VisionPoint Advisory Group LLC Raises Stake in Corning Incorporated (NYSE:GLW)

VisionPoint Advisory Group LLC boosted its holdings in Corning Incorporated (NYSE:GLW) by 9.4% during the fourth quarter, Holdings Channel.com reports. The firm owned 10,605 shares of the electronics maker’s stock after acquiring an additional 913 shares during the quarter. VisionPoint Advisory Group LLC’s holdings in Corning were worth $323,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in GLW. Natixis Advisors L.P. raised its stake in Corning by 5.9% during the third quarter. Natixis Advisors L.P. now owns 101,322 shares of the electronics maker’s stock valued at $3,087,000 after buying an additional 5,616 shares during the last quarter. KMG Fiduciary Partners LLC purchased a new position in shares of Corning in the 4th quarter worth about $1,199,000. Socha Financial Group LLC raised its position in shares of Corning by 8.8% in the 4th quarter. Socha Financial Group LLC now owns 343,624 shares of the electronics maker’s stock worth $10,463,000 after purchasing an additional 27,772 shares during the last quarter. HB Wealth Management LLC boosted its stake in Corning by 24.2% in the 4th quarter. HB Wealth Management LLC now owns 9,871 shares of the electronics maker’s stock worth $301,000 after purchasing an additional 1,926 shares in the last quarter. Finally, SG Americas Securities LLC grew its position in Corning by 59.8% during the 4th quarter. SG Americas Securities LLC now owns 108,358 shares of the electronics maker’s stock valued at $3,300,000 after purchasing an additional 40,564 shares during the last quarter. Institutional investors own 69.80% of the company’s stock.

Corning Price Performance

Shares of Corning stock opened at $34.17 on Friday. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.02 and a current ratio of 1.67. The stock’s fifty day moving average is $32.51 and its 200 day moving average is $30.83. The stock has a market cap of $29.27 billion, a P/E ratio of 48.13, a P/E/G ratio of 1.73 and a beta of 1.07. Corning Incorporated has a one year low of $25.26 and a one year high of $36.01.

Corning (NYSE:GLW) last issued its quarterly earnings results on Tuesday, April 30th. The electronics maker reported $0.38 earnings per share 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 business had revenue of $2.98 billion for the quarter, compared to the consensus estimate of $3.12 billion. During the same quarter in the previous year, the firm earned $0.41 earnings per share. The company’s revenue for the quarter was down 11.5% on a year-over-year basis. Sell-side analysts anticipate that Corning Incorporated will post 1.9 earnings per share for the current year.

Corning Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, June 27th. Investors of record on Friday, May 31st will be paid a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a yield of 3.28%. The ex-dividend date is Thursday, May 30th. Corning’s dividend payout ratio (DPR) is presently 157.75%.

Analysts Set New Price Targets

Several research analysts have issued reports on the stock. HSBC cut shares of Corning from a “hold” rating to a “reduce” rating and set a $29.00 target price for the company. in a report on Thursday, February 1st. Barclays upped their price objective on Corning from $28.00 to $35.00 and gave the company an “equal weight” rating in a research report on Wednesday, January 31st. UBS Group lifted their target price on Corning from $34.00 to $35.00 and gave the stock a “neutral” rating in a report on Monday, April 8th. Morgan Stanley reissued an “overweight” rating and issued a $35.00 target price on shares of Corning in a research report on Monday, April 22nd. Finally, JPMorgan Chase & Co. boosted their target price on shares of Corning from $36.00 to $37.00 and gave the company a “neutral” rating in a research note on Wednesday, May 1st. One analyst has rated the stock with a sell rating, six have given a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $35.00.

Insider Buying and Selling

In other Corning news, VP Jeffrey W. Evenson sold 103,437 shares of the stock in a transaction that occurred on Monday, May 6th. The shares were sold at an average price of $33.19, for a total transaction of $3,433,074.03. Following the completion of the sale, the vice president now directly owns 70,110 shares of the company’s stock, valued at approximately $2,326,950.90. The sale was disclosed in a legal filing with the SEC, which is available at this link. In related news, VP Martin J. Curran sold 16,416 shares of the firm’s stock in a transaction on Friday, May 3rd. The shares were sold at an average price of $33.70, for a total value of $553,219.20. Following the completion of the transaction, the vice president now directly owns 65,598 shares of the company’s stock, valued at $2,210,652.60. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, VP Jeffrey W. Evenson sold 103,437 shares of the company’s stock in a transaction on Monday, May 6th. The shares were sold at an average price of $33.19, for a total transaction 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 disclosure for this sale can be found here. In the last three months, insiders have sold 239,841 shares of company stock valued at $7,971,257. Corporate insiders own 0.40% of the company’s stock.

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.