Corning Incorporated (NYSE:GLW) is Secured Retirement Advisors LLC's 8th Largest Position

Secured Retirement Advisors LLC increased its holdings in Corning Incorporated (NYSE:GLW - Free Report) by 62.7% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 62,836 shares of the electronics maker's stock after buying an additional 24,208 shares during the quarter. Corning accounts for about 1.9% of Secured Retirement Advisors LLC's investment portfolio, making the stock its 8th largest position. Secured Retirement Advisors LLC's holdings in Corning were worth $2,877,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently made changes to their positions in GLW. Vermillion Wealth Management Inc. purchased a new position in Corning during the fourth quarter valued at approximately $29,000. Putney Financial Group LLC purchased a new position in Corning during the fourth quarter valued at approximately $30,000. Transce3nd LLC purchased a new position in Corning during the fourth quarter valued at approximately $39,000. ORG Partners LLC lifted its holdings in Corning by 115.8% during the first quarter. ORG Partners LLC now owns 887 shares of the electronics maker's stock valued at $40,000 after purchasing an additional 476 shares in the last quarter. Finally, VSM Wealth Advisory LLC purchased a new position in Corning during the fourth quarter valued at approximately $43,000. Hedge funds and other institutional investors own 69.80% of the company's stock.

Corning Trading Up 0.9%

GLW stock traded up $0.45 during mid-day trading on Wednesday, reaching $52.97. 3,345,026 shares of the stock traded hands, compared to its average volume of 5,303,299. 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 Incorporated has a one year low of $37.18 and a one year high of $55.33. The stock has a market capitalization of $45.36 billion, a PE ratio of 101.86, a PEG ratio of 1.42 and a beta of 1.11. The business has a 50-day moving average price of $50.18 and a two-hundred day moving average price of $48.33.

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

Corning Announces Dividend

The business 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 dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.11%. The ex-dividend date of this dividend is Friday, August 29th. Corning's dividend payout ratio is currently 215.38%.

Insider Activity

In other Corning news, SVP Stefan Becker sold 17,106 shares of the stock in a transaction dated Thursday, May 29th. The shares were sold at an average price of $49.68, for a total transaction of $849,826.08. Following the transaction, 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 position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP John Z. Zhang sold 8,000 shares of the stock in a transaction dated Monday, May 12th. The stock was sold at an average price of $46.91, for a total transaction of $375,280.00. Following the transaction, the vice president owned 9,610 shares in the company, valued at approximately $450,805.10. The trade was a 45.43% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 75,796 shares of company stock valued at $3,632,635. Insiders own 0.40% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on the stock. Mizuho set a $59.00 price target on shares of Corning and gave the company an "outperform" rating in a report on Tuesday. UBS Group boosted their target price on shares of Corning from $54.00 to $57.00 and gave the stock a "neutral" rating in a report on Wednesday, July 9th. Oppenheimer lowered their target price on shares of Corning from $58.00 to $55.00 and set an "outperform" rating on the stock in a report on Wednesday, April 30th. Bank of America boosted their target price on shares of Corning from $65.00 to $68.00 and gave the stock a "buy" rating in a report on Wednesday, March 19th. Finally, Citigroup boosted their target price on shares of Corning from $52.00 to $60.00 and gave the stock a "buy" rating in a report on Friday, July 11th. Four analysts have rated the stock with a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $56.36.

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.