Corning Incorporated (NYSE:GLW) Stock Position Raised by IFP Advisors Inc

IFP Advisors Inc lifted its position in Corning Incorporated (NYSE:GLW - Free Report) by 15.8% in the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 79,636 shares of the electronics maker's stock after acquiring an additional 10,892 shares during the quarter. IFP Advisors Inc's holdings in Corning were worth $3,646,000 as of its most recent filing with the SEC.

Other hedge funds have also made changes to their positions in the company. LMR Partners LLP lifted its position in shares of Corning by 140.1% in the 4th quarter. LMR Partners LLP now owns 1,200,442 shares of the electronics maker's stock valued at $57,045,000 after acquiring an additional 700,442 shares in the last quarter. Gotham Asset Management LLC purchased a new position in Corning during the fourth quarter valued at approximately $306,000. GAMMA Investing LLC grew its position in Corning by 29.2% during the first quarter. GAMMA Investing LLC now owns 11,358 shares of the electronics maker's stock valued at $520,000 after purchasing an additional 2,567 shares in the last quarter. Dynamic Advisor Solutions LLC grew its position in Corning by 1.3% during the first quarter. Dynamic Advisor Solutions LLC now owns 22,379 shares of the electronics maker's stock valued at $1,024,000 after purchasing an additional 297 shares in the last quarter. Finally, Wealth Enhancement Advisory Services LLC grew its position in 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 purchasing an additional 23,781 shares in the last quarter. Hedge funds and other institutional investors own 69.80% of the company's stock.

Insiders Place Their Bets

In other Corning news, SVP Soumya Seetharam sold 14,313 shares of the company'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 sale, the senior vice president owned 31,505 shares of the company's stock, valued at approximately $1,575,565.05. This represents a 31.24% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP John Z. Zhang sold 8,000 shares of the company's stock in a transaction that occurred on Monday, May 12th. The shares were sold at an average price of $46.91, for a total transaction of $375,280.00. Following the completion of the sale, the vice president directly owned 9,610 shares of the company's stock, valued at $450,805.10. The trade was a 45.43% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 75,796 shares of company stock valued at $3,632,635 over the last three months. 0.32% of the stock is owned by insiders.

Corning Trading Down 0.3%

GLW stock opened at $54.04 on Monday. Corning Incorporated has a 1-year low of $37.18 and a 1-year high of $55.33. The firm has a market cap of $46.28 billion, a P/E ratio of 103.92, a P/E/G ratio of 1.46 and a beta of 1.11. The business's 50 day moving average is $50.70 and its 200-day moving average is $48.47. The company has a current ratio of 1.69, a quick ratio of 1.05 and a debt-to-equity ratio of 0.62.

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

Corning Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 29th. Investors of record on Friday, August 29th will be issued a $0.28 dividend. The ex-dividend date is Friday, August 29th. This represents a $1.12 annualized dividend and a yield of 2.07%. Corning's dividend payout ratio is currently 215.38%.

Wall Street Analyst Weigh In

A number of research analysts recently commented on the stock. Morgan Stanley boosted their price objective on shares of Corning from $44.00 to $50.00 and gave the company an "equal weight" rating in a research report on Tuesday, July 8th. UBS Group boosted their price objective on shares of Corning from $54.00 to $57.00 and gave the company a "neutral" rating in a research report on Wednesday, July 9th. Oppenheimer lowered their price objective on shares of Corning from $58.00 to $55.00 and set an "outperform" rating on the stock in a research report on Wednesday, April 30th. Wolfe Research assumed coverage on shares of Corning in a research report on Tuesday, July 8th. They set an "outperform" rating on the stock. Finally, JPMorgan Chase & Co. raised their price objective on shares of Corning from $52.00 to $62.00 and gave the company an "overweight" rating in a research report on Thursday. Four research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Corning currently has a consensus rating of "Moderate Buy" and an average target price of $57.45.

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.

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