Sowell Financial Services LLC Acquires New Position in Corning Incorporated (NYSE:GLW)

Sowell Financial Services LLC purchased a new position in shares of Corning Incorporated (NYSE:GLW - Free Report) in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 9,137 shares of the electronics maker's stock, valued at approximately $418,000.

Several other hedge funds and other institutional investors also recently bought and sold shares of the business. Tallon Kerry Patrick purchased a new stake in shares of Corning during the fourth quarter worth approximately $302,000. LMR Partners LLP increased its stake in 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 buying an additional 700,442 shares during the period. Assetmark Inc. raised its position in Corning by 101.5% during the 4th quarter. Assetmark Inc. now owns 1,076 shares of the electronics maker's stock worth $51,000 after buying an additional 542 shares during the last quarter. Gotham Asset Management LLC acquired a new stake in shares of Corning in the 4th quarter worth $306,000. Finally, Dynamic Advisor Solutions LLC lifted its stake in shares of Corning by 1.3% in the 1st quarter. Dynamic Advisor Solutions LLC now owns 22,379 shares of the electronics maker's stock worth $1,024,000 after acquiring an additional 297 shares during the period. 69.80% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

GLW has been the subject of several analyst reports. Wall Street Zen cut shares of Corning from a "buy" rating to a "hold" rating in a report on Tuesday, February 25th. JPMorgan Chase & Co. dropped their target price on Corning from $62.00 to $50.00 and set an "overweight" rating on the stock in a research report on Thursday, April 17th. Mizuho set a $52.00 price target on Corning in a report on Tuesday, April 15th. Bank of America lifted their price target on Corning from $65.00 to $68.00 and gave the company a "buy" rating in a research note on Wednesday, March 19th. Finally, Oppenheimer cut their price target on shares of Corning from $58.00 to $55.00 and set an "outperform" rating for the company in a report on Wednesday, April 30th. Four 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's stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $53.75.

Corning Trading Down 0.6%

Shares of Corning stock traded down $0.34 during trading hours on Tuesday, reaching $51.46. The stock had a trading volume of 4,998,057 shares, compared to its average volume of 5,753,969. 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 1 year low of $37.18 and a 1 year high of $55.33. The firm has a market capitalization of $44.08 billion, a price-to-earnings ratio of 98.97, a P/E/G ratio of 1.36 and a beta of 1.11. The firm has a 50 day simple moving average of $47.28 and a two-hundred day simple moving average of $47.83.

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

Corning Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, June 27th. Investors of record on Friday, May 30th will be issued a $0.28 dividend. The ex-dividend date of this dividend is Friday, May 30th. This represents a $1.12 annualized dividend and a yield of 2.18%. Corning's dividend payout ratio is currently 215.38%.

Insider Buying and Selling at Corning

In other news, VP John Z. Zhang sold 8,000 shares of the business's stock in a transaction 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 transaction, the vice president now directly owns 9,610 shares of the company's stock, valued at approximately $450,805.10. The trade was a 45.43% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, SVP Michael Alan Bell sold 20,262 shares of the firm's stock in a transaction on Wednesday, April 30th. The shares were sold at an average price of $44.06, for a total transaction of $892,743.72. The disclosure for this sale can be found here. Insiders have sold 75,796 shares of company stock valued at $3,632,635 over the last three months. 0.32% of the stock is owned by company insiders.

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.