First Trust Advisors LP Raises Holdings in Corning Incorporated (NYSE:GLW)

First Trust Advisors LP grew its position in Corning Incorporated (NYSE:GLWFree Report) by 11.4% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 1,844,385 shares of the electronics maker’s stock after buying an additional 188,768 shares during the quarter. First Trust Advisors LP owned 0.22% of Corning worth $56,161,000 at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. Natixis Advisors L.P. lifted its holdings in shares of Corning by 5.9% in the 3rd quarter. Natixis Advisors L.P. now owns 101,322 shares of the electronics maker’s stock worth $3,087,000 after buying an additional 5,616 shares during the period. KMG Fiduciary Partners LLC purchased a new stake in shares of Corning during the 4th quarter worth $1,199,000. Socha Financial Group LLC lifted its stake in shares of Corning by 8.8% during the 4th quarter. Socha Financial Group LLC now owns 343,624 shares of the electronics maker’s stock worth $10,463,000 after purchasing an additional 27,772 shares during the last quarter. HB Wealth Management LLC lifted its stake in shares of Corning by 24.2% during the 4th quarter. HB Wealth Management LLC now owns 9,871 shares of the electronics maker’s stock worth $301,000 after purchasing an additional 1,926 shares during the last quarter. Finally, SG Americas Securities LLC lifted its stake in shares of Corning by 59.8% during the 4th quarter. SG Americas Securities LLC now owns 108,358 shares of the electronics maker’s stock worth $3,300,000 after purchasing an additional 40,564 shares during the last quarter. 69.80% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on GLW shares. Morgan Stanley restated an “overweight” rating and set a $35.00 price objective on shares of Corning in a research note on Monday, April 22nd. StockNews.com upgraded Corning from a “sell” rating to a “hold” rating in a research note on Monday, April 1st. Susquehanna restated a “positive” rating and set a $40.00 price objective on shares of Corning in a research note on Monday, April 1st. JPMorgan Chase & Co. raised Corning from a “neutral” rating to an “overweight” rating and upped their target price for the company from $37.00 to $43.00 in a research report on Thursday, May 30th. Finally, Mizuho assumed coverage on Corning in a research report on Tuesday, May 7th. They set a “neutral” rating and a $36.00 target price on the stock. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and five have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $35.90.

Get Our Latest Stock Analysis on GLW

Corning Stock Down 1.3 %

Shares of GLW stock opened at $36.93 on Friday. The stock’s 50-day simple moving average is $33.90 and its 200-day simple moving average is $32.04. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.02 and a current ratio of 1.67. The firm has a market capitalization of $31.63 billion, a PE ratio of 52.01, a P/E/G ratio of 1.70 and a beta of 1.08. Corning Incorporated has a fifty-two week low of $25.26 and a fifty-two week high of $37.52.

Corning (NYSE:GLWGet Free Report) last announced its quarterly earnings data on Tuesday, April 30th. The electronics maker reported $0.38 earnings per share for the quarter, beating analysts’ consensus estimates of $0.36 by $0.02. The business had revenue of $2.98 billion for the quarter, compared to analyst estimates of $3.12 billion. Corning had a return on equity of 12.31% and a net margin of 4.96%. The company’s revenue was down 11.5% on a year-over-year basis. During the same period in the prior year, the company earned $0.41 earnings per share. Equities analysts expect that Corning Incorporated will post 1.9 earnings per share for the current year.

Corning Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, June 27th. Stockholders of record on Friday, May 31st will be paid a $0.28 dividend. The ex-dividend date of this dividend is Friday, May 31st. This represents a $1.12 dividend on an annualized basis and a dividend yield of 3.03%. Corning’s payout ratio is 157.75%.

Insider Transactions at Corning

In other news, Vice Chairman Lawrence D. Mcrae sold 77,464 shares of the company’s stock in a transaction dated Thursday, March 21st. The stock was sold at an average price of $33.24, for a total value of $2,574,903.36. Following the sale, the insider now owns 215,254 shares in the company, valued at $7,155,042.96. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other Corning news, VP Jeffrey W. Evenson sold 12,830 shares of the stock in a transaction that occurred on Wednesday, June 5th. The stock was sold at an average price of $37.39, for a total transaction of $479,713.70. Following the transaction, the vice president now owns 57,280 shares in the company, valued at $2,141,699.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Vice Chairman Lawrence D. Mcrae sold 77,464 shares of the stock in a transaction that occurred on Thursday, March 21st. The stock was sold at an average price of $33.24, for a total value of $2,574,903.36. Following the transaction, the insider now owns 215,254 shares in the company, valued at approximately $7,155,042.96. The disclosure for this sale can be found here. Insiders have sold 252,671 shares of company stock worth $8,450,971 over the last quarter. 0.40% of the stock is currently owned by insiders.

About Corning

(Free Report)

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.

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Institutional Ownership by Quarter for Corning (NYSE:GLW)

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