180 Wealth Advisors LLC Buys New Position in Corning Incorporated (NYSE:GLW)

180 Wealth Advisors LLC bought a new stake in shares of Corning Incorporated (NYSE:GLW) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 15,368 shares of the electronics maker’s stock, valued at approximately $597,000.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. Osher Van de Voorde Investment Management boosted its position in shares of Corning by 0.7% during the 2nd quarter. Osher Van de Voorde Investment Management now owns 467,975 shares of the electronics maker’s stock valued at $18,181,000 after purchasing an additional 3,075 shares in the last quarter. AdvisorNet Financial Inc boosted its holdings in Corning by 42.8% in the second quarter. AdvisorNet Financial Inc now owns 6,141 shares of the electronics maker’s stock worth $239,000 after acquiring an additional 1,841 shares in the last quarter. Great Valley Advisor Group Inc. bought a new position in Corning in the second quarter worth approximately $223,000. Dakota Community Bank & Trust NA boosted its holdings in Corning by 8.9% in the second quarter. Dakota Community Bank & Trust NA now owns 4,424 shares of the electronics maker’s stock worth $172,000 after acquiring an additional 360 shares in the last quarter. Finally, M&G Plc bought a new position in Corning in the second quarter worth approximately $1,484,000. Institutional investors own 69.80% of the company’s stock.

Wall Street Analysts Forecast Growth

GLW has been the topic of several recent research reports. Barclays increased their price target on Corning from $36.00 to $40.00 and gave the stock an “equal weight” rating in a report on Wednesday, July 31st. Morgan Stanley reissued an “equal weight” rating and issued a $39.00 price objective on shares of Corning in a research note on Friday, July 26th. Mizuho increased their price objective on Corning from $36.00 to $42.00 and gave the stock a “neutral” rating in a research note on Tuesday, June 18th. UBS Group increased their price objective on Corning from $38.00 to $44.00 and gave the stock a “neutral” rating in a research note on Tuesday, July 9th. Finally, JPMorgan Chase & Co. increased their price objective on Corning from $47.00 to $55.00 and gave the stock an “overweight” rating in a research note on Monday, July 29th. Seven research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $45.23.

Insider Transactions at Corning

In related news, VP Jeffrey W. Evenson sold 12,830 shares of Corning stock in a transaction on Wednesday, June 5th. The stock was 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 owns 57,280 shares of the company’s stock, valued at $2,141,699.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 0.40% of the company’s stock.

Corning Stock Performance

NYSE GLW traded up $0.67 on Thursday, hitting $40.26. 5,461,244 shares of the stock traded hands, compared to its average volume of 6,191,395. The business’s fifty day moving average is $40.58 and its two-hundred day moving average is $35.72. Corning Incorporated has a 12 month low of $25.26 and a 12 month high of $46.39. The firm has a market capitalization of $34.49 billion, a price-to-earnings ratio of 56.77, a PEG ratio of 1.49 and a beta of 1.05. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.98 and a current ratio of 1.57.

Corning (NYSE:GLW) last announced its quarterly earnings data on Tuesday, July 30th. The electronics maker reported $0.47 earnings per share for the quarter, beating the consensus estimate of $0.46 by $0.01. Corning had a return on equity of 12.69% and a net margin of 3.53%. The business had revenue of $3.60 billion during the quarter, compared to analyst estimates of $3.55 billion. During the same period in the prior year, the company earned $0.45 earnings per share. Corning’s revenue was up 3.5% compared to the same quarter last year. As a group, equities analysts anticipate that Corning Incorporated will post 1.9 EPS for the current fiscal year.

Corning Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, September 27th. Stockholders of record on Friday, August 30th will be issued a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.78%. The ex-dividend date of this dividend is Friday, August 30th. Corning’s payout ratio is currently 157.75%.

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.