Corrado Advisors LLC Acquires 7,742 Shares of Corning Incorporated (NYSE:GLW)

Corrado Advisors LLC raised its holdings in shares of Corning Incorporated (NYSE:GLW) by 23.3% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 40,908 shares of the electronics maker’s stock after acquiring an additional 7,742 shares during the quarter. Corrado Advisors LLC’s holdings in Corning were worth $1,246,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also bought and sold shares of the company. Natixis Advisors L.P. raised its holdings in Corning by 5.9% during the 3rd quarter. Natixis Advisors L.P. now owns 101,322 shares of the electronics maker’s stock valued at $3,087,000 after acquiring an additional 5,616 shares during the period. KMG Fiduciary Partners LLC purchased a new position in shares of Corning during the 4th quarter valued at $1,199,000. HB Wealth Management LLC grew its position 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 valued at $301,000 after purchasing an additional 1,926 shares in the last quarter. SG Americas Securities LLC grew its position 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 valued at $3,300,000 after purchasing an additional 40,564 shares in the last quarter. Finally, Bank of New York Mellon Corp grew its position in shares of Corning by 6.6% during the 3rd quarter. Bank of New York Mellon Corp now owns 7,883,126 shares of the electronics maker’s stock valued at $240,199,000 after purchasing an additional 490,638 shares in the last quarter. Institutional investors own 69.80% of the company’s stock.

Insider Buying and Selling

In related news, Vice Chairman Lawrence D. Mcrae sold 77,464 shares of the stock in a transaction dated Thursday, March 21st. The shares were sold at an average price of $33.24, for a total value of $2,574,903.36. Following the completion of the transaction, the insider now directly owns 215,254 shares of the company’s stock, valued at $7,155,042.96. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 0.45% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

GLW has been the subject of a number of recent analyst reports. JPMorgan Chase & Co. boosted their price target on shares of Corning from $34.00 to $36.00 and gave the company a “neutral” rating in a research report on Thursday, April 11th. Susquehanna restated a “positive” rating and set a $40.00 price target on shares of Corning in a research report on Monday, April 1st. Morgan Stanley reiterated an “overweight” rating and issued a $35.00 target price on shares of Corning in a research report on Monday. HSBC lowered shares of Corning from a “hold” rating to a “reduce” rating and set a $29.00 target price for the company. in a research report on Thursday, February 1st. Finally, Barclays upped their price target on shares of Corning from $28.00 to $35.00 and gave the company an “equal weight” rating in a research report on Wednesday, January 31st. One research analyst has rated the stock with a sell rating, five have issued a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $34.78.

Corning Trading Down 0.1 %

Shares of NYSE:GLW traded down $0.02 during midday trading on Tuesday, hitting $31.53. 3,186,546 shares of the stock traded hands, compared to its average volume of 4,718,803. The stock has a market capitalization of $26.97 billion, a PE ratio of 47.10, a P/E/G ratio of 1.73 and a beta of 1.08. The business’s 50 day moving average is $32.30 and its two-hundred day moving average is $30.41. The company has a quick ratio of 1.05, a current ratio of 1.67 and a debt-to-equity ratio of 0.61. Corning Incorporated has a one year low of $25.26 and a one year high of $36.01.

Corning (NYSE:GLW) last issued its quarterly earnings data on Tuesday, January 30th. The electronics maker reported $0.39 EPS for the quarter, meeting the consensus estimate of $0.39. The firm had revenue of $2.99 billion during the quarter, compared to the consensus estimate of $3.26 billion. Corning had a net margin of 4.62% and a return on equity of 12.31%. The company’s quarterly revenue was down 12.1% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.47 earnings per share. As a group, research analysts forecast that Corning Incorporated will post 1.87 earnings per share for the current year.

Corning Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Investors of record on Thursday, February 29th were paid a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a yield of 3.55%. The ex-dividend date was Wednesday, February 28th. Corning’s payout ratio is currently 167.16%.

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.