Corning Incorporated $GLW Position Boosted by Legacy Financial Independent Advisors LLC

Legacy Financial Independent Advisors LLC increased its holdings in shares of Corning Incorporated (NYSE:GLW) by 371.4% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 29,932 shares of the electronics maker’s stock after purchasing an additional 23,582 shares during the quarter. Corning accounts for approximately 2.3% of Legacy Financial Independent Advisors LLC’s portfolio, making the stock its 11th biggest position. Legacy Financial Independent Advisors LLC’s holdings in Corning were worth $4,602,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Kestra Advisory Services LLC lifted its holdings in shares of Corning by 17.0% in the 3rd quarter. Kestra Advisory Services LLC now owns 86,842 shares of the electronics maker’s stock worth $13,353,000 after acquiring an additional 12,599 shares during the last quarter. Quadcap Wealth Management LLC increased its holdings in Corning by 31.4% in the 3rd quarter. Quadcap Wealth Management LLC now owns 1,899 shares of the electronics maker’s stock valued at $292,000 after purchasing an additional 454 shares during the last quarter. Commonwealth Equity Services LLC increased its holdings in Corning by 1.0% in the 3rd quarter. Commonwealth Equity Services LLC now owns 577,256 shares of the electronics maker’s stock valued at $88,759,000 after purchasing an additional 5,653 shares during the last quarter. Costello Asset Management INC increased its holdings in Corning by 7.5% in the 3rd quarter. Costello Asset Management INC now owns 1,657 shares of the electronics maker’s stock valued at $255,000 after purchasing an additional 116 shares during the last quarter. Finally, Verity Asset Management Inc. raised its position in Corning by 14.1% in the third quarter. Verity Asset Management Inc. now owns 1,488 shares of the electronics maker’s stock valued at $229,000 after purchasing an additional 184 shares during the period. 69.80% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on GLW. Sanford C. Bernstein assumed coverage on Corning in a research report on Wednesday, September 30th. They set a “market perform” rating and a $140.00 price target for the company. China Renaissance upgraded Corning from a “hold” rating to a “buy” rating and set a $238.00 price objective on the stock in a report on Tuesday, September 8th. Truist Financial reissued a “buy” rating and set a $175.00 target price (down from $182.00) on shares of Corning in a research note on Wednesday, October 28th. Fox Advisors raised Corning from an “equal weight” rating to an “overweight” rating in a research note on Thursday. Finally, The Goldman Sachs Group reiterated an “outperform” rating on shares of Corning in a research note on Tuesday, September 15th. One investment analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and five have assigned a Hold rating to the company’s stock. According to MarketBeat, Corning has a consensus rating of “Moderate Buy” and a consensus price target of $175.81.

Insider Buying and Selling

In other Corning news, EVP Lewis Steverson sold 13,100 shares of the firm’s stock in a transaction on Friday, August 28th. The stock was sold at an average price of $151.29, for a total value of $1,981,899.00. Following the sale, the executive vice president directly owned 15,052 shares in the company, valued at $2,277,217.08. This trade represents a 46.53% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.25% of the stock is owned by company insiders.

Corning Stock Performance

Shares of GLW opened at $103.20 on Friday. The stock has a 50-day simple moving average of $145.40 and a 200-day simple moving average of $155.48. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.17 and a current ratio of 1.72. The stock has a market capitalization of $88.90 billion, a PE ratio of 38.19, a PEG ratio of 1.46 and a beta of 1.23. Corning Incorporated has a 1 year low of $77.39 and a 1 year high of $271.78.

Corning (NYSE:GLW) last issued its quarterly earnings results on Tuesday, October 27th. The electronics maker reported $0.91 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.88 by $0.03. Corning had a net margin of 12.13% and a return on equity of 20.83%. The company had revenue of $5.08 billion during the quarter, compared to the consensus estimate of $5.03 billion. During the same quarter in the previous year, the firm earned $0.67 earnings per share. The firm’s quarterly revenue was up 18.9% on a year-over-year basis. On average, analysts predict that Corning Incorporated will post 3.38 earnings per share for the current fiscal year.

Corning Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 11th. Investors of record on Friday, November 13th will be issued a $0.28 dividend. This represents a $1.12 annualized dividend and a yield of 1.1%. The ex-dividend date of this dividend is Friday, November 13th. Corning’s dividend payout ratio is 45.34%.

Corning Profile

Corning Incorporated (NYSE: GLW) is a technology company that develops and manufactures specialty glass, ceramics and optical-fiber products. Its materials and engineering expertise support communications networks, consumer electronics, automotive systems, life sciences and other industrial applications.

The company’s products include optical fiber, cable and connectivity solutions used in telecommunications infrastructure; glass substrates for televisions, computer monitors and other displays; durable cover glass for mobile devices; emissions-control components for vehicles; laboratory glassware and consumables; and specialized glass and ceramic materials for scientific, industrial and semiconductor applications.

Founded in 1851 and headquartered in Corning, New York, the company serves customers through operations and facilities across North America, Europe, Asia and other international markets.