Corning Incorporated (NYSE:GLW) Shares Purchased by Miracle Mile Advisors LLC

Miracle Mile Advisors LLC boosted its holdings in shares of Corning Incorporated (NYSE:GLW) by 1.7% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 22,735 shares of the electronics maker’s stock after buying an additional 391 shares during the period. Miracle Mile Advisors LLC’s holdings in Corning were worth $1,041,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in GLW. Vanguard Group Inc. increased its holdings in shares of Corning by 0.9% during the fourth quarter. Vanguard Group Inc. now owns 99,903,247 shares of the electronics maker’s stock valued at $4,747,402,000 after acquiring an additional 916,528 shares in the last quarter. Geode Capital Management LLC grew its position in Corning by 3.0% during the 4th quarter. Geode Capital Management LLC now owns 18,470,610 shares of the electronics maker’s stock worth $875,633,000 after purchasing an additional 533,686 shares during the last quarter. Northern Trust Corp increased its stake in Corning by 2.0% during the 4th quarter. Northern Trust Corp now owns 10,870,375 shares of the electronics maker’s stock valued at $516,560,000 after purchasing an additional 208,826 shares in the last quarter. Norges Bank purchased a new position in shares of Corning in the fourth quarter worth $490,933,000. Finally, Dimensional Fund Advisors LP lifted its stake in shares of Corning by 0.8% during the fourth quarter. Dimensional Fund Advisors LP now owns 9,800,573 shares of the electronics maker’s stock worth $465,723,000 after buying an additional 78,497 shares during the period. 69.80% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on GLW shares. Mizuho set a $52.00 price objective on shares of Corning in a report on Tuesday, April 15th. Oppenheimer dropped their price target on Corning from $58.00 to $55.00 and set an “outperform” rating on the stock in a research note on Wednesday, April 30th. JPMorgan Chase & Co. reduced their price objective on Corning from $62.00 to $50.00 and set an “overweight” rating for the company in a research note on Thursday, April 17th. Bank of America lifted their target price on Corning from $65.00 to $68.00 and gave the stock a “buy” rating in a report on Wednesday, March 19th. Finally, Citigroup reduced their price target on shares of Corning from $58.00 to $50.00 and set a “buy” rating for the company in a research report on Monday, April 14th. Four analysts have rated the stock with a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $53.08.

Insider Buying and Selling at Corning

In other Corning news, SVP Michael Alan Bell sold 20,262 shares of the firm’s stock in a transaction on Wednesday, April 30th. The stock was sold at an average price of $44.06, for a total value of $892,743.72. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, VP John Z. Zhang sold 8,000 shares of Corning stock in a transaction on Monday, May 12th. The stock was sold at an average price of $46.91, for a total transaction of $375,280.00. Following the sale, the vice president now directly owns 9,610 shares in the company, valued at approximately $450,805.10. This trade represents a 45.43% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 75,796 shares of company stock valued at $3,632,635 over the last ninety days. Corporate insiders own 0.40% of the company’s stock.

Corning Stock Up 0.4%

GLW stock opened at $50.93 on Tuesday. Corning Incorporated has a one year low of $36.58 and a one year high of $55.33. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.07 and a current ratio of 1.62. The firm’s fifty day moving average is $45.37 and its 200 day moving average is $47.70. The firm has a market cap of $43.62 billion, a PE ratio of 87.81, a P/E/G ratio of 1.50 and a beta of 1.11.

Corning (NYSE:GLW) last announced its quarterly earnings results on Tuesday, April 29th. The electronics maker reported $0.54 earnings per share for the quarter, beating the consensus estimate of $0.51 by $0.03. The firm had revenue of $3.68 billion during the quarter, compared to analyst estimates of $3.63 billion. Corning had a return on equity of 15.10% and a net margin of 3.86%. Corning’s revenue for the quarter was up 12.9% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.38 EPS. On average, research analysts forecast that Corning Incorporated will post 2.33 EPS for the current year.

Corning Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 27th. Shareholders of record on Friday, May 30th will be given a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a yield of 2.20%. The ex-dividend date of this dividend is Friday, May 30th. Corning’s dividend payout ratio is presently 215.38%.

Corning Profile

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.