Advisory Services Network LLC boosted its stake in Corning Incorporated (NYSE:GLW – Get Rating) by 15.6% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 44,893 shares of the electronics maker’s stock after acquiring an additional 6,070 shares during the quarter. Advisory Services Network LLC’s holdings in Corning were worth $1,657,000 as of its most recent SEC filing.
Several other institutional investors have also added to or reduced their stakes in GLW. Norges Bank bought a new stake in Corning in the 4th quarter valued at $281,919,000. Prudential Financial Inc. lifted its position in Corning by 197.7% during the 1st quarter. Prudential Financial Inc. now owns 2,033,754 shares of the electronics maker’s stock worth $75,066,000 after buying an additional 1,350,499 shares in the last quarter. Envestnet Asset Management Inc. lifted its position in Corning by 77.1% during the 1st quarter. Envestnet Asset Management Inc. now owns 3,083,940 shares of the electronics maker’s stock worth $113,828,000 after buying an additional 1,342,976 shares in the last quarter. Geode Capital Management LLC lifted its position in Corning by 7.1% during the 4th quarter. Geode Capital Management LLC now owns 14,305,409 shares of the electronics maker’s stock worth $531,311,000 after buying an additional 943,020 shares in the last quarter. Finally, Los Angeles Capital Management LLC bought a new stake in Corning during the 1st quarter worth about $29,668,000. 69.00% of the stock is owned by institutional investors.
Corning Stock Performance
Shares of NYSE:GLW opened at $32.06 on Monday. The company’s 50 day moving average price is $34.71 and its two-hundred day moving average price is $34.93. Corning Incorporated has a 12-month low of $30.63 and a 12-month high of $43.47. The firm has a market cap of $27.10 billion, a PE ratio of 13.76, a PEG ratio of 2.25 and a beta of 1.00. The company has a quick ratio of 0.91, a current ratio of 1.43 and a debt-to-equity ratio of 0.56.
Corning Announces Dividend
The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 29th. Shareholders of record on Wednesday, August 31st will be given a dividend of $0.27 per share. The ex-dividend date of this dividend is Tuesday, August 30th. This represents a $1.08 dividend on an annualized basis and a dividend yield of 3.37%. Corning’s payout ratio is presently 46.35%.
Wall Street Analysts Forecast Growth
GLW has been the topic of several analyst reports. JPMorgan Chase & Co. cut their price target on shares of Corning from $45.00 to $41.00 and set an “overweight” rating on the stock in a research report on Thursday, July 14th. Citigroup dropped their target price on shares of Corning from $37.00 to $36.00 and set a “neutral” rating on the stock in a report on Friday, September 9th. Susquehanna dropped their target price on shares of Corning from $46.00 to $40.00 and set a “positive” rating on the stock in a report on Friday, September 9th. Susquehanna Bancshares dropped their target price on shares of Corning from $46.00 to $40.00 and set a “positive” rating on the stock in a report on Friday, September 9th. Finally, Deutsche Bank Aktiengesellschaft dropped their target price on shares of Corning from $39.00 to $37.00 and set a “hold” rating on the stock in a report on Thursday. Six analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to MarketBeat, Corning currently has an average rating of “Moderate Buy” and a consensus price target of $40.27.
Insiders Place Their Bets
In related news, SVP John P. Bayne, Jr. sold 5,575 shares of the stock in a transaction that occurred on Monday, August 1st. The shares were sold at an average price of $36.70, for a total transaction of $204,602.50. Following the sale, the senior vice president now owns 7,345 shares in the company, valued at approximately $269,561.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 0.36% of the company’s stock.
Corning Company Profile
Corning Incorporated engages in display technologies, optical communications, environmental technologies, specialty materials, and life sciences businesses worldwide. The company's Display Technologies segment offers glass substrates for liquid crystal displays and organic light-emitting diodes used in televisions, notebook computers, desktop monitors, tablets, and handheld devices.
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