Private Advisor Group LLC Raises Position in Corning Incorporated (NYSE:GLW)

Private Advisor Group LLC grew its holdings in Corning Incorporated (NYSE:GLWFree Report) by 1.1% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 101,960 shares of the electronics maker’s stock after purchasing an additional 1,073 shares during the quarter. Private Advisor Group LLC’s holdings in Corning were worth $3,361,000 as of its most recent SEC filing.

Other institutional investors have also bought and sold shares of the company. Cape Investment Advisory Inc. lifted its stake in Corning by 800.0% in the 4th quarter. Cape Investment Advisory Inc. now owns 900 shares of the electronics maker’s stock worth $27,000 after purchasing an additional 800 shares in the last quarter. Future Financial Wealth Managment LLC purchased a new position in Corning in the 1st quarter worth approximately $33,000. Register Financial Advisors LLC purchased a new position in Corning in the 1st quarter worth approximately $33,000. Bruce G. Allen Investments LLC purchased a new position in Corning in the 4th quarter worth approximately $31,000. Finally, EverSource Wealth Advisors LLC lifted its stake in Corning by 347.3% in the 4th quarter. EverSource Wealth Advisors LLC now owns 1,060 shares of the electronics maker’s stock worth $32,000 after purchasing an additional 823 shares in the last quarter. 69.80% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research analysts have weighed in on GLW shares. Mizuho raised their target price on shares of Corning from $36.00 to $42.00 and gave the stock a “neutral” rating in a research note on Tuesday, June 18th. Citigroup upped their price objective on Corning from $38.00 to $45.00 and gave the company a “buy” rating in a report on Friday, June 21st. Bank of America upped their price objective on Corning from $38.00 to $42.00 and gave the company a “buy” rating in a report on Friday, June 14th. Deutsche Bank Aktiengesellschaft upped their price objective on Corning from $35.00 to $39.00 and gave the company a “hold” rating in a report on Wednesday, July 3rd. Finally, StockNews.com upgraded Corning from a “sell” rating to a “hold” rating in a report on Monday, April 1st. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and six have given a buy rating to the company. According to data from MarketBeat.com, Corning presently has a consensus rating of “Hold” and an average target price of $39.42.

Read Our Latest Report on Corning

Corning Stock Up 0.1 %

Shares of NYSE GLW opened at $38.44 on Monday. The firm has a market cap of $32.93 billion, a price-to-earnings ratio of 54.14, a PEG ratio of 1.75 and a beta of 1.05. The company has a quick ratio of 1.02, a current ratio of 1.67 and a debt-to-equity ratio of 0.61. Corning Incorporated has a 52-week low of $25.26 and a 52-week high of $40.46. The business’s 50 day moving average is $36.67 and its two-hundred day moving average is $33.45.

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

Corning Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 27th. Stockholders of record on Friday, August 30th will be given a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.91%. The ex-dividend date is Thursday, August 29th. Corning’s dividend payout ratio is currently 157.75%.

Insider Transactions at Corning

In other news, VP Jeffrey W. Evenson sold 103,437 shares of the company’s stock in a transaction on Monday, May 6th. The stock was sold at an average price of $33.19, for a total transaction of $3,433,074.03. Following the sale, the vice president now owns 70,110 shares of the company’s stock, valued at $2,326,950.90. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, EVP Lewis A. Steverson sold 29,978 shares of the stock in a transaction on Wednesday, May 1st. The stock was sold at an average price of $33.05, for a total value of $990,772.90. Following the transaction, the executive vice president now owns 31,294 shares of the company’s stock, valued at $1,034,266.70. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, VP Jeffrey W. Evenson sold 103,437 shares of the stock in a transaction on Monday, May 6th. The shares were sold at an average price of $33.19, for a total value of $3,433,074.03. Following the completion of the transaction, the vice president now directly owns 70,110 shares in the company, valued at approximately $2,326,950.90. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 175,207 shares of company stock valued at $5,876,067. 0.45% of the stock is currently owned by company 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.

See Also

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Institutional Ownership by Quarter for Corning (NYSE:GLW)

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