Cetera Investment Advisers Purchases 19,312 Shares of Corning Incorporated (NYSE:GLW)

Cetera Investment Advisers grew its position in shares of Corning Incorporated (NYSE:GLW - Free Report) by 9.8% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 217,101 shares of the electronics maker's stock after purchasing an additional 19,312 shares during the quarter. Cetera Investment Advisers' holdings in Corning were worth $9,939,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in the company. Polar Capital Holdings Plc acquired a new stake in Corning in the 4th quarter valued at $124,253,000. Mariner LLC grew its position in Corning by 134.0% in the 4th quarter. Mariner LLC now owns 3,869,358 shares of the electronics maker's stock valued at $183,867,000 after purchasing an additional 2,215,840 shares during the period. Assenagon Asset Management S.A. grew its position in Corning by 101.0% in the 1st quarter. Assenagon Asset Management S.A. now owns 2,951,938 shares of the electronics maker's stock valued at $135,140,000 after purchasing an additional 1,483,151 shares during the period. SG Americas Securities LLC grew its position in Corning by 3,441.4% in the 1st quarter. SG Americas Securities LLC now owns 1,190,359 shares of the electronics maker's stock valued at $54,495,000 after purchasing an additional 1,156,746 shares during the period. Finally, Worldquant Millennium Advisors LLC acquired a new stake in Corning in the 4th quarter valued at $45,753,000. Institutional investors own 69.80% of the company's stock.

Insider Activity

In other news, SVP Stefan Becker sold 17,106 shares of the company's stock in a transaction dated Thursday, May 29th. The stock was sold at an average price of $49.68, for a total transaction of $849,826.08. Following the sale, the senior vice president directly owned 16,117 shares in the company, valued at $800,692.56. This represents a 51.49% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CFO Edward A. Schlesinger sold 14,082 shares of the company's stock in a transaction dated Wednesday, July 30th. The shares were sold at an average price of $62.28, for a total value of $877,026.96. Following the sale, the chief financial officer owned 78,316 shares in the company, valued at approximately $4,877,520.48. This represents a 15.24% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 137,381 shares of company stock valued at $7,836,789. 0.40% of the stock is currently owned by insiders.

Analyst Ratings Changes

Several analysts recently issued reports on the stock. Morgan Stanley set a $56.00 price target on shares of Corning and gave the company an "equal weight" rating in a research report on Wednesday. Barclays lifted their price objective on shares of Corning from $52.00 to $65.00 and gave the stock an "equal weight" rating in a report on Wednesday. Wolfe Research assumed coverage on shares of Corning in a report on Tuesday, July 8th. They set an "outperform" rating on the stock. Citigroup lifted their price objective on shares of Corning from $52.00 to $60.00 and gave the stock a "buy" rating in a report on Friday, July 11th. Finally, Susquehanna reaffirmed a "positive" rating and set a $75.00 price objective (up from $60.00) on shares of Corning in a report on Wednesday. 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, Corning currently has an average rating of "Moderate Buy" and a consensus price target of $63.25.

Corning Stock Performance

Corning stock traded down $1.21 during midday trading on Friday, reaching $62.03. The stock had a trading volume of 5,845,060 shares, compared to its average volume of 5,070,007. Corning Incorporated has a 12 month low of $37.18 and a 12 month high of $63.91. The firm's 50-day moving average price is $52.46 and its 200 day moving average price is $49.08. The firm has a market capitalization of $53.13 billion, a PE ratio of 28.11, a P/E/G ratio of 1.62 and a beta of 1.08. The company has a quick ratio of 1.05, a current ratio of 1.50 and a debt-to-equity ratio of 0.58.

Corning (NYSE:GLW - Get Free Report) last announced its quarterly earnings data on Tuesday, July 29th. The electronics maker reported $0.60 earnings per share (EPS) for the quarter, beating analysts' consensus estimates 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 for the quarter, compared to analysts' expectations of $3.84 billion. During the same period in the previous year, the business posted $0.47 EPS. As a group, research analysts predict that Corning Incorporated will post 2.33 earnings per share for the current fiscal year.

Corning Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, September 29th. Stockholders of record on Friday, August 29th will be given a dividend of $0.28 per share. The ex-dividend date is Friday, August 29th. This represents a $1.12 annualized dividend and a dividend yield of 1.8%. Corning's dividend payout ratio is currently 119.15%.

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.