Legacy Financial Independent Advisors LLC Buys 23,582 Shares of Corning Incorporated $GLW

Legacy Financial Independent Advisors LLC boosted its stake in Corning Incorporated (NYSE:GLW) by 371.4% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 29,932 shares of the electronics maker’s stock after acquiring an additional 23,582 shares during the period. Corning comprises approximately 2.3% of Legacy Financial Independent Advisors LLC’s portfolio, making the stock its 11th largest position. Legacy Financial Independent Advisors LLC’s holdings in Corning were worth $4,602,000 at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. Kestra Advisory Services LLC increased its position in Corning by 17.0% during the third quarter. Kestra Advisory Services LLC now owns 86,842 shares of the electronics maker’s stock worth $13,353,000 after buying an additional 12,599 shares during the period. Quadcap Wealth Management LLC boosted its holdings in shares of Corning by 31.4% in the third quarter. Quadcap Wealth Management LLC now owns 1,899 shares of the electronics maker’s stock valued at $292,000 after acquiring an additional 454 shares during the period. Commonwealth Equity Services LLC boosted its holdings in shares of Corning by 1.0% in the third quarter. Commonwealth Equity Services LLC now owns 577,256 shares of the electronics maker’s stock valued at $88,759,000 after acquiring an additional 5,653 shares during the period. Costello Asset Management INC boosted its holdings in shares of Corning by 7.5% in the third quarter. Costello Asset Management INC now owns 1,657 shares of the electronics maker’s stock valued at $255,000 after acquiring an additional 116 shares during the period. Finally, Verity Asset Management Inc. grew its position in shares of Corning by 14.1% during the third quarter. Verity Asset Management Inc. now owns 1,488 shares of the electronics maker’s stock worth $229,000 after acquiring an additional 184 shares during the last quarter. Institutional investors and hedge funds own 69.80% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on GLW. Sanford C. Bernstein assumed coverage on shares of Corning in a research note on Wednesday, September 30th. They set a “market perform” rating and a $140.00 price target for the company. Fox Advisors upgraded shares of Corning from an “equal weight” rating to an “overweight” rating in a research note on Thursday. Mizuho dropped their price objective on shares of Corning from $210.00 to $180.00 and set an “outperform” rating on the stock in a research note on Tuesday, September 15th. Truist Financial reaffirmed a “buy” rating and issued a $175.00 target price (down from $182.00) on shares of Corning in a report on Wednesday, October 28th. Finally, The Goldman Sachs Group reiterated an “outperform” rating on shares of Corning in a research note on Tuesday, September 15th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and five have given a Hold rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $175.81.

Corning Trading Down 13.1%

Shares of GLW stock opened at $103.20 on Friday. The company has a market capitalization of $88.90 billion, a P/E ratio of 38.19, a price-to-earnings-growth ratio of 1.46 and a beta of 1.23. The company has a current ratio of 1.72, a quick ratio of 1.17 and a debt-to-equity ratio of 0.51. The business’s 50 day moving average is $145.40 and its two-hundred day moving average is $155.48. Corning Incorporated has a twelve month low of $77.39 and a twelve month high of $271.78.

Corning (NYSE:GLW) last released its quarterly earnings results on Tuesday, October 27th. The electronics maker reported $0.91 EPS for the quarter, topping 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 business had revenue of $5.08 billion during the quarter, compared to analysts’ expectations of $5.03 billion. During the same quarter in the prior year, the business earned $0.67 earnings per share. The company’s quarterly revenue was up 18.9% compared to the same quarter last year. Equities analysts forecast that Corning Incorporated will post 3.38 EPS for the current year.

Corning Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 11th. Shareholders of record on Friday, November 13th will be paid a $0.28 dividend. This represents a $1.12 annualized dividend and a yield of 1.1%. The ex-dividend date of this dividend is Friday, November 13th. Corning’s payout ratio is currently 45.34%.

Insider Transactions at Corning

In other news, EVP Lewis Steverson sold 13,100 shares of the business’s stock in a transaction dated Friday, August 28th. The shares were sold at an average price of $151.29, for a total transaction of $1,981,899.00. Following the transaction, the executive vice president directly owned 15,052 shares in the company, valued at $2,277,217.08. The trade was a 46.53% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Corporate insiders own 0.25% of the company’s stock.

About Corning

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.