Atlas Capital Advisors LLC Buys 1,920 Shares of Corning Incorporated (NYSE:GLW)

Atlas Capital Advisors LLC increased its position in shares of Corning Incorporated (NYSE:GLW) by 9.7% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 21,625 shares of the electronics maker’s stock after buying an additional 1,920 shares during the quarter. Atlas Capital Advisors LLC’s holdings in Corning were worth $840,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in GLW. Cape Investment Advisory Inc. lifted its holdings 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 acquiring an additional 800 shares during the period. Access Investment Management LLC acquired a new stake in Corning during the first quarter valued at approximately $28,000. EverSource Wealth Advisors LLC grew its stake 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 valued at $32,000 after purchasing an additional 823 shares during the period. Future Financial Wealth Managment LLC acquired a new position in shares of Corning in the 1st quarter worth approximately $33,000. Finally, Register Financial Advisors LLC acquired a new position in Corning during the first quarter worth $33,000. 69.80% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on GLW. UBS Group upped their target price on shares of Corning from $38.00 to $44.00 and gave the stock a “neutral” rating in a report on Tuesday, July 9th. Susquehanna raised their price objective on shares of Corning from $40.00 to $46.00 and gave the stock a “positive” rating in a report on Wednesday, July 31st. JPMorgan Chase & Co. increased their price target on Corning from $47.00 to $55.00 and gave the stock an “overweight” rating in a research report on Monday, July 29th. Argus lifted their price objective on Corning from $40.00 to $50.00 and gave the company a “buy” rating in a research report on Tuesday, July 9th. Finally, Morgan Stanley restated an “equal weight” rating and set a $39.00 target price on shares of Corning in a report on Friday, July 26th. Six analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $45.62.

Corning Trading Down 0.1 %

NYSE:GLW opened at $41.84 on Friday. The firm has a market capitalization of $35.84 billion, a price-to-earnings ratio of 58.93, a PEG ratio of 1.63 and a beta of 1.05. Corning Incorporated has a 1-year low of $25.26 and a 1-year high of $46.39. The business’s 50-day moving average price is $41.31 and its two-hundred day moving average price is $36.47. The company has a current ratio of 1.57, a quick ratio of 0.98 and a debt-to-equity ratio of 0.63.

Corning (NYSE:GLW) last issued its earnings results on Tuesday, July 30th. The electronics maker reported $0.47 EPS for the quarter, beating the consensus estimate of $0.46 by $0.01. The firm 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 business’s quarterly revenue was up 3.5% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.45 earnings per share. On average, equities analysts expect that Corning Incorporated will post 1.91 earnings per share for the current year.

Corning Announces Dividend

The firm 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 dividend of $0.28 per share. The ex-dividend date is Friday, August 30th. This represents a $1.12 annualized dividend and a yield of 2.68%. Corning’s dividend payout ratio is presently 157.75%.

Insider Buying and Selling at Corning

In other news, VP Jeffrey W. Evenson sold 12,830 shares of the firm’s stock in a transaction dated Wednesday, June 5th. The stock was sold at an average price of $37.39, for a total transaction of $479,713.70. Following 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 legal filing with the SEC, which is available at the SEC website. Insiders own 0.40% of the company’s stock.

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.