Sanctuary Advisors LLC Acquires New Shares in Corning Incorporated (NYSE:GLW)

Sanctuary Advisors LLC acquired a new stake in Corning Incorporated (NYSE:GLW) in the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor acquired 98,735 shares of the electronics maker’s stock, valued at approximately $3,836,000.

A number of other large investors have also made changes to their positions in the company. Grove Bank & Trust increased its holdings in Corning by 21.5% during the 2nd quarter. Grove Bank & Trust now owns 1,414 shares of the electronics maker’s stock worth $55,000 after purchasing an additional 250 shares in the last quarter. Burns J W & Co. Inc. NY increased its holdings in Corning by 1.9% during the 2nd quarter. Burns J W & Co. Inc. NY now owns 13,500 shares of the electronics maker’s stock worth $524,000 after purchasing an additional 251 shares in the last quarter. Long Run Wealth Advisors LLC boosted its stake in shares of Corning by 0.8% during the 2nd quarter. Long Run Wealth Advisors LLC now owns 33,624 shares of the electronics maker’s stock worth $1,306,000 after buying an additional 274 shares during the last quarter. Mark Sheptoff Financial Planning LLC boosted its stake in shares of Corning by 21.2% during the 2nd quarter. Mark Sheptoff Financial Planning LLC now owns 1,575 shares of the electronics maker’s stock worth $61,000 after buying an additional 275 shares during the last quarter. Finally, Legacy Capital Group California Inc. boosted its stake in shares of Corning by 1.0% during the 2nd quarter. Legacy Capital Group California Inc. now owns 28,863 shares of the electronics maker’s stock worth $1,121,000 after buying an additional 278 shares during the last quarter. Institutional investors own 69.80% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have recently commented on GLW shares. Bank of America increased their price objective on shares of Corning from $46.00 to $51.00 and gave the stock a “buy” rating in a research note on Friday, September 20th. Fox Advisors upgraded shares of Corning from an “equal weight” rating to an “overweight” rating and set a $45.00 target price for the company in a research note on Monday, June 17th. Morgan Stanley reiterated an “equal weight” rating and issued a $39.00 target price on shares of Corning in a research note on Friday, July 26th. Citigroup raised their target price on shares of Corning from $45.00 to $51.00 and gave the company a “buy” rating in a research note on Friday, July 12th. Finally, Argus raised their target price on shares of Corning from $40.00 to $50.00 and gave the company a “buy” rating in a research note on Tuesday, July 9th. Six equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $47.00.

Corning Stock Up 0.7 %

Shares of GLW opened at $44.88 on Friday. Corning Incorporated has a 12 month low of $25.26 and a 12 month high of $46.39. The firm’s 50 day moving average is $41.81 and its 200-day moving average is $38.40. The stock has a market capitalization of $38.45 billion, a PE ratio of 63.21, a P/E/G ratio of 1.73 and a beta of 1.04. The company has a current ratio of 1.57, a quick ratio of 0.98 and a debt-to-equity ratio of 0.63.

Corning (NYSE:GLW) last announced its earnings results on Tuesday, July 30th. The electronics maker reported $0.47 EPS for the quarter, topping the consensus estimate of $0.46 by $0.01. Corning had a net margin of 3.53% and a return on equity of 12.69%. The company had revenue of $3.60 billion for the quarter, compared to analysts’ expectations of $3.55 billion. During the same period last year, the firm earned $0.45 earnings per share. The business’s revenue for the quarter was up 3.5% on a year-over-year basis. Equities research analysts forecast that Corning Incorporated will post 1.91 EPS for the current year.

Corning Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 13th. Investors of record on Friday, November 15th will be paid a $0.28 dividend. The ex-dividend date of this dividend is Friday, November 15th. This represents a $1.12 dividend on an annualized basis and a yield of 2.50%. Corning’s dividend payout ratio (DPR) is 157.75%.

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.