Kingsview Wealth Management LLC Boosts Stock Position in Corning Incorporated (NYSE:GLW)

Kingsview Wealth Management LLC lifted its position in shares of Corning Incorporated (NYSE:GLW) by 5.2% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 37,125 shares of the electronics maker’s stock after buying an additional 1,830 shares during the period. Kingsview Wealth Management LLC’s holdings in Corning were worth $1,224,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of GLW. Cape Investment Advisory Inc. grew its position in 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 acquiring an additional 800 shares during the last quarter. Access Investment Management LLC purchased a new position in Corning during the 1st quarter valued at $28,000. Bruce G. Allen Investments LLC bought a new position in Corning in the 4th quarter worth $31,000. EverSource Wealth Advisors LLC lifted its position in shares of Corning by 347.3% in the 4th quarter. EverSource Wealth Advisors LLC now owns 1,060 shares of the electronics maker’s stock worth $32,000 after purchasing an additional 823 shares during the period. Finally, Emfo LLC bought a new stake in shares of Corning during the 4th quarter valued at about $33,000. Institutional investors own 69.80% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts recently commented on GLW shares. Argus increased their price objective on shares of Corning from $40.00 to $50.00 and gave the company a “buy” rating in a research report on Tuesday, July 9th. Mizuho increased their target price on Corning from $36.00 to $42.00 and gave the company a “neutral” rating in a report on Tuesday, June 18th. Bank of America upped their price target on shares of Corning from $38.00 to $42.00 and gave the company a “buy” rating in a research report on Friday, June 14th. Hsbc Global Res raised shares of Corning from a “moderate sell” rating to a “hold” rating in a report on Tuesday, July 9th. Finally, Deutsche Bank Aktiengesellschaft boosted their target price on shares of Corning from $39.00 to $46.00 and gave the company a “hold” rating in a research report on Tuesday, July 9th. Eight equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $43.38.

Corning Trading Down 1.5 %

GLW traded down $0.68 during trading on Friday, reaching $44.31. The company had a trading volume of 6,005,875 shares, compared to its average volume of 5,960,923. The stock has a market cap of $37.96 billion, a P/E ratio of 62.34, a PEG ratio of 1.69 and a beta of 1.05. Corning Incorporated has a 52 week low of $25.26 and a 52 week high of $46.39. The business has a 50 day simple moving average of $38.79 and a 200-day simple moving average of $34.33. The company has a quick ratio of 1.02, a current ratio of 1.67 and a debt-to-equity ratio of 0.61.

Corning (NYSE:GLW) last released its earnings results on Tuesday, April 30th. The electronics maker reported $0.38 EPS for the quarter, beating analysts’ consensus estimates of $0.36 by $0.02. The firm had revenue of $2.98 billion for the quarter, compared to analysts’ expectations of $3.12 billion. Corning had a return on equity of 12.31% and a net margin of 4.96%. The company’s quarterly revenue was down 11.5% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.41 earnings per share. On average, equities analysts anticipate that Corning Incorporated will post 1.94 EPS for the current fiscal year.

Corning Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 27th. Investors of record on Friday, August 30th will be paid a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a yield of 2.53%. The ex-dividend date of this dividend is Thursday, August 29th. Corning’s dividend payout ratio (DPR) is 157.75%.

Insiders Place Their Bets

In other Corning news, VP Jeffrey W. Evenson sold 12,830 shares of Corning 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 transaction, the vice president now owns 57,280 shares in the company, valued at $2,141,699.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, VP Jeffrey W. Evenson sold 103,437 shares of Corning stock in a transaction dated Monday, May 6th. The stock was 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 owns 70,110 shares of the company’s stock, valued at $2,326,950.90. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Jeffrey W. Evenson sold 12,830 shares of the company’s stock in a transaction on Wednesday, June 5th. The shares were sold at an average price of $37.39, for a total transaction of $479,713.70. Following the completion of the sale, the vice president now directly owns 57,280 shares in the company, valued at $2,141,699.20. The disclosure for this sale can be found here. Insiders sold a total of 175,207 shares of company stock worth $5,876,067 over the last 90 days. Company insiders own 0.40% of the company’s stock.

Corning 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.