Corning Incorporated (NYSE:GLW) Holdings raised by Advisor Group Holdings Inc.


Advisor Group Holdings Inc. increased its holdings in Corning Incorporated (NYSE: GLW – Get Rating) by 1.7% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor held 301,275 shares of the electronics maker after acquiring an additional 5,126 shares during the quarter. Advisor Group Holdings Inc.’s holdings in Corning were worth $8,227,000 when it last filed with the SEC.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the company. Waldron Private Wealth LLC increased its holdings of Corning shares by 5.2% in Q1. Waldron Private Wealth LLC now owns 5,896 shares of the electronics maker worth $217,000 after buying 293 additional shares last quarter. Ferguson Wellman Capital Management Inc. increased its stake in Corning shares by 1.7% during the 1st quarter. Ferguson Wellman Capital Management Inc. now owns 17,536 shares of the electronics maker worth $647,000 after acquiring 298 additional shares last quarter. Heathbridge Capital Management Ltd. increased its holdings of Corning shares by 3.0% in the 1st quarter. Heathbridge Capital Management Ltd. now owns 10,300 shares of the electronics maker worth $380,000 after acquiring 300 more shares in the last quarter. Cornell Pochily Investment Advisors Inc. increased its position in Corning shares by 2.0% during the first quarter. Cornell Pochily Investment Advisors Inc. now owns 15,012 shares of the electronics maker worth $554,000 after buying 300 additional shares during the period. Finally, Pflug Koory LLC increased its stake in Corning shares by 0.9% during the first quarter. Pflug Koory LLC now owns 36,468 shares of the electronics maker valued at $1,346,000 after buying 327 additional shares in the last quarter. 68.71% of the shares are held by institutional investors and hedge funds.

Insiders place their bets

Separately, SVP John P. Bayne, Jr. sold 5,575 shares in a trade dated Monday, August 1. The stock was sold at an average price of $36.70, for a total transaction of $204,602.50. As a result of the transaction, the senior vice president now owns 7,345 shares of the company, valued at approximately $269,561.50. The sale was disclosed in a legal filing with the SEC, accessible via this hyperlink. Insiders own 0.36% of the shares of the company.

Corning shares down 0.0%

Corning shares opened at $36.49 on Friday. The company has a market capitalization of $30.85 billion, a price/earnings ratio of 15.66, a P/E/G ratio of 2.50 and a beta of 0.99. The stock has a 50-day simple moving average of $33.78 and a 200-day simple moving average of $36.16. Corning Incorporated has a 52-week low of $30.63 and a 52-week high of $43.47. The company has a debt ratio of 0.56, a current ratio of 1.43 and a quick ratio of 0.91.

Corning (NYSE:GLW – Get Rating) last released its results on Tuesday, July 26. The electronics maker reported earnings per share (EPS) of $0.57 for the quarter, beating consensus analyst estimates of $0.56 by $0.01. Corning had a net margin of 13.73% and a return on equity of 15.38%. The company posted revenue of $3.76 billion in the quarter, versus $3.79 billion expected by analysts. During the same period of the previous year, the company made earnings per share of $0.53. The company’s revenue increased by 7.4% compared to the same quarter last year. On average, equity research analysts expect Corning Incorporated to post earnings per share of 2.23 for the current fiscal year.

Corning announces dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, September 29. Shareholders of record on Wednesday August 31 will receive a dividend of $0.27 per share. The ex-date of this dividend is Tuesday, August 30. This represents an annualized dividend of $1.08 and a yield of 2.96%. Corning’s dividend payout ratio (DPR) is currently 46.35%.

A Wall Street analyst gives his opinion

Several research companies have published reports on GLW. UBS Group cut its price target on Corning to $40.00 and set an “outperform” rating on the stock in a Wednesday, July 27 report. JPMorgan Chase & Co. cut its price target on Corning shares from $45.00 to $41.00 and set an “overweight” rating for the company in a Thursday, July 14 research report. Citigroup cut Corning shares from a “buy” rating to a “neutral” rating and lowered its price target for the stock from $46.00 to $37.00 in a Monday, May 23 research report . Susquehanna Bancshares cut its target price on Corning from $48.00 to $46.00 and set a “positive” rating for the company in a Wednesday, July 27 report. Finally, Barclays downgraded Corning from an “overweight” rating to an “equal weight” rating and lowered its price target for the company from $53.00 to $38.00 in a Wednesday, May 11 report. Five investment analysts gave the stock a hold rating and six gave the company a buy rating. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $42.80.

About Corning

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Corning Incorporated is active in display technologies, optical communications, environmental technologies, specialty materials and life sciences worldwide. The Company’s Display Technologies segment offers glass substrates for liquid crystal displays and organic light-emitting diodes used in televisions, laptops, desktop monitors, tablets and portable devices.

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Institutional ownership by quarter for Corning (NYSE:GLW)



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