Beacon Investment Advisory Services Inc. Boosts Holdings in Corning Incorporated (GLW)

Beacon Investment Advisory Services Inc. raised its stake in Corning Incorporated (NYSE:GLW) by 821.0% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 157,910 shares of the electronics maker’s stock after buying an additional 140,764 shares during the period. Beacon Investment Advisory Services Inc.’s holdings in Corning were worth $4,724,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently bought and sold shares of the business. Vanguard Group Inc. grew its position in Corning by 1.6% during the 2nd quarter. Vanguard Group Inc. now owns 62,101,521 shares of the electronics maker’s stock worth $1,866,151,000 after purchasing an additional 965,976 shares in the last quarter. Bank of New York Mellon Corp grew its position in Corning by 5.7% during the 2nd quarter. Bank of New York Mellon Corp now owns 17,882,917 shares of the electronics maker’s stock worth $537,381,000 after purchasing an additional 971,936 shares in the last quarter. LSV Asset Management grew its position in Corning by 1.3% during the 2nd quarter. LSV Asset Management now owns 13,011,732 shares of the electronics maker’s stock worth $391,002,000 after purchasing an additional 165,214 shares in the last quarter. Jennison Associates LLC purchased a new position in Corning during the 3rd quarter worth approximately $275,460,000. Finally, Dimensional Fund Advisors LP grew its position in Corning by 0.7% during the 3rd quarter. Dimensional Fund Advisors LP now owns 8,090,707 shares of the electronics maker’s stock worth $242,077,000 after purchasing an additional 56,973 shares in the last quarter. 72.43% of the stock is currently owned by institutional investors.

Several equities analysts have weighed in on GLW shares. BidaskClub upgraded shares of Corning from a “hold” rating to a “buy” rating in a research report on Saturday, August 26th. Guggenheim reiterated a “buy” rating and set a $35.00 price objective on shares of Corning in a research report on Tuesday, August 15th. Oppenheimer reiterated a “hold” rating on shares of Corning in a research report on Wednesday, October 25th. Susquehanna Bancshares reiterated a “positive” rating and set a $35.00 price objective on shares of Corning in a research report on Thursday, August 24th. Finally, Citigroup lifted their price objective on shares of Corning from $30.00 to $32.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 25th. Two investment analysts have rated the stock with a sell rating, ten have given a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus target price of $29.28.

In related news, Director Hansel E. Tookes II sold 6,513 shares of the company’s stock in a transaction on Wednesday, October 25th. The shares were sold at an average price of $31.60, for a total value of $205,810.80. Following the completion of the sale, the director now directly owns 88,946 shares in the company, valued at $2,810,693.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Mark S. Rogus sold 9,242 shares of the company’s stock in a transaction on Tuesday, November 7th. The stock was sold at an average price of $32.12, for a total transaction of $296,853.04. The disclosure for this sale can be found here. Insiders sold 294,561 shares of company stock valued at $9,254,498 over the last quarter. 0.59% of the stock is currently owned by corporate insiders.

Corning Incorporated (NYSE GLW) traded up $0.62 during trading on Monday, hitting $32.35. 4,271,400 shares of the stock traded hands, compared to its average volume of 6,163,605. The company has a debt-to-equity ratio of 0.26, a quick ratio of 2.14 and a current ratio of 2.69. Corning Incorporated has a fifty-two week low of $24.12 and a fifty-two week high of $32.78. The stock has a market cap of $28,114.01, a PE ratio of 18.59, a P/E/G ratio of 2.69 and a beta of 1.33.

Corning (NYSE:GLW) last posted its quarterly earnings results on Tuesday, October 24th. The electronics maker reported $0.43 EPS for the quarter, beating the consensus estimate of $0.41 by $0.02. Corning had a net margin of 24.98% and a return on equity of 11.53%. The business had revenue of $2.61 billion for the quarter, compared to analysts’ expectations of $2.59 billion. During the same period in the previous year, the company posted $0.42 EPS. Corning’s revenue was up 4.0% on a year-over-year basis. research analysts anticipate that Corning Incorporated will post 1.7 earnings per share for the current year.

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 15th. Investors of record on Thursday, November 16th will be issued a $0.155 dividend. This represents a $0.62 dividend on an annualized basis and a yield of 1.92%. The ex-dividend date is Wednesday, November 15th. Corning’s dividend payout ratio is presently 26.38%.

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About Corning

Corning Incorporated is engaged in manufacturing specialty glass and ceramics. Its segments include Display Technologies, Optical Communications, Environmental Technologies, Specialty Materials, Life Sciences and All Other. The Display Technologies segment manufactures glass substrates for flat panel liquid crystal displays (LCDs).

Institutional Ownership by Quarter for Corning (NYSE:GLW)

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