Great Valley Advisor Group Inc. Raises Holdings in Corning Incorporated (NYSE:GLW)

Great Valley Advisor Group Inc. grew its stake in Corning Incorporated (NYSE:GLW) by 101.5% in the 3rd quarter, according to its most recent filing with the SEC. The firm owned 11,581 shares of the electronics maker’s stock after buying an additional 5,835 shares during the quarter. Great Valley Advisor Group Inc.’s holdings in Corning were worth $523,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also made changes to their positions in GLW. SVB Wealth LLC grew its holdings in Corning by 7.0% during the 1st quarter. SVB Wealth LLC now owns 10,479 shares of the electronics maker’s stock worth $345,000 after acquiring an additional 689 shares in the last quarter. B. Riley Wealth Advisors Inc. grew its stake in shares of Corning by 5.5% during the first quarter. B. Riley Wealth Advisors Inc. now owns 68,309 shares of the electronics maker’s stock worth $2,081,000 after purchasing an additional 3,540 shares in the last quarter. Tidal Investments LLC increased its holdings in Corning by 8.6% in the first quarter. Tidal Investments LLC now owns 50,265 shares of the electronics maker’s stock valued at $1,657,000 after buying an additional 3,996 shares during the last quarter. Comerica Bank raised its stake in Corning by 1.8% in the first quarter. Comerica Bank now owns 697,872 shares of the electronics maker’s stock valued at $23,002,000 after buying an additional 12,532 shares in the last quarter. Finally, Advisory Resource Group purchased a new stake in Corning during the 1st quarter worth about $225,000. 69.80% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, SVP John P. Bayne, Jr. sold 5,000 shares of the company’s stock in a transaction on Friday, November 22nd. The shares were sold at an average price of $48.39, for a total transaction of $241,950.00. Following the transaction, the senior vice president now directly owns 6,700 shares of the company’s stock, valued at $324,213. This represents a 42.74 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, SVP John P. Bayne, Jr. sold 8,876 shares of the stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $49.09, for a total transaction of $435,722.84. The disclosure for this sale can be found here. 0.40% of the stock is currently owned by corporate insiders.

Corning Stock Down 0.5 %

GLW opened at $48.00 on Wednesday. Corning Incorporated has a 52 week low of $27.57 and a 52 week high of $51.03. The business has a 50 day moving average price of $46.53 and a two-hundred day moving average price of $42.28. The company has a quick ratio of 1.05, a current ratio of 1.66 and a debt-to-equity ratio of 0.62. The company has a market cap of $41.10 billion, a PE ratio of 282.35, a P/E/G ratio of 1.55 and a beta of 1.03.

Corning (NYSE:GLW) last released its quarterly earnings results on Tuesday, October 29th. The electronics maker reported $0.54 EPS for the quarter, topping the consensus estimate of $0.53 by $0.01. Corning had a return on equity of 13.45% and a net margin of 1.24%. The business had revenue of $3.39 billion during the quarter, compared to analysts’ expectations of $3.72 billion. During the same quarter in the prior year, the business earned $0.45 earnings per share. The company’s quarterly revenue was up 6.9% compared to the same quarter last year. As a group, research analysts anticipate that Corning Incorporated will post 1.95 EPS for the current year.

Corning Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, December 13th. Stockholders of record on Friday, November 15th will be paid a dividend of $0.28 per share. The ex-dividend date is Friday, November 15th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.33%. Corning’s dividend payout ratio (DPR) is 658.82%.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on GLW shares. Oppenheimer reissued an “outperform” rating and set a $58.00 target price (up previously from $51.00) on shares of Corning in a research report on Wednesday, October 30th. Susquehanna boosted their price objective on shares of Corning from $46.00 to $55.00 and gave the stock a “positive” rating in a research report on Friday, September 20th. Deutsche Bank Aktiengesellschaft increased their target price on shares of Corning from $49.00 to $54.00 and gave the company a “buy” rating in a research report on Wednesday, October 30th. Mizuho raised shares of Corning from a “neutral” rating to an “outperform” rating and boosted their price target for the company from $44.00 to $47.00 in a research report on Wednesday, August 21st. Finally, Bank of America raised their price objective on Corning from $46.00 to $51.00 and gave the stock a “buy” rating in a report on Friday, September 20th. Six equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $50.08.

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.