Corning Incorporated $GLW Stock: Kestra Advisory Services LLC Increases Stake

Kestra Advisory Services LLC grew its position in Corning Incorporated (NYSE:GLW) by 17.0% in the third quarter, HoldingsChannel.com reports. The firm owned 86,842 shares of the electronics maker’s stock after acquiring an additional 12,599 shares during the period. Kestra Advisory Services LLC’s holdings in Corning were worth $13,353,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in the business. State Street Corp lifted its holdings in Corning by 13.4% in the 2nd quarter. State Street Corp now owns 41,108,384 shares of the electronics maker’s stock worth $10,500,315,000 after purchasing an additional 4,845,027 shares in the last quarter. Bank of America Corp DE grew its holdings in Corning by 29.2% during the 2nd quarter. Bank of America Corp DE now owns 18,730,616 shares of the electronics maker’s stock valued at $4,784,361,000 after buying an additional 4,231,507 shares in the last quarter. Wellington Management Group LLP lifted its holdings in shares of Corning by 50.9% in the second quarter. Wellington Management Group LLP now owns 13,174,194 shares of the electronics maker’s stock worth $3,365,084,000 after buying an additional 4,446,514 shares in the last quarter. Bank of New York Mellon Corp bought a new position in shares of Corning during the second quarter worth $1,510,911,000. Finally, Legal & General Group Plc bought a new position in shares of Corning during the second quarter worth $1,212,283,000. Hedge funds and other institutional investors own 69.80% of the company’s stock.

Insider Activity 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 transaction of $1,981,899.00. Following the transaction, the executive vice president directly owned 15,052 shares in the company, valued at approximately $2,277,217.08. This represents a 46.53% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.25% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on the company. Oppenheimer cut their price objective on Corning from $230.00 to $200.00 and set an “outperform” rating for the company in a research report on Wednesday, July 29th. Mizuho reduced their target price on Corning from $210.00 to $180.00 and set an “outperform” rating on the stock in a report on Tuesday, September 15th. Truist Financial reiterated a “buy” rating and issued a $175.00 target price (down from $182.00) on shares of Corning in a research report on Wednesday, October 28th. Citigroup reissued a “buy” rating on shares of Corning in a research note on Tuesday, October 27th. Finally, China Renaissance upgraded Corning from a “hold” rating to a “buy” rating and set a $238.00 price target for the company in a report on Tuesday, September 8th. One investment analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $175.81.

Corning Trading Down 0.1%

Shares of GLW stock opened at $106.03 on Monday. The company has a market cap of $91.34 billion, a PE ratio of 42.93, a price-to-earnings-growth ratio of 1.31 and a beta of 1.23. The stock’s 50 day simple moving average is $144.47 and its two-hundred day simple moving average is $155.55. Corning Incorporated has a 1 year low of $77.39 and a 1 year high of $271.78. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.72 and a quick ratio of 1.17.

Corning (NYSE:GLW) last posted its quarterly earnings data on Tuesday, October 27th. The electronics maker reported $0.91 earnings per share for the quarter, beating analysts’ consensus estimates of $0.88 by $0.03. Corning had a net margin of 12.13% and a return on equity of 20.83%. The business had revenue of $5.08 billion for the quarter, compared to analysts’ expectations of $5.03 billion. During the same quarter in the previous year, the business posted $0.67 earnings per share. The business’s revenue was up 18.9% compared to the same quarter last year. Research analysts predict that Corning Incorporated will post 3.38 earnings per share for the current year.

Corning Announces Dividend

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

Corning Profile

Corning Incorporated is a materials science and technology company with roots dating to 1851, when it was established as Corning Glass Works. The company develops and manufactures specialty glass, ceramics and optical materials for customers in a range of industries.

Its products include optical fiber, cable and connectivity solutions for communications networks; glass substrates used in display technologies; and specialty glass such as Gorilla Glass for consumer electronics. Corning also makes ceramic substrates and filters for emissions-control systems, as well as glassware and other products for life sciences and laboratory use.

Headquartered in Corning, New York, the company serves customers worldwide through operations and sales across multiple geographies.