J.W. Cole Advisors Inc. Purchases New Position in Corning Incorporated (NYSE:GLW)

J.W. Cole Advisors Inc. purchased a new stake in Corning Incorporated (NYSE:GLW) in the 4th quarter, HoldingsChannel reports. The firm purchased 10,511 shares of the electronics maker’s stock, valued at approximately $320,000.

Several other institutional investors and hedge funds have also recently modified their holdings of the business. Wellington Management Group LLP increased its stake in shares of Corning by 7.7% in the 3rd quarter. Wellington Management Group LLP now owns 28,714,901 shares of the electronics maker’s stock valued at $874,943,000 after purchasing an additional 2,055,388 shares in the last quarter. Morgan Stanley increased its stake in Corning by 5.1% during the 3rd quarter. Morgan Stanley now owns 21,899,529 shares of the electronics maker’s stock worth $667,279,000 after buying an additional 1,060,450 shares in the last quarter. Ameriprise Financial Inc. increased its stake in Corning by 15.0% during the 3rd quarter. Ameriprise Financial Inc. now owns 17,615,078 shares of the electronics maker’s stock worth $536,114,000 after buying an additional 2,301,745 shares in the last quarter. Northern Trust Corp increased its stake in Corning by 2.0% during the 3rd quarter. Northern Trust Corp now owns 12,039,900 shares of the electronics maker’s stock worth $366,856,000 after buying an additional 232,699 shares in the last quarter. Finally, Bank of New York Mellon Corp increased its stake in Corning by 6.6% during the 3rd quarter. Bank of New York Mellon Corp now owns 7,883,126 shares of the electronics maker’s stock worth $240,199,000 after buying an additional 490,638 shares in the last quarter. Hedge funds and other institutional investors own 69.80% of the company’s stock.

Corning Trading Down 0.0 %

Shares of Corning stock opened at $31.52 on Thursday. Corning Incorporated has a 1-year low of $25.26 and a 1-year high of $36.01. The stock has a market cap of $26.96 billion, a P/E ratio of 47.04, a P/E/G ratio of 1.75 and a beta of 1.08. The stock’s 50 day simple moving average is $32.30 and its 200-day simple moving average is $30.43. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.67 and a quick ratio of 1.05.

Corning (NYSE:GLW) last released its quarterly earnings data on Tuesday, January 30th. The electronics maker reported $0.39 EPS for the quarter, meeting analysts’ consensus estimates of $0.39. Corning had a return on equity of 12.31% and a net margin of 4.62%. The firm had revenue of $2.99 billion for the quarter, compared to analysts’ expectations of $3.26 billion. During the same period in the prior year, the firm posted $0.47 earnings per share. The firm’s quarterly revenue was down 12.1% on a year-over-year basis. Analysts predict that Corning Incorporated will post 1.87 EPS for the current fiscal year.

Corning Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, March 28th. Investors of record on Thursday, February 29th were issued a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a yield of 3.55%. The ex-dividend date of this dividend was Wednesday, February 28th. Corning’s dividend payout ratio is presently 167.16%.

Insider Activity at Corning

In other Corning news, Vice Chairman Lawrence D. Mcrae sold 77,464 shares of the company’s stock in a transaction on Thursday, March 21st. The stock was sold at an average price of $33.24, for a total transaction of $2,574,903.36. Following the transaction, the insider now directly owns 215,254 shares in the company, valued at $7,155,042.96. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.40% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on the company. Morgan Stanley reiterated an “overweight” rating and set a $35.00 price objective on shares of Corning in a research note on Monday. StockNews.com upgraded Corning from a “sell” rating to a “hold” rating in a research note on Monday, April 1st. HSBC lowered Corning from a “hold” rating to a “reduce” rating and set a $29.00 price objective for the company. in a research note on Thursday, February 1st. JPMorgan Chase & Co. boosted their price objective on Corning from $34.00 to $36.00 and gave the stock a “neutral” rating in a research note on Thursday, April 11th. Finally, Barclays boosted their price objective on Corning from $28.00 to $35.00 and gave the stock an “equal weight” rating in a research note on Wednesday, January 31st. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and four have issued a buy rating to the company. According to data from MarketBeat, Corning presently has an average rating of “Hold” and an average target price of $34.78.

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.