Corning Incorporated (NYSE:GLW) Shares Purchased by Sunbelt Securities Inc.

Sunbelt Securities Inc. lifted its holdings in Corning Incorporated (NYSE:GLW) by 92.0% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 9,600 shares of the electronics maker’s stock after acquiring an additional 4,600 shares during the period. Sunbelt Securities Inc.’s holdings in Corning were worth $316,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. Cape Investment Advisory Inc. increased its holdings in Corning by 800.0% in the 4th quarter. Cape Investment Advisory Inc. now owns 900 shares of the electronics maker’s stock valued at $27,000 after purchasing an additional 800 shares in the last quarter. SRS Capital Advisors Inc. grew its stake in shares of Corning by 232.9% in the third quarter. SRS Capital Advisors Inc. now owns 932 shares of the electronics maker’s stock valued at $28,000 after buying an additional 652 shares in the last quarter. Bruce G. Allen Investments LLC purchased a new stake in shares of Corning during the 4th quarter valued at about $31,000. EverSource Wealth Advisors LLC lifted its position in Corning by 347.3% during the 4th quarter. EverSource Wealth Advisors LLC now owns 1,060 shares of the electronics maker’s stock worth $32,000 after acquiring an additional 823 shares in the last quarter. Finally, Emfo LLC purchased a new position in Corning in the 4th quarter worth approximately $33,000. Hedge funds and other institutional investors own 69.80% of the company’s stock.

Corning Stock Performance

GLW stock opened at $38.59 on Friday. The firm has a market cap of $33.06 billion, a P/E ratio of 54.35, a P/E/G ratio of 1.74 and a beta of 1.08. The stock’s 50 day simple moving average is $35.66 and its 200 day simple moving average is $33.01. The company has a current ratio of 1.67, a quick ratio of 1.02 and a debt-to-equity ratio of 0.61. Corning Incorporated has a 12-month low of $25.26 and a 12-month high of $40.46.

Corning (NYSE:GLW) last posted its quarterly earnings results on Tuesday, April 30th. The electronics maker reported $0.38 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.36 by $0.02. Corning had a net margin of 4.96% and a return on equity of 12.31%. The company had revenue of $2.98 billion for the quarter, compared to the consensus estimate of $3.12 billion. During the same period last year, the firm posted $0.41 EPS. The company’s revenue for the quarter was down 11.5% on a year-over-year basis. As a group, equities research analysts predict that Corning Incorporated will post 1.9 EPS for the current year.

Corning Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, September 27th. Shareholders of record on Friday, August 30th will be paid a $0.28 dividend. The ex-dividend date of this dividend is Friday, August 30th. This represents a $1.12 dividend on an annualized basis and a yield of 2.90%. Corning’s payout ratio is currently 157.75%.

Insider Activity

In related news, VP Jeffrey W. Evenson sold 12,830 shares of the business’s stock in a transaction that occurred on Wednesday, June 5th. The stock was sold at an average price of $37.39, for a total transaction of $479,713.70. Following the completion of the transaction, the vice president now owns 57,280 shares in the company, valued at approximately $2,141,699.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, VP Jeffrey W. Evenson sold 12,830 shares of Corning stock in a transaction dated Wednesday, June 5th. The shares were sold at an average price of $37.39, for a total value of $479,713.70. Following the sale, the vice president now directly owns 57,280 shares in the company, valued at approximately $2,141,699.20. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, SVP John Z. Zhang sold 12,546 shares of the company’s stock in a transaction dated Thursday, May 2nd. The stock was sold at an average price of $33.42, for a total transaction of $419,287.32. Following the completion of the transaction, the senior vice president now owns 11,355 shares of the company’s stock, valued at approximately $379,484.10. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 175,207 shares of company stock valued at $5,876,067. 0.40% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on GLW. Fox Advisors raised shares of Corning from an “equal weight” rating to an “overweight” rating and set a $45.00 target price on the stock in a research report on Monday, June 17th. Bank of America boosted their price objective on shares of Corning from $38.00 to $42.00 and gave the stock a “buy” rating in a report on Friday, June 14th. Mizuho raised their target price on Corning from $36.00 to $42.00 and gave the company a “neutral” rating in a research note on Tuesday, June 18th. Susquehanna reiterated a “positive” rating and issued a $40.00 price target on shares of Corning in a research note on Monday, April 1st. Finally, UBS Group raised their price objective on Corning from $35.00 to $38.00 and gave the company a “neutral” rating in a research note on Thursday, May 30th. One analyst has rated the stock with a sell rating, six have given a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $38.67.

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.