Cantor Fitzgerald Investment Advisors L.P. Takes $7.14 Million Position in Corning Incorporated (NYSE:GLW)

Cantor Fitzgerald Investment Advisors L.P. acquired a new position in Corning Incorporated (NYSE:GLW - Free Report) in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 156,025 shares of the electronics maker's stock, valued at approximately $7,143,000.

A number of other hedge funds also recently bought and sold shares of GLW. Good Steward Wealth Advisors LLC purchased a new stake in Corning in the first quarter valued at about $296,000. ORG Partners LLC grew its holdings in Corning by 115.8% during the first quarter. ORG Partners LLC now owns 887 shares of the electronics maker's stock worth $40,000 after acquiring an additional 476 shares during the period. River Street Advisors LLC boosted its position in Corning by 1.5% in the 1st quarter. River Street Advisors LLC now owns 19,163 shares of the electronics maker's stock worth $877,000 after purchasing an additional 282 shares in the last quarter. ORG Wealth Partners LLC acquired a new stake in shares of Corning during the 1st quarter worth approximately $92,000. Finally, Janney Capital Management LLC purchased a new position in shares of Corning during the 1st quarter valued at approximately $8,748,000. Hedge funds and other institutional investors own 69.80% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on GLW. Wall Street Zen lowered shares of Corning from a "buy" rating to a "hold" rating in a research report on Tuesday, February 25th. Bank of America boosted their target price on Corning from $65.00 to $68.00 and gave the company a "buy" rating in a research report on Wednesday, March 19th. Mizuho set a $52.00 price objective on Corning in a research note on Tuesday, April 15th. Oppenheimer lowered their target price on Corning from $58.00 to $55.00 and set an "outperform" rating for the company in a research note on Wednesday, April 30th. Finally, Citigroup cut their price target on Corning from $58.00 to $50.00 and set a "buy" rating on the stock in a report on Monday, April 14th. Four analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, Corning has a consensus rating of "Moderate Buy" and a consensus target price of $53.75.

Corning Stock Down 0.1%

NYSE GLW traded down $0.07 during trading on Friday, reaching $50.42. 4,933,554 shares of the company's stock were exchanged, compared to its average volume of 5,814,721. The company has a 50 day moving average price of $46.89 and a two-hundred day moving average price of $47.83. The stock has a market cap of $43.18 billion, a P/E ratio of 96.96, a price-to-earnings-growth ratio of 1.36 and a beta of 1.11. Corning Incorporated has a 1 year low of $37.18 and a 1 year high of $55.33. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.05 and a current ratio of 1.69.

Corning (NYSE:GLW - Get Free Report) last posted its earnings results on Tuesday, April 29th. The electronics maker reported $0.54 earnings per share for the quarter, topping the consensus estimate of $0.51 by $0.03. The firm had revenue of $3.68 billion during the quarter, compared to analysts' expectations of $3.63 billion. Corning had a return on equity of 16.47% and a net margin of 3.34%. The firm's revenue was up 12.9% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.38 earnings per share. On average, equities research analysts anticipate that Corning Incorporated will post 2.33 EPS for the current fiscal year.

Corning Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, June 27th. Stockholders of record on Friday, May 30th will be issued a $0.28 dividend. This represents a $1.12 annualized dividend and a dividend yield of 2.22%. The ex-dividend date is Friday, May 30th. Corning's payout ratio is 215.38%.

Insider Activity at Corning

In other news, VP John Z. Zhang sold 9,610 shares of the company's stock in a transaction dated Wednesday, May 28th. The shares were sold at an average price of $49.29, for a total value of $473,676.90. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Soumya Seetharam sold 14,313 shares of the business's stock in a transaction that occurred on Wednesday, May 28th. The shares were 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 now directly owns 31,505 shares in the company, valued at approximately $1,575,565.05. The trade was a 31.24% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 75,796 shares of company stock valued at $3,632,635 in the last ninety days. 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.