Larson Financial Group LLC Has $108,000 Stock Position in Corning Incorporated (NYSE:GLW)

Larson Financial Group LLC increased its position in Corning Incorporated (NYSE:GLW) by 199.5% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 3,262 shares of the electronics maker’s stock after purchasing an additional 2,173 shares during the quarter. Larson Financial Group LLC’s holdings in Corning were worth $108,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in GLW. Access Investment Management LLC acquired a new position in shares of Corning during the 1st quarter worth approximately $28,000. Cape Investment Advisory Inc. increased its position in shares of Corning by 800.0% during the 4th quarter. Cape Investment Advisory Inc. now owns 900 shares of the electronics maker’s stock worth $27,000 after purchasing an additional 800 shares during the last quarter. Future Financial Wealth Managment LLC acquired a new position in shares of Corning during the 1st quarter worth approximately $33,000. Register Financial Advisors LLC acquired a new position in shares of Corning during the 1st quarter worth approximately $33,000. Finally, Bruce G. Allen Investments LLC acquired a new position in shares of Corning during the 4th quarter worth approximately $31,000. Institutional investors own 69.80% of the company’s stock.

Insiders Place Their Bets

In other Corning news, EVP Lewis A. Steverson sold 29,978 shares of the company’s stock in a transaction dated Wednesday, May 1st. The stock was sold at an average price of $33.05, for a total value of $990,772.90. Following the completion of the transaction, the executive vice president now owns 31,294 shares of the company’s stock, valued at approximately $1,034,266.70. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. In other news, VP Jeffrey W. Evenson sold 12,830 shares of the stock in a transaction dated Wednesday, June 5th. The stock was sold at an average price of $37.39, for a total value of $479,713.70. Following the completion of the sale, the vice president now owns 57,280 shares of the company’s stock, valued at $2,141,699.20. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Lewis A. Steverson sold 29,978 shares of the stock in a transaction dated Wednesday, May 1st. The shares were sold at an average price of $33.05, for a total value of $990,772.90. Following the completion of the sale, the executive vice president now directly owns 31,294 shares of the company’s stock, valued at approximately $1,034,266.70. The disclosure for this sale can be found here. Insiders sold a total of 175,207 shares of company stock valued at $5,876,067 in the last 90 days. Corporate insiders own 0.45% of the company’s stock.

Analyst Ratings Changes

A number of research analysts recently weighed in on GLW shares. HSBC raised Corning from a “reduce” rating to a “hold” rating and set a $37.00 target price on the stock in a report on Tuesday. UBS Group boosted their target price on Corning from $38.00 to $44.00 and gave the stock a “neutral” rating in a report on Tuesday. Hsbc Global Res raised Corning from a “moderate sell” rating to a “hold” rating in a report on Tuesday. Bank of America upped their price objective on Corning from $38.00 to $42.00 and gave the company a “buy” rating in a report on Friday, June 14th. Finally, Morgan Stanley upped their price objective on Corning from $38.00 to $39.00 and gave the company an “equal weight” rating in a report on Tuesday. Eight equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to MarketBeat.com, Corning presently has a consensus rating of “Hold” and an average price target of $42.92.

Corning Price Performance

Shares of GLW stock traded up $0.81 on Wednesday, hitting $45.48. 13,184,005 shares of the company’s stock were exchanged, compared to its average volume of 5,820,896. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.67 and a quick ratio of 1.02. Corning Incorporated has a 12 month low of $25.26 and a 12 month high of $45.72. The stock has a market cap of $38.96 billion, a P/E ratio of 63.75, a price-to-earnings-growth ratio of 1.85 and a beta of 1.05. The company has a 50 day moving average of $37.12 and a 200 day moving average of $33.64.

Corning (NYSE:GLW) last announced its quarterly earnings data on Tuesday, April 30th. The electronics maker reported $0.38 earnings per share for the quarter, topping the consensus estimate of $0.36 by $0.02. Corning had a return on equity of 12.31% and a net margin of 4.96%. The business had revenue of $2.98 billion during the quarter, compared to the consensus estimate of $3.12 billion. During the same period in the prior year, the company earned $0.41 EPS. Corning’s revenue for the quarter was down 11.5% on a year-over-year basis. On average, equities research analysts predict that Corning Incorporated will post 1.91 EPS for the current year.

Corning Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, September 27th. Shareholders of record on Friday, August 30th will be issued a $0.28 dividend. The ex-dividend date is Thursday, August 29th. This represents a $1.12 dividend on an annualized basis and a yield of 2.46%. Corning’s payout ratio is presently 157.75%.

Corning Company Profile

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.