Dynamic Advisor Solutions LLC Increases Stock Holdings in Corning Incorporated (NYSE:GLW)

Dynamic Advisor Solutions LLC increased its holdings in Corning Incorporated (NYSE:GLW) by 1.3% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 22,379 shares of the electronics maker’s stock after acquiring an additional 297 shares during the quarter. Dynamic Advisor Solutions LLC’s holdings in Corning were worth $1,024,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Vanguard Group Inc. lifted its stake in Corning by 0.9% in the fourth quarter. Vanguard Group Inc. now owns 99,903,247 shares of the electronics maker’s stock worth $4,747,402,000 after acquiring an additional 916,528 shares during the period. Geode Capital Management LLC raised its holdings in Corning by 3.0% in the fourth quarter. Geode Capital Management LLC now owns 18,470,610 shares of the electronics maker’s stock worth $875,633,000 after purchasing an additional 533,686 shares in the last quarter. Northern Trust Corp raised its holdings in Corning by 2.0% in the fourth quarter. Northern Trust Corp now owns 10,870,375 shares of the electronics maker’s stock worth $516,560,000 after purchasing an additional 208,826 shares in the last quarter. Norges Bank bought a new position in Corning in the fourth quarter worth $490,933,000. Finally, Dimensional Fund Advisors LP raised its holdings in Corning by 0.8% in the fourth quarter. Dimensional Fund Advisors LP now owns 9,800,573 shares of the electronics maker’s stock worth $465,723,000 after purchasing an additional 78,497 shares in the last quarter. Hedge funds and other institutional investors own 69.80% of the company’s stock.

Insiders Place Their Bets

In other Corning news, VP John Z. Zhang sold 8,000 shares of the firm’s stock in a transaction dated Monday, May 12th. The stock was sold at an average price of $46.91, for a total value of $375,280.00. Following the transaction, the vice president now directly owns 9,610 shares of the company’s stock, valued at approximately $450,805.10. This trade represents a 45.43% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, SVP Michael Alan Bell sold 20,262 shares of Corning stock in a transaction dated Wednesday, April 30th. The shares were sold at an average price of $44.06, for a total value of $892,743.72. The disclosure for this sale can be found here. Over the last three months, insiders have sold 75,796 shares of company stock valued at $3,632,635. Insiders own 0.32% of the company’s stock.

Corning Trading Down 0.6%

Corning stock opened at $50.48 on Wednesday. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.69 and a quick ratio of 1.05. Corning Incorporated has a one year low of $37.18 and a one year high of $55.33. The stock has a market capitalization of $43.23 billion, a PE ratio of 97.08, a price-to-earnings-growth ratio of 1.37 and a beta of 1.11. The business’s fifty day moving average is $46.57 and its 200 day moving average is $47.79.

Corning (NYSE:GLW) last released its quarterly earnings data on Tuesday, April 29th. The electronics maker reported $0.54 EPS for the quarter, beating the consensus estimate of $0.51 by $0.03. Corning had a return on equity of 16.47% and a net margin of 3.34%. The company had revenue of $3.68 billion for the quarter, compared to analysts’ expectations of $3.63 billion. During the same period last year, the firm posted $0.38 earnings per share. Corning’s revenue was up 12.9% compared to the same quarter last year. On average, sell-side analysts predict that Corning Incorporated will post 2.33 EPS for the current year.

Corning Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, June 27th. Shareholders of record on Friday, May 30th will be given a $0.28 dividend. The ex-dividend date is Friday, May 30th. This represents a $1.12 annualized dividend and a yield of 2.22%. Corning’s payout ratio is 215.38%.

Analyst Upgrades and Downgrades

GLW has been the subject of a number of research reports. Citigroup decreased their price objective on Corning from $58.00 to $50.00 and set a “buy” rating for the company in a report on Monday, April 14th. JPMorgan Chase & Co. decreased their price objective on Corning from $62.00 to $50.00 and set an “overweight” rating for the company in a report on Thursday, April 17th. Mizuho set a $52.00 price objective on Corning in a report on Tuesday, April 15th. Oppenheimer decreased their price objective on Corning from $58.00 to $55.00 and set an “outperform” rating for the company in a report on Wednesday, April 30th. Finally, Bank of America increased their price objective on Corning from $65.00 to $68.00 and gave the stock a “buy” rating in a report on Wednesday, March 19th. Four equities research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $53.75.

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.