Advisory Services Network LLC Grows Holdings in Corning Incorporated (GLW)

Advisory Services Network LLC boosted its position in shares of Corning Incorporated (NYSE:GLW) by 17.4% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 62,025 shares of the electronics maker’s stock after purchasing an additional 9,198 shares during the period. Advisory Services Network LLC’s holdings in Corning were worth $1,984,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Motco increased its holdings in Corning by 150.4% during the 4th quarter. Motco now owns 3,538 shares of the electronics maker’s stock worth $113,000 after purchasing an additional 2,125 shares in the last quarter. Benjamin F. Edwards & Company Inc. increased its holdings in Corning by 241.6% during the 3rd quarter. Benjamin F. Edwards & Company Inc. now owns 3,747 shares of the electronics maker’s stock worth $112,000 after purchasing an additional 2,650 shares in the last quarter. Resources Investment Advisors Inc. increased its holdings in Corning by 611.0% during the 4th quarter. Resources Investment Advisors Inc. now owns 5,190 shares of the electronics maker’s stock worth $166,000 after purchasing an additional 4,460 shares in the last quarter. Cable Hill Partners LLC increased its holdings in Corning by 1,041.3% during the 3rd quarter. Cable Hill Partners LLC now owns 5,273 shares of the electronics maker’s stock worth $158,000 after purchasing an additional 4,811 shares in the last quarter. Finally, Bank of Nova Scotia Trust Co. bought a new position in Corning during the 3rd quarter worth about $163,000. Hedge funds and other institutional investors own 71.82% of the company’s stock.

In other news, Director Deborah Rieman sold 2,083 shares of the firm’s stock in a transaction that occurred on Thursday, December 14th. The shares were sold at an average price of $32.16, for a total transaction of $66,989.28. Following the transaction, the director now directly owns 102,896 shares of the company’s stock, valued at $3,309,135.36. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Vice Chairman Lawrence D. Mcrae sold 51,676 shares of the firm’s stock in a transaction that occurred on Thursday, December 21st. The stock was sold at an average price of $32.42, for a total transaction of $1,675,335.92. Following the transaction, the insider now directly owns 136,032 shares in the company, valued at $4,410,157.44. The disclosure for this sale can be found here. 0.59% of the stock is currently owned by company insiders.

A number of research firms have issued reports on GLW. ValuEngine upgraded Corning from a “hold” rating to a “buy” rating in a report on Friday, February 2nd. Oppenheimer reiterated a “hold” rating on shares of Corning in a report on Wednesday, January 31st. Guggenheim reiterated a “buy” rating on shares of Corning in a report on Tuesday, January 30th. Citigroup increased their target price on Corning from $33.00 to $35.00 and gave the stock a “neutral” rating in a report on Thursday, January 25th. Finally, Barclays set a $38.00 target price on Corning and gave the stock a “buy” rating in a report on Wednesday, January 10th. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating, six have given a buy rating and one has given a strong buy rating to the company. The stock has a consensus rating of “Hold” and an average target price of $31.47.

Corning Incorporated (NYSE GLW) opened at $29.52 on Thursday. Corning Incorporated has a fifty-two week low of $26.32 and a fifty-two week high of $35.10. The company has a market cap of $25,411.24, a P/E ratio of -37.85, a PEG ratio of 4.37 and a beta of 1.34. The company has a current ratio of 2.75, a quick ratio of 2.22 and a debt-to-equity ratio of 0.35.

Corning (NYSE:GLW) last announced its earnings results on Tuesday, January 30th. The electronics maker reported $0.49 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.47 by $0.02. Corning had a negative net margin of 4.91% and a positive return on equity of 11.62%. The company had revenue of $2.74 billion for the quarter, compared to analysts’ expectations of $2.65 billion. During the same period last year, the firm earned $0.50 earnings per share. The business’s revenue for the quarter was up 7.4% on a year-over-year basis. research analysts predict that Corning Incorporated will post 1.67 EPS for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Thursday, March 29th. Stockholders of record on Wednesday, February 28th will be issued a dividend of $0.18 per share. The ex-dividend date is Tuesday, February 27th. This is a boost from Corning’s previous quarterly dividend of $0.16. This represents a $0.72 annualized dividend and a dividend yield of 2.44%. Corning’s dividend payout ratio (DPR) is currently -79.49%.

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Corning Company Profile

Corning Incorporated is engaged in manufacturing specialty glass and ceramics. Its segments include Display Technologies, Optical Communications, Environmental Technologies, Specialty Materials, Life Sciences and All Other. The Display Technologies segment manufactures glass substrates for flat panel liquid crystal displays (LCDs).

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Institutional Ownership by Quarter for Corning (NYSE:GLW)

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