SG Americas Securities LLC Boosts Stake in Corning Incorporated (NYSE:GLW)

SG Americas Securities LLC raised its stake in shares of Corning Incorporated (NYSE:GLWFree Report) by 59.8% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 108,358 shares of the electronics maker’s stock after acquiring an additional 40,564 shares during the period. SG Americas Securities LLC’s holdings in Corning were worth $3,300,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. CGC Financial Services LLC raised its stake in Corning by 807.7% during the 4th quarter. CGC Financial Services LLC now owns 1,180 shares of the electronics maker’s stock valued at $36,000 after acquiring an additional 1,050 shares during the last quarter. Ferguson Wellman Capital Management Inc. raised its stake in Corning by 11.9% during the 4th quarter. Ferguson Wellman Capital Management Inc. now owns 18,820 shares of the electronics maker’s stock valued at $573,000 after acquiring an additional 2,000 shares during the last quarter. Naples Global Advisors LLC raised its stake in Corning by 1.0% during the 4th quarter. Naples Global Advisors LLC now owns 235,508 shares of the electronics maker’s stock valued at $7,171,000 after acquiring an additional 2,380 shares during the last quarter. Kwmg LLC raised its stake in Corning by 3.9% during the 4th quarter. Kwmg LLC now owns 139,971 shares of the electronics maker’s stock valued at $4,262,000 after acquiring an additional 5,230 shares during the last quarter. Finally, Dynamic Advisor Solutions LLC increased its position in Corning by 29.6% during the 4th quarter. Dynamic Advisor Solutions LLC now owns 32,994 shares of the electronics maker’s stock worth $1,009,000 after purchasing an additional 7,530 shares during the period. 69.80% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Corning

In other Corning news, Vice Chairman Lawrence D. Mcrae sold 77,464 shares of the stock in a transaction on Thursday, March 21st. The stock was sold at an average price of $33.24, for a total transaction of $2,574,903.36. Following the transaction, the insider now owns 215,254 shares of the company’s stock, valued at approximately $7,155,042.96. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 0.40% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Several research firms have issued reports on GLW. HSBC cut Corning from a “hold” rating to a “reduce” rating and set a $29.00 target price on the stock. in a research report on Thursday, February 1st. UBS Group boosted their target price on Corning from $29.00 to $32.00 and gave the stock a “neutral” rating in a research report on Thursday, January 11th. Barclays boosted their target price on Corning from $28.00 to $35.00 and gave the stock an “equal weight” rating in a research report on Wednesday, January 31st. Finally, StockNews.com cut Corning from a “hold” rating to a “sell” rating in a research report on Sunday. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $32.88.

View Our Latest Report on Corning

Corning Price Performance

GLW stock opened at $32.47 on Tuesday. Corning Incorporated has a 1 year low of $25.26 and a 1 year high of $36.01. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.05 and a current ratio of 1.67. The stock’s 50 day moving average price is $32.01 and its 200 day moving average price is $30.24. The firm has a market cap of $27.71 billion, a P/E ratio of 48.46, a PEG ratio of 1.86 and a beta of 1.08.

Corning (NYSE:GLWGet Free Report) last posted its earnings results on Tuesday, January 30th. The electronics maker reported $0.39 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.39. Corning had a return on equity of 12.31% and a net margin of 4.62%. The firm had revenue of $2.99 billion for the quarter, compared to analyst estimates of $3.26 billion. During the same quarter in the prior year, the company earned $0.47 EPS. Corning’s revenue was down 12.1% on a year-over-year basis. On average, sell-side analysts expect that Corning Incorporated will post 1.86 earnings per share for the current fiscal year.

Corning Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, March 28th. Investors of record on Thursday, February 29th will be paid a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a yield of 3.45%. The ex-dividend date of this dividend is Wednesday, February 28th. Corning’s payout ratio is currently 167.16%.

Corning Company Profile

(Free Report)

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.

Recommended Stories

Institutional Ownership by Quarter for Corning (NYSE:GLW)

Receive News & Ratings for Corning Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Corning and related companies with MarketBeat.com's FREE daily email newsletter.