Corning Incorporated $GLW Shares Purchased by ProShare Advisors LLC

ProShare Advisors LLC increased its position in shares of Corning Incorporated (NYSE:GLW) by 3.6% in the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 152,282 shares of the electronics maker’s stock after purchasing an additional 5,245 shares during the quarter. ProShare Advisors LLC’s holdings in Corning were worth $23,415,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently added to or reduced their stakes in GLW. Western Pacific Wealth Management LP purchased a new position in Corning in the 3rd quarter valued at $25,000. Kings Path Partners LLC purchased a new stake in shares of Corning during the third quarter worth $25,000. Atwood & Palmer Inc. purchased a new stake in shares of Corning during the second quarter worth $26,000. Rogco LP purchased a new stake in shares of Corning during the second quarter worth $27,000. Finally, Toth Financial Advisory Corp raised its position in shares of Corning by 130.7% in the third quarter. Toth Financial Advisory Corp now owns 173 shares of the electronics maker’s stock valued at $27,000 after buying an additional 98 shares during the last quarter. 69.80% of the stock is owned by institutional investors and hedge funds.

Corning Stock Performance

NYSE GLW opened at $123.51 on Tuesday. The stock’s fifty day moving average is $147.35 and its two-hundred day moving average is $155.13. The firm has a market capitalization of $106.39 billion, a P/E ratio of 50.01, a price-to-earnings-growth ratio of 1.62 and a beta of 1.13. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.24 and a current ratio of 1.72. Corning Incorporated has a fifty-two week low of $77.39 and a fifty-two week high of $271.78.

Corning (NYSE:GLW) last issued its earnings results on Tuesday, October 27th. The electronics maker reported $0.91 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.88 by $0.03. Corning had a return on equity of 20.83% and a net margin of 12.13%. The company had revenue of $5.08 billion during the quarter, compared to analysts’ expectations of $5.03 billion. During the same period in the prior year, the business earned $0.67 EPS. The firm’s quarterly revenue was up 18.9% on a year-over-year basis. On average, research analysts anticipate that Corning Incorporated will post 3.37 earnings per share for the current year.

Corning Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, December 11th. Stockholders of record on Friday, November 13th will be given a dividend of $0.28 per share. The ex-dividend date of this dividend is Friday, November 13th. This represents a $1.12 annualized dividend and a dividend yield of 0.9%. Corning’s payout ratio is presently 45.34%.

Insider Buying and Selling at Corning

In related news, EVP Lewis Steverson sold 13,100 shares of the company’s stock in a transaction dated Friday, August 28th. The shares were sold at an average price of $151.29, for a total value of $1,981,899.00. Following the completion of the sale, the executive vice president owned 15,052 shares of the company’s stock, valued at approximately $2,277,217.08. This represents a 46.53% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Insiders own 0.25% of the company’s stock.

Analyst Ratings Changes

GLW has been the topic of several research reports. Bank of America decreased their price target on shares of Corning from $243.00 to $200.00 and set a “buy” rating on the stock in a research note on Wednesday, July 29th. Mizuho lowered their price target on shares of Corning from $210.00 to $180.00 and set an “outperform” rating on the stock in a research report on Tuesday, September 15th. The Goldman Sachs Group reaffirmed an “outperform” rating on shares of Corning in a research note on Tuesday, September 15th. Zacks Research upgraded shares of Corning from a “hold” rating to a “strong-buy” rating in a report on Wednesday, October 28th. Finally, Truist Financial reiterated a “buy” rating and issued a $175.00 price objective (down from $182.00) on shares of Corning in a report on Wednesday, October 28th. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and six have issued a Hold rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $175.81.

Corning Company Profile

Corning Incorporated (NYSE: GLW) is a technology company that develops and manufactures specialty glass, ceramics and optical-fiber products. Its materials and engineering expertise support communications networks, consumer electronics, automotive systems, life sciences and other industrial applications.

The company’s products include optical fiber, cable and connectivity solutions used in telecommunications infrastructure; glass substrates for televisions, computer monitors and other displays; durable cover glass for mobile devices; emissions-control components for vehicles; laboratory glassware and consumables; and specialized glass and ceramic materials for scientific, industrial and semiconductor applications.

Founded in 1851 and headquartered in Corning, New York, the company serves customers through operations and facilities across North America, Europe, Asia and other international markets.