Corning Incorporated $GLW Stock: Private Advisory Group LLC Decreases Holdings

Private Advisory Group LLC lessened its holdings in Corning Incorporated (NYSE:GLW) by 98.4% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,397 shares of the electronics maker’s stock after selling 83,454 shares during the quarter. Private Advisory Group LLC’s holdings in Corning were worth $215,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in GLW. Russell Investments Group Ltd. lifted its holdings in shares of Corning by 6.2% during the 3rd quarter. Russell Investments Group Ltd. now owns 726,246 shares of the electronics maker’s stock worth $111,911,000 after acquiring an additional 42,171 shares during the period. Mitsubishi UFJ Morgan Stanley Securities Co. Ltd. boosted its position in shares of Corning by 77.8% during the 3rd quarter. Mitsubishi UFJ Morgan Stanley Securities Co. Ltd. now owns 1,193 shares of the electronics maker’s stock valued at $183,000 after acquiring an additional 522 shares in the last quarter. Van Strum & Towne Inc. increased its stake in Corning by 27.9% in the third quarter. Van Strum & Towne Inc. now owns 2,431 shares of the electronics maker’s stock valued at $374,000 after acquiring an additional 531 shares during the period. CFM Wealth Partners LLC increased its stake in Corning by 25.4% in the third quarter. CFM Wealth Partners LLC now owns 3,776 shares of the electronics maker’s stock valued at $581,000 after acquiring an additional 766 shares during the period. Finally, Maryland State Retirement & Pension System increased its stake in Corning by 12.5% in the third quarter. Maryland State Retirement & Pension System now owns 48,045 shares of the electronics maker’s stock valued at $7,387,000 after acquiring an additional 5,334 shares during the period. Institutional investors and hedge funds own 69.80% of the company’s stock.

Insider Activity

In other news, EVP Lewis Steverson sold 13,100 shares of Corning stock in a transaction that occurred on Friday, August 28th. The shares were sold at an average price of $151.29, for a total value of $1,981,899.00. Following the completion of the transaction, the executive vice president owned 15,052 shares in the company, valued at approximately $2,277,217.08. The trade was a 46.53% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 0.25% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on GLW shares. Wall Street Zen raised shares of Corning from a “hold” rating to a “buy” rating in a research report on Saturday, October 10th. Weiss Ratings lowered Corning from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Friday, August 21st. Jefferies Financial Group started coverage on Corning in a report on Wednesday. They issued a “buy” rating and a $134.00 target price for the company. Citigroup restated a “buy” rating on shares of Corning in a research report on Tuesday, October 27th. Finally, Fox Advisors raised Corning from an “equal weight” rating to an “overweight” rating in a research note on Thursday, November 5th. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat.com, Corning currently has a consensus rating of “Moderate Buy” and an average target price of $172.18.

Corning Price Performance

Shares of Corning stock traded down $5.52 during mid-day trading on Friday, reaching $113.98. 6,850,373 shares of the stock were exchanged, compared to its average volume of 10,761,385. The company has a market cap of $98.18 billion, a price-to-earnings ratio of 46.14, a price-to-earnings-growth ratio of 1.47 and a beta of 1.23. The company has a current ratio of 1.72, a quick ratio of 1.17 and a debt-to-equity ratio of 0.51. The firm has a 50-day simple moving average of $141.45 and a 200 day simple moving average of $156.03. Corning Incorporated has a fifty-two week low of $77.39 and a fifty-two week high of $271.78.

Corning (NYSE:GLW) last announced its quarterly earnings results on Tuesday, October 27th. The electronics maker reported $0.91 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.88 by $0.03. The firm had revenue of $5.08 billion during the quarter, compared to the consensus estimate of $5.03 billion. Corning had a net margin of 12.13% and a return on equity of 20.83%. The firm’s quarterly revenue was up 18.9% on a year-over-year basis. During the same period last year, the firm posted $0.67 EPS. On average, sell-side analysts predict that Corning Incorporated will post 3.38 EPS for the current fiscal year.

Corning Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 11th. Stockholders of record on Friday, November 13th will be issued a dividend of $0.28 per share. The ex-dividend date of this dividend is Friday, November 13th. This represents a $1.12 annualized dividend and a dividend yield of 1.0%. Corning’s dividend payout ratio (DPR) is presently 45.34%.

About Corning

Corning Incorporated is a materials science and technology company with roots dating to 1851, when it was established as Corning Glass Works. The company develops and manufactures specialty glass, ceramics and optical materials for customers in a range of industries. Its products include optical fiber, cable and connectivity solutions for communications networks; glass substrates used in display technologies; and specialty glass such as Gorilla Glass for consumer electronics. Corning also makes ceramic substrates and filters for emissions-control systems, as well as glassware and other products for life sciences and laboratory use.