Corning Incorporated (NYSE:GLW) Shares Acquired by Peak Financial Advisors LLC

Peak Financial Advisors LLC grew its stake in Corning Incorporated (NYSE:GLW) by 24.4% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 8,453 shares of the electronics maker’s stock after purchasing an additional 1,660 shares during the quarter. Peak Financial Advisors LLC’s holdings in Corning were worth $296,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in the company. Vanguard Group Inc. boosted its stake in shares of Corning by 0.7% in the first quarter. Vanguard Group Inc. now owns 92,746,889 shares of the electronics maker’s stock worth $3,423,287,000 after acquiring an additional 671,480 shares during the last quarter. State Street Corp boosted its stake in shares of Corning by 2.2% in the first quarter. State Street Corp now owns 31,601,045 shares of the electronics maker’s stock worth $1,114,880,000 after acquiring an additional 686,278 shares during the last quarter. Ameriprise Financial Inc. boosted its position in Corning by 4.9% during the first quarter. Ameriprise Financial Inc. now owns 15,953,780 shares of the electronics maker’s stock worth $563,232,000 after acquiring an additional 741,788 shares during the last quarter. Geode Capital Management LLC boosted its position in Corning by 2.2% during the first quarter. Geode Capital Management LLC now owns 15,838,529 shares of the electronics maker’s stock worth $557,680,000 after acquiring an additional 336,351 shares during the last quarter. Finally, Morgan Stanley boosted its position in Corning by 26.5% during the fourth quarter. Morgan Stanley now owns 13,734,071 shares of the electronics maker’s stock worth $438,666,000 after acquiring an additional 2,875,197 shares during the last quarter. 67.74% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Corning

In other Corning news, CEO Wendell P. Weeks sold 100,000 shares of the business’s stock in a transaction dated Wednesday, July 26th. The shares were sold at an average price of $33.78, for a total transaction of $3,378,000.00. Following the sale, the chief executive officer now directly owns 847,474 shares in the company, valued at $28,627,671.72. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Corning news, CEO Wendell P. Weeks sold 100,000 shares of the business’s stock in a transaction dated Wednesday, July 26th. The shares were sold at an average price of $33.78, for a total transaction of $3,378,000.00. Following the sale, the chief executive officer now directly owns 847,474 shares in the company, valued at $28,627,671.72. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Lewis A. Steverson sold 16,710 shares of the company’s stock in a transaction on Wednesday, July 26th. The stock was sold at an average price of $34.25, for a total value of $572,317.50. Following the sale, the executive vice president now directly owns 29,378 shares in the company, valued at approximately $1,006,196.50. The disclosure for this sale can be found here. 0.40% of the stock is owned by corporate insiders.

Corning Stock Down 0.8 %

Shares of GLW opened at $31.23 on Friday. The firm has a market cap of $26.64 billion, a P/E ratio of 42.78, a price-to-earnings-growth ratio of 2.80 and a beta of 1.06. Corning Incorporated has a 12-month low of $28.98 and a 12-month high of $37.10. The company’s 50-day moving average price is $32.89 and its 200 day moving average price is $33.12. The company has a current ratio of 1.65, a quick ratio of 1.03 and a debt-to-equity ratio of 0.64.

Corning (NYSE:GLW) last issued its quarterly earnings data on Tuesday, July 25th. The electronics maker reported $0.45 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.45. The firm had revenue of $3.48 billion for the quarter, compared to analyst estimates of $3.48 billion. Corning had a net margin of 4.72% and a return on equity of 13.22%. Corning’s revenue was down 7.4% on a year-over-year basis. During the same period in the previous year, the firm earned $0.57 EPS. On average, sell-side analysts forecast that Corning Incorporated will post 1.85 earnings per share for the current year.

Corning Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, September 28th. Shareholders of record on Thursday, August 31st will be given a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a yield of 3.59%. The ex-dividend date is Wednesday, August 30th. Corning’s payout ratio is 153.42%.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on the stock. 888 restated an “upgrade” rating on shares of Corning in a research report on Friday, June 9th. Oppenheimer restated an “outperform” rating and issued a $42.00 target price on shares of Corning in a report on Monday, July 31st. Morgan Stanley upgraded Corning from an “equal weight” rating to an “overweight” rating and lifted their price target for the stock from $35.00 to $38.00 in a report on Friday, June 9th. Citigroup raised shares of Corning from a “neutral” rating to a “buy” rating and upped their price objective for the company from $36.00 to $40.00 in a report on Thursday, June 15th. Finally, UBS Group downgraded shares of Corning from a “buy” rating to a “neutral” rating and lifted their target price for the stock from $38.00 to $39.00 in a research note on Friday, July 14th. Four research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $39.00.

Corning Company Profile

Corning Incorporated engages in the display technologies, optical communications, environmental technologies, specialty materials, and life sciences businesses worldwide. 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.