Congress Wealth Management LLC DE Buys 6,107 Shares of Corning Incorporated (NYSE:GLW)

Congress Wealth Management LLC DE grew its stake in Corning Incorporated (NYSE:GLW - Free Report) by 73.7% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 14,397 shares of the electronics maker's stock after purchasing an additional 6,107 shares during the period. Congress Wealth Management LLC DE's holdings in Corning were worth $684,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors also recently modified their holdings of the company. Sound Income Strategies LLC boosted its position in shares of 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 in the last quarter. Sierra Ocean LLC purchased a new position in Corning in the fourth quarter valued at about $25,000. Asset Planning Inc bought a new position in shares of Corning during the 4th quarter worth $29,000. Mainstream Capital Management LLC purchased a new stake in shares of Corning during the fourth quarter worth $35,000. Finally, Rosenberg Matthew Hamilton grew its stake in Corning by 202.4% during the fourth quarter. Rosenberg Matthew Hamilton now owns 747 shares of the electronics maker's stock valued at $35,000 after acquiring an additional 500 shares in the last quarter. 69.80% of the stock is currently owned by institutional investors.

Corning Stock Performance

NYSE GLW traded down $0.65 during trading on Tuesday, reaching $45.13. The company's stock had a trading volume of 3,500,860 shares, compared to its average volume of 5,996,492. 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 business's fifty day moving average price is $49.76 and its 200-day moving average price is $47.98. Corning Incorporated has a twelve month low of $30.72 and a twelve month high of $55.33. The firm has a market cap of $38.67 billion, a price-to-earnings ratio of 77.82, a P/E/G ratio of 1.50 and a beta of 1.03.

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Corning (NYSE:GLW - Get Free Report) 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 net margin of 3.86% and a return on equity of 15.10%. As a group, analysts anticipate that Corning Incorporated will post 2.33 EPS for the current fiscal year.

Corning Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, March 28th. Stockholders of record on Friday, February 28th were paid a $0.28 dividend. The ex-dividend date of this dividend was Friday, February 28th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.48%. Corning's dividend payout ratio (DPR) is presently 193.10%.

Insiders Place Their Bets

In related news, SVP Michael Alan Bell sold 2,209 shares of the company's stock in a transaction that occurred on Thursday, January 30th. The shares were sold at an average price of $49.87, for a total value of $110,162.83. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, COO Eric S. Musser sold 30,000 shares of the company's stock in a transaction dated Friday, January 31st. The shares were 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 in the company, valued at $7,940,852.48. This represents a 16.40 % decrease in their position. The disclosure for this sale can be found here. 0.40% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on GLW. StockNews.com cut shares of Corning from a "buy" rating to a "hold" rating in a research note on Tuesday, February 25th. Barclays reduced their price objective on Corning from $53.00 to $52.00 and set an "equal weight" rating for the company in a research report on Wednesday, January 29th. Morgan Stanley upped their price target on Corning from $39.00 to $48.00 and gave the company an "equal weight" rating in a report on Tuesday, December 17th. Citigroup increased their price objective on shares of Corning from $55.00 to $58.00 and gave the stock a "buy" rating in a research note on Tuesday, January 21st. Finally, Bank of America raised their price target on Corning from $65.00 to $68.00 and gave the company a "buy" rating in a report on Wednesday, March 19th. Four 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, Corning has an average rating of "Moderate Buy" and an average price target of $54.31.

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.