MFG Wealth Management Inc. Invests $2.19 Million in Corning Incorporated (NYSE:GLW)

MFG Wealth Management Inc. acquired a new position in Corning Incorporated (NYSE:GLW - Free Report) in the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor acquired 45,993 shares of the electronics maker's stock, valued at approximately $2,186,000. Corning makes up 2.0% of MFG Wealth Management Inc.'s portfolio, making the stock its 22nd largest position.

Several other hedge funds have also recently bought and sold shares of the business. Sound Income Strategies LLC increased its position in Corning by 76.7% in 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 during the last quarter. Rosenberg Matthew Hamilton increased its position in Corning by 202.4% in the 4th quarter. Rosenberg Matthew Hamilton now owns 747 shares of the electronics maker's stock worth $35,000 after purchasing an additional 500 shares during the last quarter. Cassady Schiller Wealth Management LLC acquired a new position in Corning in the 3rd quarter worth about $39,000. RPg Family Wealth Advisory LLC acquired a new position in Corning in the 3rd quarter worth about $40,000. Finally, Union Bancaire Privee UBP SA acquired a new position in Corning in the 4th quarter worth about $40,000. 69.80% of the stock is owned by hedge funds and other institutional investors.

Corning Stock Performance

GLW traded up $0.47 during midday trading on Friday, reaching $52.58. The company's stock had a trading volume of 3,779,586 shares, compared to its average volume of 6,591,637. The stock has a market cap of $45.02 billion, a P/E ratio of 90.66, a PEG ratio of 1.55 and a beta of 1.03. The company has a fifty day simple moving average of $49.52 and a 200 day simple moving average of $46.26. The company has a current ratio of 1.62, a quick ratio of 1.07 and a debt-to-equity ratio of 0.62. Corning Incorporated has a twelve month low of $30.72 and a twelve month high of $55.33.

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%. Research analysts expect that Corning Incorporated will post 2.33 earnings per share for the current year.

Corning Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Friday, February 28th will be given a $0.28 dividend. The ex-dividend date is Friday, February 28th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.13%. Corning's dividend payout ratio is currently 193.11%.

Analysts Set New Price Targets

GLW has been the topic of several research reports. Barclays dropped their target price on Corning from $53.00 to $52.00 and set an "equal weight" rating on the stock in a research report on Wednesday, January 29th. HSBC raised Corning from a "hold" rating to a "buy" rating and upped their target price for the stock from $51.00 to $60.00 in a research report on Thursday, January 30th. StockNews.com raised Corning from a "hold" rating to a "buy" rating in a research report on Tuesday, December 24th. Deutsche Bank Aktiengesellschaft increased their price objective on Corning from $49.00 to $54.00 and gave the company a "buy" rating in a report on Wednesday, October 30th. Finally, Morgan Stanley increased their price objective on Corning from $39.00 to $48.00 and gave the company an "equal weight" rating in a report on Tuesday, December 17th. Three analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $53.00.

Insiders Place Their Bets

In other Corning news, SVP Michael Alan Bell sold 2,209 shares of the firm's stock in a transaction that occurred on Thursday, January 30th. The stock was 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 available at this link. Also, 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 completion of the sale, 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 disclosure for this sale can be found here. In the last quarter, insiders sold 46,085 shares of company stock worth $2,345,436. 0.40% of the stock is currently owned by company insiders.

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.