Capital Advisors Inc. OK Acquires 30,740 Shares of Corning Incorporated (NYSE:GLW)

Capital Advisors Inc. OK raised its stake in shares of Corning Incorporated (NYSE:GLW - Free Report) by 4.3% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 753,241 shares of the electronics maker's stock after purchasing an additional 30,740 shares during the quarter. Capital Advisors Inc. OK owned 0.09% of Corning worth $34,483,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently added to or reduced their stakes in the stock. Brighton Jones LLC boosted its position in Corning by 46.0% in the 4th quarter. Brighton Jones LLC now owns 6,705 shares of the electronics maker's stock valued at $319,000 after buying an additional 2,114 shares during the last quarter. SBI Securities Co. Ltd. bought a new position in Corning in the 4th quarter valued at $115,000. Assetmark Inc. boosted its position in Corning by 101.5% in the 4th quarter. Assetmark Inc. now owns 1,076 shares of the electronics maker's stock valued at $51,000 after buying an additional 542 shares during the last quarter. Proficio Capital Partners LLC bought a new position in Corning in the 4th quarter valued at $8,996,000. Finally, Raymond James Financial Inc. bought a new position in Corning in the 4th quarter valued at $92,522,000. 69.80% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, VP John Z. Zhang sold 9,610 shares of the firm'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 SEC, which is available at this hyperlink. Also, SVP Soumya Seetharam sold 6,505 shares of the firm's stock in a transaction dated Thursday, May 29th. The shares were sold at an average price of $50.01, for a total transaction of $325,315.05. Following the completion of the transaction, the senior vice president directly owned 25,000 shares in the company, valued at approximately $1,250,250. The trade was a 20.65% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 75,796 shares of company stock worth $3,632,635 over the last 90 days. 0.40% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

GLW has been the topic of a number of recent research reports. Wolfe Research initiated coverage on Corning in a research report on Tuesday. They issued an "outperform" rating on the stock. Morgan Stanley raised their price target on Corning from $44.00 to $50.00 and gave the stock an "equal weight" rating in a research report on Tuesday. Mizuho set a $52.00 price target on Corning in a research report on Tuesday, April 15th. JPMorgan Chase & Co. reduced their price target on Corning from $62.00 to $50.00 and set an "overweight" rating on the stock in a research report on Thursday, April 17th. Finally, Bank of America raised their price target on Corning from $65.00 to $68.00 and gave the stock a "buy" rating in a research report on Wednesday, March 19th. Four equities research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $54.82.

Corning Trading Down 0.6%

NYSE GLW traded down $0.30 on Thursday, reaching $52.27. The company had a trading volume of 4,345,060 shares, compared to its average volume of 5,429,254. The firm has a market cap of $44.77 billion, a price-to-earnings ratio of 100.52, a P/E/G ratio of 1.42 and a beta of 1.11. Corning Incorporated has a fifty-two week low of $37.18 and a fifty-two week high of $55.33. The business has a 50 day moving average of $49.60 and a two-hundred day moving average of $48.20. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.69 and a quick ratio of 1.05.

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

Corning Dividend Announcement

The company also recently announced 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. The ex-dividend date is Friday, August 29th. This represents a $1.12 annualized dividend and a dividend yield of 2.14%. Corning's dividend payout ratio is presently 215.38%.

Corning Company 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.