Advisory Services Network LLC Increases Position in Corning Incorporated (NYSE:GLW)

Advisory Services Network LLC grew its holdings in Corning Incorporated (NYSE:GLWGet Rating) by 15.6% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 44,893 shares of the electronics maker’s stock after buying an additional 6,070 shares during the quarter. Advisory Services Network LLC’s holdings in Corning were worth $1,657,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of GLW. Vanguard Group Inc. grew its position in Corning by 0.7% during the first quarter. Vanguard Group Inc. now owns 92,746,889 shares of the electronics maker’s stock valued at $3,423,287,000 after acquiring an additional 671,480 shares during the period. BlackRock Inc. increased its holdings in Corning by 0.7% in the first quarter. BlackRock Inc. now owns 54,112,594 shares of the electronics maker’s stock valued at $1,997,293,000 after buying an additional 384,619 shares during the last quarter. Geode Capital Management LLC grew its holdings in shares of Corning by 7.1% during the fourth quarter. Geode Capital Management LLC now owns 14,305,409 shares of the electronics maker’s stock valued at $531,311,000 after purchasing an additional 943,020 shares during the last quarter. Dimensional Fund Advisors LP grew its holdings in shares of Corning by 1.0% during the first quarter. Dimensional Fund Advisors LP now owns 9,234,388 shares of the electronics maker’s stock valued at $340,891,000 after purchasing an additional 90,882 shares during the last quarter. Finally, Norges Bank bought a new position in Corning in the 4th quarter worth approximately $281,919,000. Hedge funds and other institutional investors own 69.00% of the company’s stock.

Insider Buying and Selling

In other news, SVP John P. Bayne, Jr. sold 5,575 shares of the stock in a transaction that occurred on Monday, August 1st. The shares were sold at an average price of $36.70, for a total value of $204,602.50. Following the transaction, the senior vice president now owns 7,345 shares in the company, valued at approximately $269,561.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 0.36% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on the company. Susquehanna Bancshares cut their target price on Corning from $46.00 to $40.00 and set a “positive” rating for the company in a research report on Friday, September 9th. Credit Suisse Group initiated coverage on shares of Corning in a report on Tuesday, August 16th. They set a “neutral” rating and a $36.00 price target for the company. StockNews.com cut shares of Corning from a “buy” rating to a “hold” rating in a research note on Friday. Deutsche Bank Aktiengesellschaft cut their price target on shares of Corning from $39.00 to $37.00 and set a “hold” rating for the company in a research note on Thursday. Finally, JPMorgan Chase & Co. dropped their price objective on shares of Corning from $45.00 to $41.00 and set an “overweight” rating for the company in a report on Thursday, July 14th. Six equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $40.27.

Corning Stock Down 1.7 %

GLW opened at $32.06 on Monday. Corning Incorporated has a fifty-two week low of $30.63 and a fifty-two week high of $43.47. The company’s 50-day moving average is $34.71 and its 200 day moving average is $34.93. The company has a debt-to-equity ratio of 0.56, a current ratio of 1.43 and a quick ratio of 0.91. The firm has a market capitalization of $27.10 billion, a P/E ratio of 13.76, a PEG ratio of 2.25 and a beta of 1.00.

Corning (NYSE:GLWGet Rating) last issued its quarterly earnings data on Tuesday, July 26th. The electronics maker reported $0.57 EPS for the quarter, beating the consensus estimate of $0.56 by $0.01. Corning had a net margin of 13.73% and a return on equity of 15.38%. The company had revenue of $3.76 billion during the quarter, compared to analysts’ expectations of $3.79 billion. During the same quarter in the previous year, the company earned $0.53 earnings per share. Corning’s revenue for the quarter was up 7.4% on a year-over-year basis. Research analysts expect that Corning Incorporated will post 2.2 earnings per share for the current fiscal year.

Corning Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 29th. Stockholders of record on Wednesday, August 31st will be given a $0.27 dividend. This represents a $1.08 dividend on an annualized basis and a dividend yield of 3.37%. The ex-dividend date is Tuesday, August 30th. Corning’s dividend payout ratio is presently 46.35%.

About Corning

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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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Institutional Ownership by Quarter for Corning (NYSE:GLW)

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