CVA Family Office LLC Invests $50,000 in Corning Incorporated (NYSE:GLW)

CVA Family Office LLC bought a new position in shares of Corning Incorporated (NYSE:GLW) in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor bought 1,627 shares of the electronics maker’s stock, valued at approximately $50,000.

Other institutional investors also recently modified their holdings of the company. LVW Advisors LLC lifted its holdings in Corning by 8.6% in the fourth quarter. LVW Advisors LLC now owns 7,785 shares of the electronics maker’s stock worth $237,000 after buying an additional 617 shares during the period. HB Wealth Management LLC lifted its holdings in Corning by 24.2% in the fourth quarter. HB Wealth Management LLC now owns 9,871 shares of the electronics maker’s stock worth $301,000 after buying an additional 1,926 shares during the period. SG Americas Securities LLC increased its stake in shares of Corning by 59.8% during the fourth 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. CGC Financial Services LLC increased its stake in shares of Corning by 807.7% during the fourth quarter. CGC Financial Services LLC now owns 1,180 shares of the electronics maker’s stock valued at $36,000 after purchasing an additional 1,050 shares in the last quarter. Finally, Ferguson Wellman Capital Management Inc. increased its stake in shares of Corning by 11.9% during the fourth quarter. Ferguson Wellman Capital Management Inc. now owns 18,820 shares of the electronics maker’s stock valued at $573,000 after purchasing an additional 2,000 shares in the last quarter. 69.80% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on GLW. UBS Group raised their target price on shares of Corning from $29.00 to $32.00 and gave the company a “neutral” rating in a research note on Thursday, January 11th. HSBC downgraded shares of Corning from a “hold” rating to a “reduce” rating and set a $29.00 target price for the company. in a research note on Thursday, February 1st. Barclays raised 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. Finally, StockNews.com downgraded shares of 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 issued a buy rating to the stock. According to MarketBeat, Corning presently has an average rating of “Hold” and an average price target of $32.88.

Insider Buying and Selling at Corning

In other Corning news, Vice Chairman Lawrence D. Mcrae sold 77,464 shares of Corning stock in a transaction on 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 sale, the insider now directly owns 215,254 shares in the company, valued at approximately $7,155,042.96. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 0.40% of the stock is currently owned by insiders.

Corning Trading Up 2.2 %

Shares of Corning stock opened at $33.02 on Thursday. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.67 and a quick ratio of 1.05. Corning Incorporated has a 1-year low of $25.26 and a 1-year high of $36.01. The company’s fifty day simple moving average is $32.05 and its 200-day simple moving average is $30.25. The stock has a market capitalization of $28.24 billion, a PE ratio of 49.28, a P/E/G ratio of 1.84 and a beta of 1.08.

Corning (NYSE:GLW) last released its earnings results on Tuesday, January 30th. The electronics maker reported $0.39 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.39. Corning had a net margin of 4.62% and a return on equity of 12.31%. The company had revenue of $2.99 billion for the quarter, compared to analysts’ expectations of $3.26 billion. During the same quarter in the previous year, the company earned $0.47 EPS. Corning’s revenue for the quarter was down 12.1% on a year-over-year basis. As a group, equities analysts anticipate that Corning Incorporated will post 1.86 earnings per share for the current year.

Corning Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, March 28th. Shareholders of record on Thursday, February 29th will be issued a $0.28 dividend. The ex-dividend date of this dividend is Wednesday, February 28th. This represents a $1.12 dividend on an annualized basis and a yield of 3.39%. Corning’s dividend 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.