Resurgent Financial Advisors LLC purchased a new stake in Corning Incorporated (NYSE:GLW – Get Rating) during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm purchased 9,459 shares of the electronics maker’s stock, valued at approximately $349,000.
Other institutional investors have also recently added to or reduced their stakes in the company. NewEdge Wealth LLC acquired a new stake in Corning in the 1st quarter valued at $486,000. Daiwa Securities Group Inc. lifted its holdings in Corning by 3.2% in the 1st quarter. Daiwa Securities Group Inc. now owns 49,023 shares of the electronics maker’s stock valued at $1,809,000 after purchasing an additional 1,504 shares in the last quarter. Bailard Inc. lifted its holdings in Corning by 46.5% in the 1st quarter. Bailard Inc. now owns 7,974 shares of the electronics maker’s stock valued at $294,000 after purchasing an additional 2,530 shares in the last quarter. CWM LLC lifted its holdings in Corning by 12.0% in the 1st quarter. CWM LLC now owns 14,770 shares of the electronics maker’s stock valued at $545,000 after purchasing an additional 1,580 shares in the last quarter. Finally, Twin Tree Management LP lifted its holdings in Corning by 20,111.2% in the 1st quarter. Twin Tree Management LP now owns 234,854 shares of the electronics maker’s stock valued at $8,668,000 after purchasing an additional 233,692 shares in the last quarter. Institutional investors and hedge funds own 69.00% of the company’s stock.
Wall Street Analysts Forecast Growth
A number of research analysts have weighed in on GLW shares. Susquehanna decreased their price objective on Corning from $46.00 to $40.00 and set a “positive” rating on the stock in a report on Friday. UBS Group decreased their price objective on Corning to $40.00 and set an “outperform” rating on the stock in a report on Wednesday, July 27th. JPMorgan Chase & Co. decreased their price objective on Corning from $45.00 to $41.00 and set an “overweight” rating on the stock in a report on Thursday, July 14th. Susquehanna Bancshares decreased their price objective on Corning from $46.00 to $40.00 and set a “positive” rating on the stock in a report on Friday. Finally, Credit Suisse Group initiated coverage on Corning in a report on Tuesday, August 16th. They set a “neutral” rating and a $36.00 price target on the stock. Five analysts have rated the stock with a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $40.64.
Corning Stock Up 1.6 %
Corning (NYSE:GLW – Get Rating) last issued its quarterly earnings data on Tuesday, July 26th. The electronics maker reported $0.57 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.56 by $0.01. The firm had revenue of $3.76 billion during the quarter, compared to the consensus estimate of $3.79 billion. Corning had a return on equity of 15.38% and a net margin of 13.73%. The company’s quarterly revenue was up 7.4% on a year-over-year basis. During the same period last year, the company earned $0.53 EPS. As a group, equities analysts anticipate that Corning Incorporated will post 2.23 earnings per share for the current year.
Corning Dividend Announcement
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 29th. Investors of record on Wednesday, August 31st will be given a dividend of $0.27 per share. This represents a $1.08 dividend on an annualized basis and a dividend yield of 3.21%. The ex-dividend date is Tuesday, August 30th. Corning’s payout ratio is 46.35%.
Insider Buying and Selling
In related news, SVP John P. Bayne, Jr. sold 5,575 shares of the firm’s stock in a transaction dated Monday, August 1st. The stock was sold at an average price of $36.70, for a total transaction of $204,602.50. Following the completion of the sale, the senior vice president now directly owns 7,345 shares of the company’s stock, valued at approximately $269,561.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 0.36% of the company’s stock.
Corning Incorporated engages in display technologies, optical communications, environmental technologies, specialty materials, and life sciences businesses worldwide. The company's Display Technologies segment offers glass substrates for liquid crystal displays and organic light-emitting diodes used in televisions, notebook computers, desktop monitors, tablets, and handheld devices.
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