 16.40 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Michael Alan Bell sold 2,209 shares of Corning stock in a transaction that occurred on Thursday, January 30th. The shares were 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.

About Corning

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.