Register Financial Advisors LLC Takes Position in Corning Incorporated (NYSE:GLW)

Register Financial Advisors LLC acquired a new stake in Corning Incorporated (NYSE:GLW) during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 1,000 shares of the electronics maker’s stock, valued at approximately $33,000.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of GLW. Norges Bank bought a new position in Corning in the fourth quarter valued at approximately $247,721,000. Wellington Management Group LLP boosted its stake in Corning by 9.0% in the fourth quarter. Wellington Management Group LLP now owns 31,312,779 shares of the electronics maker’s stock valued at $953,474,000 after acquiring an additional 2,597,878 shares during the last quarter. Ameriprise Financial Inc. boosted its stake in Corning by 15.0% in the third quarter. Ameriprise Financial Inc. now owns 17,615,078 shares of the electronics maker’s stock valued at $536,114,000 after acquiring an additional 2,301,745 shares during the last quarter. Goldman Sachs Group Inc. boosted its stake in Corning by 41.7% in the fourth quarter. Goldman Sachs Group Inc. now owns 6,212,356 shares of the electronics maker’s stock valued at $189,166,000 after acquiring an additional 1,828,097 shares during the last quarter. Finally, Federated Hermes Inc. boosted its position in shares of Corning by 1,329.2% during the fourth quarter. Federated Hermes Inc. now owns 1,321,494 shares of the electronics maker’s stock worth $40,239,000 after purchasing an additional 1,229,031 shares in the last quarter. 69.80% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on GLW shares. Bank of America lifted their price target on shares of Corning from $38.00 to $42.00 and gave the stock a “buy” rating in a research report on Friday, June 14th. Citigroup lifted their price target on shares of Corning from $38.00 to $45.00 and gave the stock a “buy” rating in a research report on Friday, June 21st. Morgan Stanley cut shares of Corning from an “overweight” rating to an “equal weight” rating and lifted their price target for the stock from $35.00 to $38.00 in a research report on Thursday, June 13th. Fox Advisors raised shares of Corning from an “equal weight” rating to an “overweight” rating and set a $45.00 price target on the stock in a research report on Monday, June 17th. Finally, JPMorgan Chase & Co. raised shares of Corning from a “neutral” rating to an “overweight” rating and lifted their price target for the stock from $37.00 to $43.00 in a research report on Thursday, May 30th. One research 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. According to MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $38.67.

Insider Buying and Selling at Corning

In other Corning news, VP Jeffrey W. Evenson sold 103,437 shares of Corning stock in a transaction on Monday, May 6th. The shares were sold at an average price of $33.19, for a total value of $3,433,074.03. Following the sale, the vice president now directly owns 70,110 shares in the company, valued at approximately $2,326,950.90. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, EVP Lewis A. Steverson sold 29,978 shares of the business’s stock in a transaction dated Wednesday, May 1st. The shares were sold at an average price of $33.05, for a total transaction of $990,772.90. Following the transaction, the executive vice president now directly owns 31,294 shares in the company, valued at approximately $1,034,266.70. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Jeffrey W. Evenson sold 103,437 shares of the business’s stock in a transaction dated Monday, May 6th. The stock was sold at an average price of $33.19, for a total transaction of $3,433,074.03. Following the transaction, the vice president now owns 70,110 shares in the company, valued at $2,326,950.90. The disclosure for this sale can be found here. In the last three months, insiders have sold 175,207 shares of company stock worth $5,876,067. Insiders own 0.40% of the company’s stock.

Corning Stock Up 0.7 %

Shares of GLW stock opened at $38.85 on Friday. 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 1 year low of $25.26 and a 1 year high of $40.46. The firm’s fifty day moving average price is $35.97 and its two-hundred day moving average price is $33.11. The firm has a market capitalization of $33.28 billion, a P/E ratio of 54.72, a PEG ratio of 1.75 and a beta of 1.08.

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

Corning Announces Dividend

The firm also recently declared 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 Thursday, August 29th. This represents a $1.12 annualized dividend and a yield of 2.88%. Corning’s payout ratio is currently 157.75%.

Corning Company 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.