Kingsview Wealth Management LLC Has $1.29 Million Stake in Corning Incorporated (NYSE:GLW)

Kingsview Wealth Management LLC increased its stake in shares of Corning Incorporated (NYSE:GLW – Get Rating) by 13.8% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 44,377 shares of the electronics maker’s stock after acquiring an additional 5,387 shares during the period. Kingsview Wealth Management LLC’s holdings in Corning were worth $1,288,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in GLW. Standard Family Office LLC bought a new position in Corning in the third quarter valued at $29,000. CI Investments Inc. grew its position in Corning by 981.9% in the third quarter. CI Investments Inc. now owns 1,017 shares of the electronics maker’s stock valued at $30,000 after purchasing an additional 923 shares in the last quarter. Chilton Capital Management LLC bought a new position in Corning in the second quarter valued at $32,000. Core Alternative Capital grew its position in Corning by 488.3% in the third quarter. Core Alternative Capital now owns 1,206 shares of the electronics maker’s stock valued at $35,000 after purchasing an additional 1,001 shares in the last quarter. Finally, Kathleen S. Wright Associates Inc. bought a new position in Corning in the third quarter valued at $35,000. 67.79% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

GLW has been the subject of a number of analyst reports. Morgan Stanley decreased their target price on shares of Corning from $36.00 to $35.00 and set an “equal weight” rating for the company in a research report on Tuesday, December 13th. UBS Group lifted their price objective on shares of Corning from $37.00 to $40.00 and gave the company a “buy” rating in a research report on Wednesday, January 11th. JPMorgan Chase & Co. decreased their price objective on shares of Corning from $44.00 to $40.00 and set an “overweight” rating for the company in a research report on Tuesday, December 20th. Susquehanna lifted their price objective on shares of Corning from $39.00 to $40.00 and gave the company a “positive” rating in a research report on Thursday, February 2nd. Finally, Credit Suisse Group decreased their price objective on shares of Corning from $41.00 to $40.00 and set an “outperform” rating for the company in a research report on Wednesday, February 1st. Six analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $37.78.

Corning Stock Performance

Shares of GLW stock opened at $33.56 on Wednesday. The company has a market capitalization of $28.41 billion, a price-to-earnings ratio of 21.79, a PEG ratio of 2.29 and a beta of 1.07. The company has a debt-to-equity ratio of 0.54, a quick ratio of 0.88 and a current ratio of 1.44. The company has a 50-day simple moving average of $35.20 and a 200 day simple moving average of $33.37. Corning Incorporated has a 52 week low of $28.98 and a 52 week high of $38.71.

Corning (NYSE:GLW – Get Rating) last announced its earnings results on Tuesday, January 31st. The electronics maker reported $0.47 EPS for the quarter, topping the consensus estimate of $0.44 by $0.03. Corning had a net margin of 9.27% and a return on equity of 14.82%. The business had revenue of $3.63 billion during the quarter, compared to the consensus estimate of $3.54 billion. During the same quarter in the previous year, the firm posted $0.54 EPS. Corning’s revenue was down 2.2% compared to the same quarter last year. On average, sell-side analysts predict that Corning Incorporated will post 1.96 earnings per share for the current year.

Corning Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, March 30th. Shareholders of record on Tuesday, February 28th will be paid a $0.28 dividend. This is a boost from Corning’s previous quarterly dividend of $0.27. The ex-dividend date of this dividend is Monday, February 27th. This represents a $1.12 annualized dividend and a yield of 3.34%. Corning’s payout ratio is 72.73%.

Insiders Place Their Bets

In other Corning news, VP John Z. Zhang sold 4,655 shares of Corning stock in a transaction dated Friday, February 3rd. The shares were sold at an average price of $36.00, for a total value of $167,580.00. Following the completion of the sale, the vice president now owns 5,744 shares in the company, valued at approximately $206,784. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other Corning news, VP John Z. Zhang sold 4,655 shares of Corning stock in a transaction dated Friday, February 3rd. The shares were sold at an average price of $36.00, for a total value of $167,580.00. Following the completion of the sale, the vice president now owns 5,744 shares in the company, valued at approximately $206,784. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Li Fang sold 19,909 shares of Corning stock in a transaction dated Tuesday, March 7th. The stock was sold at an average price of $35.17, for a total transaction of $700,199.53. The disclosure for this sale can be found here. Corporate insiders own 0.36% of the company’s stock.

Corning Profile

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Corning, Inc engages in the provision of glass for notebook computers, flat panel desktop monitors, display televisions, and other information display applications, carrier network and enterprise network products for the telecommunications industry, ceramic substrates for gasoline and diesel engines in automotive and heavy-duty vehicle markets, laboratory products for the scientific community and polymer products for biotechnology applications, optical materials for the semiconductor industry and the scientific community, and polycrystalline silicon products and other technologies.