Resurgent Financial Advisors LLC Purchases New Holdings in Corning Incorporated (NYSE:GLW)

Resurgent Financial Advisors LLC bought a new position in shares of Corning Incorporated (NYSE:GLW - Free Report) in the 1st quarter, according to its most recent 13F filing with the SEC. The fund bought 10,925 shares of the electronics maker's stock, valued at approximately $500,000.

A number of other institutional investors and hedge funds also recently modified their holdings of GLW. Vermillion Wealth Management Inc. acquired a new position in shares of Corning during the 4th quarter worth approximately $29,000. Putney Financial Group LLC bought a new stake in shares of Corning in the fourth quarter valued at about $30,000. Transce3nd LLC acquired a new position in shares of Corning in the fourth quarter valued at about $39,000. ORG Partners LLC raised its stake in Corning by 115.8% in the 1st quarter. ORG Partners LLC now owns 887 shares of the electronics maker's stock worth $40,000 after purchasing an additional 476 shares in the last quarter. Finally, Dunhill Financial LLC boosted its holdings in Corning by 77.1% in the 4th quarter. Dunhill Financial LLC now owns 905 shares of the electronics maker's stock valued at $43,000 after purchasing an additional 394 shares during the period. 69.80% of the stock is owned by institutional investors.

Insider Activity

In other Corning news, SVP Soumya Seetharam sold 14,313 shares of the firm'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 transaction of $715,793.13. Following the sale, 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 legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Stefan Becker sold 17,106 shares of the company's stock in a transaction that occurred on Thursday, May 29th. The stock was sold at an average price of $49.68, for a total transaction of $849,826.08. Following the completion of the transaction, the senior vice president owned 16,117 shares of the company's stock, valued at approximately $800,692.56. The trade was a 51.49% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 75,796 shares of company stock valued at $3,632,635 over the last three months. Corporate insiders own 0.40% of the company's stock.

Analyst Ratings Changes

A number of research analysts recently issued reports on GLW shares. Mizuho set a $59.00 price objective on shares of Corning and gave the company an "outperform" rating in a research note on Tuesday, July 15th. Wolfe Research began coverage on shares of Corning in a research report on Tuesday, July 8th. They set an "outperform" rating on the stock. Morgan Stanley increased their target price 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. Citigroup lifted their target price on Corning from $52.00 to $60.00 and gave the stock a "buy" rating in a report on Friday, July 11th. Finally, JPMorgan Chase & Co. upped their price objective on shares of Corning from $52.00 to $62.00 and gave the company an "overweight" rating in a report on Thursday. 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 company's stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $57.45.

Corning Trading Down 0.3%

Shares of NYSE:GLW traded down $0.16 on Friday, reaching $54.04. 2,502,221 shares of the company traded hands, compared to its average volume of 5,269,092. The business's 50-day simple moving average is $50.70 and its 200 day simple moving average is $48.46. 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 Incorporated has a 52 week low of $37.18 and a 52 week high of $55.33. The stock has a market capitalization of $46.28 billion, a P/E ratio of 103.92, a price-to-earnings-growth ratio of 1.46 and a beta of 1.11.

Corning (NYSE:GLW - Get Free Report) last issued its quarterly earnings data 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 for the quarter, compared to analyst estimates of $3.63 billion. During the same period last year, the company earned $0.38 EPS. The business's quarterly revenue was up 12.9% compared to the same quarter last year. As a group, equities analysts anticipate that Corning Incorporated will post 2.33 EPS for the current fiscal year.

Corning Announces Dividend

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 paid a $0.28 dividend. The ex-dividend date is Friday, August 29th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.07%. Corning's dividend payout ratio is presently 215.38%.

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.