Avantax Advisory Services Inc. Grows Stock Holdings in Corning Incorporated (NYSE:GLW)

Key Points

• Avantax Advisory Services Inc. increased its holdings in Corning Incorporated (NYSE:GLW) by 21.1% during the 1st quarter, now owning 134,199 shares valued at $6,144,000.
• Corning's recent earnings report showed a net margin of 3.34% and revenue of $3.68 billion, surpassing analysts' expectations.
• The company announced a quarterly dividend of $0.28, resulting in an annualized dividend yield of 2.02%, with a dividend payout ratio of 215.38%.

Avantax Advisory Services Inc. lifted its position in Corning Incorporated (NYSE:GLW - Free Report) by 21.1% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 134,199 shares of the electronics maker's stock after purchasing an additional 23,405 shares during the period. Avantax Advisory Services Inc.'s holdings in Corning were worth $6,144,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently made changes to their positions in the company. LMR Partners LLP raised its stake in shares of Corning by 140.1% during the 4th quarter. LMR Partners LLP now owns 1,200,442 shares of the electronics maker's stock worth $57,045,000 after buying an additional 700,442 shares during the period. Gotham Asset Management LLC acquired a new position in shares of Corning during the 4th quarter worth about $306,000. GAMMA Investing LLC raised its position in shares of Corning by 29.2% during the 1st quarter. GAMMA Investing LLC now owns 11,358 shares of the electronics maker's stock worth $520,000 after purchasing an additional 2,567 shares during the last quarter. Dynamic Advisor Solutions LLC raised its position in shares of Corning by 1.3% during the 1st quarter. Dynamic Advisor Solutions LLC now owns 22,379 shares of the electronics maker's stock worth $1,024,000 after purchasing an additional 297 shares during the last quarter. Finally, Wealth Enhancement Advisory Services LLC raised its holdings in shares of Corning by 1.9% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 1,300,954 shares of the electronics maker's stock valued at $59,558,000 after acquiring an additional 23,781 shares during the last quarter. 69.80% of the stock is currently owned by institutional investors and hedge funds.

Corning Trading Up 1.0%

Shares of NYSE:GLW traded up $0.62 during mid-day trading on Thursday, reaching $63.23. 2,320,547 shares of the company were exchanged, compared to its average volume of 5,649,649. The company has a debt-to-equity ratio of 0.58, a current ratio of 1.50 and a quick ratio of 1.05. The firm has a market cap of $54.15 billion, a price-to-earnings ratio of 67.23, a P/E/G ratio of 1.64 and a beta of 1.11. The firm's 50-day simple moving average is $52.16 and its 200 day simple moving average is $48.97. Corning Incorporated has a 1 year low of $37.18 and a 1 year high of $63.91.

Corning (NYSE:GLW - Get Free Report) last released its quarterly earnings results on Tuesday, July 29th. The electronics maker reported $0.60 EPS for the quarter, topping the consensus estimate of $0.57 by $0.03. Corning had a return on equity of 17.27% and a net margin of 5.77%. The business had revenue of $3.86 billion during the quarter, compared to analyst estimates of $3.84 billion. During the same period last year, the business posted $0.47 earnings per share. Equities research analysts forecast that Corning Incorporated will post 2.33 EPS for the current year.

Corning Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 29th. Stockholders of record on Friday, August 29th will be paid a $0.28 dividend. This represents a $1.12 annualized dividend and a dividend yield of 1.77%. The ex-dividend date of this dividend is Friday, August 29th. Corning's payout ratio is 215.38%.

Wall Street Analyst Weigh In

A number of brokerages have commented on GLW. Susquehanna reissued a "positive" rating and set a $75.00 target price (up previously from $60.00) on shares of Corning in a report on Wednesday. JPMorgan Chase & Co. increased their target price on shares of Corning from $62.00 to $65.00 and gave the company an "overweight" rating in a research report on Friday, July 25th. Morgan Stanley set a $56.00 price objective on shares of Corning and gave the company an "equal weight" rating in a report on Wednesday. UBS Group increased their price objective on shares of Corning from $54.00 to $57.00 and gave the company a "neutral" rating in a report on Wednesday, July 9th. Finally, Wolfe Research assumed coverage on shares of Corning in a report on Tuesday, July 8th. They issued an "outperform" rating for the company. Four analysts have rated the stock with a hold rating, ten have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $63.25.

Insider Buying and Selling at Corning

In related news, SVP Soumya Seetharam sold 14,313 shares of Corning stock in a transaction on Wednesday, May 28th. The stock was sold at an average price of $50.01, for a total value of $715,793.13. Following the completion of the transaction, the senior vice president directly owned 31,505 shares in the company, valued at approximately $1,575,565.05. This trade represents a 31.24% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, VP John Z. Zhang sold 9,610 shares of Corning stock in a transaction on Wednesday, May 28th. The shares were sold at an average price of $49.29, for a total value of $473,676.90. The disclosure for this sale can be found here. In the last three months, insiders sold 55,534 shares of company stock worth $2,739,891. 0.40% of the stock is owned by company insiders.

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.