AdvisorNet Financial Inc Purchases 1,841 Shares of Corning Incorporated (NYSE:GLW)

AdvisorNet Financial Inc raised its stake in Corning Incorporated (NYSE:GLW) by 42.8% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 6,141 shares of the electronics maker’s stock after purchasing an additional 1,841 shares during the quarter. AdvisorNet Financial Inc’s holdings in Corning were worth $239,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in the business. Alaska Permanent Fund Corp lifted its position in shares of Corning by 0.4% in the first quarter. Alaska Permanent Fund Corp now owns 83,551 shares of the electronics maker’s stock valued at $2,754,000 after buying an additional 329 shares during the last quarter. QRG Capital Management Inc. lifted its holdings in shares of Corning by 0.8% during the second quarter. QRG Capital Management Inc. now owns 44,502 shares of the electronics maker’s stock worth $1,729,000 after buying an additional 341 shares in the last quarter. Level Four Advisory Services LLC boosted its position in shares of Corning by 3.8% in the fourth quarter. Level Four Advisory Services LLC now owns 9,411 shares of the electronics maker’s stock valued at $287,000 after acquiring an additional 343 shares during the period. Madison Asset Management LLC grew its stake in shares of Corning by 0.7% in the fourth quarter. Madison Asset Management LLC now owns 53,113 shares of the electronics maker’s stock valued at $1,617,000 after acquiring an additional 349 shares in the last quarter. Finally, Patron Partners LLC increased its position in Corning by 2.4% during the first quarter. Patron Partners LLC now owns 14,761 shares of the electronics maker’s stock worth $487,000 after acquiring an additional 349 shares during the period. 69.80% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Corning

In related news, VP Jeffrey W. Evenson sold 12,830 shares of the company’s stock in a transaction dated 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 transaction, the vice president now owns 57,280 shares in the company, valued at approximately $2,141,699.20. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 0.40% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on GLW shares. Mizuho upped their price objective on shares of Corning from $36.00 to $42.00 and gave the stock a “neutral” rating in a research report on Tuesday, June 18th. Hsbc Global Res raised Corning from a “moderate sell” rating to a “hold” rating in a research note on Tuesday, July 9th. Barclays raised their price objective on Corning from $36.00 to $40.00 and gave the company an “equal weight” rating in a research note on Wednesday, July 31st. UBS Group raised their target price on Corning from $38.00 to $44.00 and gave the company a “neutral” rating in a report on Tuesday, July 9th. Finally, Bank of America dropped their price target on Corning from $47.00 to $46.00 and set a “buy” rating on the stock in a report on Wednesday, July 31st. Seven research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $45.23.

Corning Trading Up 2.0 %

GLW traded up $0.79 on Thursday, hitting $40.38. The company had a trading volume of 2,655,096 shares, compared to its average volume of 6,173,521. The company has a market cap of $34.59 billion, a PE ratio of 55.77, a PEG ratio of 1.49 and a beta of 1.05. Corning Incorporated has a 12-month low of $25.26 and a 12-month high of $46.39. The company has a quick ratio of 0.98, a current ratio of 1.57 and a debt-to-equity ratio of 0.63. The business’s fifty day simple moving average is $40.58 and its 200 day simple moving average is $35.72.

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

Corning Announces Dividend

The company also recently declared 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. This represents a $1.12 annualized dividend and a yield of 2.77%. The ex-dividend date of this dividend is Friday, August 30th. Corning’s dividend payout ratio is currently 157.75%.

About Corning

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.