OneDigital Investment Advisors LLC Raises Stock Holdings in Corning Incorporated (NYSE:GLW)

OneDigital Investment Advisors LLC lifted its holdings in Corning Incorporated (NYSE:GLW - Free Report) by 33.8% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 33,192 shares of the electronics maker's stock after buying an additional 8,391 shares during the quarter. OneDigital Investment Advisors LLC's holdings in Corning were worth $1,520,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of the business. University of Texas Texas AM Investment Management Co. raised its holdings in shares of Corning by 9.7% in the fourth quarter. University of Texas Texas AM Investment Management Co. now owns 2,422 shares of the electronics maker's stock worth $115,000 after buying an additional 214 shares during the period. Seeds Investor LLC increased its holdings in Corning by 3.0% during the 4th quarter. Seeds Investor LLC now owns 7,708 shares of the electronics maker's stock worth $366,000 after purchasing an additional 221 shares during the period. CreativeOne Wealth LLC increased its holdings in Corning by 2.4% during the 4th quarter. CreativeOne Wealth LLC now owns 10,182 shares of the electronics maker's stock worth $484,000 after purchasing an additional 238 shares during the period. Old North State Wealth Management LLC increased its holdings in Corning by 0.6% during the 1st quarter. Old North State Wealth Management LLC now owns 40,107 shares of the electronics maker's stock worth $1,836,000 after purchasing an additional 239 shares during the period. Finally, Colonial Trust Co SC increased its holdings in Corning by 3.8% during the 4th quarter. Colonial Trust Co SC now owns 7,138 shares of the electronics maker's stock worth $339,000 after purchasing an additional 258 shares during the period. 69.80% of the stock is currently owned by hedge funds and other institutional investors.

Corning Stock Performance

Shares of GLW stock opened at $52.42 on Tuesday. The firm has a market capitalization of $44.90 billion, a price-to-earnings ratio of 100.81, a price-to-earnings-growth ratio of 1.43 and a beta of 1.11. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.69 and a quick ratio of 1.05. The business has a fifty day moving average of $49.27 and a 200 day moving average of $48.13. Corning Incorporated has a 1 year low of $37.18 and a 1 year high of $55.33.

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, topping analysts' consensus estimates of $0.51 by $0.03. The company had revenue of $3.68 billion during the quarter, compared to analyst estimates of $3.63 billion. Corning had a return on equity of 16.47% and a net margin of 3.34%. The firm's quarterly revenue was up 12.9% on a year-over-year basis. During the same quarter last year, the business posted $0.38 EPS. As a group, research analysts expect that Corning Incorporated will post 2.33 earnings per share for the current year.

Corning Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 29th. Shareholders of record on Friday, August 29th will be paid a dividend of $0.28 per share. The ex-dividend date of this dividend is Friday, August 29th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.14%. Corning's payout ratio is currently 215.38%.

Insider Buying and Selling at Corning

In other Corning news, SVP Soumya Seetharam sold 14,313 shares of Corning stock in a transaction dated Wednesday, May 28th. The stock was sold at an average price of $50.01, for a total transaction of $715,793.13. Following the completion of the transaction, the senior vice president owned 31,505 shares in the company, valued at approximately $1,575,565.05. This trade represents a 31.24% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, SVP Michael Alan Bell sold 20,262 shares of Corning stock in a transaction dated Wednesday, April 30th. The shares were sold at an average price of $44.06, for a total value of $892,743.72. The disclosure for this sale can be found here. In the last three months, insiders have sold 75,796 shares of company stock worth $3,632,635. Insiders own 0.32% of the company's stock.

Analysts Set New Price Targets

Several research analysts have commented on the company. JPMorgan Chase & Co. reduced their price objective on Corning from $62.00 to $50.00 and set an "overweight" rating on the stock in a report on Thursday, April 17th. Bank of America increased 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 target price on Corning in a research report on Tuesday, April 15th. Oppenheimer dropped their target price on Corning from $58.00 to $55.00 and set an "outperform" rating on the stock in a research report on Wednesday, April 30th. Finally, Citigroup dropped their target price on Corning from $58.00 to $50.00 and set a "buy" rating on the stock in a research report on Monday, April 14th. Four equities research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $53.75.

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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