156,025 Shares in Corning Incorporated (NYSE:GLW) Acquired by Cantor Fitzgerald Investment Advisors L.P.

Cantor Fitzgerald Investment Advisors L.P. acquired a new position in shares of Corning Incorporated (NYSE:GLW) during the 1st quarter, Holdings Channel reports. The firm acquired 156,025 shares of the electronics maker’s stock, valued at approximately $7,143,000.

Several other large investors have also recently added to or reduced their stakes in the company. Tallon Kerry Patrick bought a new position in Corning during the fourth quarter worth about $302,000. Brighton Jones LLC increased its position in shares of Corning by 46.0% in the fourth quarter. Brighton Jones LLC now owns 6,705 shares of the electronics maker’s stock worth $319,000 after purchasing an additional 2,114 shares during the period. Allspring Global Investments Holdings LLC raised its stake in Corning by 171.3% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 109,103 shares of the electronics maker’s stock valued at $5,096,000 after purchasing an additional 68,889 shares in the last quarter. Principal Securities Inc. lifted its position in Corning by 3.5% during the fourth quarter. Principal Securities Inc. now owns 6,170 shares of the electronics maker’s stock worth $293,000 after purchasing an additional 211 shares during the period. Finally, Allworth Financial LP increased its holdings in Corning by 1.1% in the 4th quarter. Allworth Financial LP now owns 19,581 shares of the electronics maker’s stock valued at $930,000 after buying an additional 220 shares during the period. Institutional investors own 69.80% of the company’s stock.

Corning Stock Down 0.1%

Shares of NYSE:GLW opened at $50.43 on Friday. The business’s 50-day moving average is $46.89 and its 200-day moving average is $47.83. Corning Incorporated has a 1 year low of $37.18 and a 1 year high of $55.33. The company has a market capitalization of $43.19 billion, a price-to-earnings ratio of 96.98, a P/E/G ratio of 1.36 and a beta of 1.11. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.69 and a quick ratio of 1.05.

Corning (NYSE:GLW) last posted its quarterly earnings results on Tuesday, April 29th. The electronics maker reported $0.54 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.51 by $0.03. The firm had revenue of $3.68 billion for the quarter, compared to analysts’ expectations of $3.63 billion. Corning had a return on equity of 16.47% and a net margin of 3.34%. The company’s revenue for the quarter was up 12.9% compared to the same quarter last year. During the same period in the prior year, the business earned $0.38 EPS. Equities research analysts predict that Corning Incorporated will post 2.33 earnings per share for the current year.

Corning Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 27th. Stockholders of record on Friday, May 30th will be issued a dividend of $0.28 per share. The ex-dividend date of this dividend is Friday, May 30th. This represents a $1.12 annualized dividend and a dividend yield of 2.22%. Corning’s dividend payout ratio is currently 215.38%.

Analyst Ratings Changes

Several brokerages have recently commented on GLW. Oppenheimer dropped their target price on shares of Corning from $58.00 to $55.00 and set an “outperform” rating for the company in a research report on Wednesday, April 30th. Citigroup reduced their price objective on Corning from $58.00 to $50.00 and set a “buy” rating on the stock in a research note on Monday, April 14th. Wall Street Zen downgraded Corning from a “buy” rating to a “hold” rating in a research note on Tuesday, February 25th. Mizuho set a $52.00 price target on shares of Corning in a research note on Tuesday, April 15th. Finally, JPMorgan Chase & Co. dropped their price objective on shares of Corning from $62.00 to $50.00 and set an “overweight” rating for the company in a research note on Thursday, April 17th. Four research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $53.75.

Insider Activity

In other Corning news, SVP Michael Alan Bell sold 20,262 shares of the firm’s stock in a transaction that occurred 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 legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP John Z. Zhang sold 8,000 shares of the company’s stock in a transaction that occurred on Monday, May 12th. The stock was sold at an average price of $46.91, for a total value of $375,280.00. Following the transaction, the vice president now directly owns 9,610 shares in the company, valued at $450,805.10. The trade was a 45.43% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 75,796 shares of company stock worth $3,632,635 in the last three months. Company insiders own 0.40% of the company’s stock.

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.