Corning Incorporated $GLW Stock Bought by Kestra Advisory Services LLC

Kestra Advisory Services LLC boosted its holdings in shares of Corning Incorporated (NYSE:GLW) by 17.0% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 86,842 shares of the electronics maker’s stock after acquiring an additional 12,599 shares during the period. Kestra Advisory Services LLC’s holdings in Corning were worth $13,353,000 at the end of the most recent reporting period.

Several other hedge funds have also bought and sold shares of GLW. Western Pacific Wealth Management LP purchased a new stake in shares of Corning in the 3rd quarter worth approximately $25,000. Kings Path Partners LLC purchased a new position in Corning during the third quarter valued at $25,000. Atwood & Palmer Inc. purchased a new position in Corning during the second quarter valued at $26,000. Rogco LP bought a new stake in Corning in the second quarter worth $27,000. Finally, Toth Financial Advisory Corp boosted its holdings in Corning by 130.7% in the third quarter. Toth Financial Advisory Corp now owns 173 shares of the electronics maker’s stock worth $27,000 after acquiring an additional 98 shares in the last quarter. Institutional investors own 69.80% of the company’s stock.

Insider Buying and Selling

In other Corning news, EVP Lewis Steverson sold 13,100 shares of the company’s stock in a transaction that occurred on Friday, August 28th. The shares were sold at an average price of $151.29, for a total transaction of $1,981,899.00. Following the completion of the sale, the executive vice president directly owned 15,052 shares of the company’s stock, valued at approximately $2,277,217.08. This represents a 46.53% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 0.25% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have recently weighed in on the company. Citigroup restated a “buy” rating on shares of Corning in a report on Tuesday, October 27th. JPMorgan Chase & Co. dropped their price target on shares of Corning from $170.00 to $165.00 and set a “neutral” rating on the stock in a research note on Wednesday, October 21st. Oppenheimer dropped their price target on shares of Corning from $230.00 to $200.00 and set an “outperform” rating on the stock in a research note on Wednesday, July 29th. Zacks Research raised shares of Corning from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, October 28th. Finally, Mizuho reduced their price objective on shares of Corning from $210.00 to $180.00 and set an “outperform” rating for the company in a research note on Tuesday, September 15th. One analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and five have issued a Hold rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $175.81.

Corning Stock Down 0.1%

GLW opened at $106.03 on Monday. The company has a quick ratio of 1.17, a current ratio of 1.72 and a debt-to-equity ratio of 0.51. The firm has a 50 day moving average price of $144.47 and a 200-day moving average price of $155.55. Corning Incorporated has a twelve month low of $77.39 and a twelve month high of $271.78. The stock has a market capitalization of $91.34 billion, a price-to-earnings ratio of 42.93, a PEG ratio of 1.31 and a beta of 1.23.

Corning (NYSE:GLW) last issued its earnings results on Tuesday, October 27th. The electronics maker reported $0.91 earnings per share (EPS) for the quarter, topping the consensus estimate 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 for the quarter, compared to analysts’ expectations of $5.03 billion. During the same quarter last year, the company posted $0.67 earnings per share. The firm’s quarterly revenue was up 18.9% on a year-over-year basis. Equities research analysts forecast that Corning Incorporated will post 3.38 earnings per share for the current year.

Corning Announces Dividend

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 given a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a yield of 1.1%. The ex-dividend date is Friday, November 13th. Corning’s payout ratio is 45.34%.

Corning Profile

Corning Incorporated is a materials science and technology company with roots dating to 1851, when it was established as Corning Glass Works. The company develops and manufactures specialty glass, ceramics and optical materials for customers in a range of industries.

Its products include optical fiber, cable and connectivity solutions for communications networks; glass substrates used in display technologies; and specialty glass such as Gorilla Glass for consumer electronics. Corning also makes ceramic substrates and filters for emissions-control systems, as well as glassware and other products for life sciences and laboratory use.

Headquartered in Corning, New York, the company serves customers worldwide through operations and sales across multiple geographies.