Sowell Financial Services LLC Acquires Shares of 9,137 Corning Incorporated (NYSE:GLW)

Sowell Financial Services LLC acquired a new stake in Corning Incorporated (NYSE:GLW - Free Report) in the 1st quarter, according to its most recent disclosure with the SEC. The fund acquired 9,137 shares of the electronics maker's stock, valued at approximately $418,000.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Vermillion Wealth Management Inc. acquired a new position in Corning in the 4th quarter valued at $29,000. Putney Financial Group LLC bought a new position in shares of Corning in the 4th quarter valued at $30,000. Mainstream Capital Management LLC bought a new position in shares of Corning in the 4th quarter valued at $35,000. Transce3nd LLC bought a new position in shares of Corning in the 4th quarter valued at $39,000. Finally, Union Bancaire Privee UBP SA bought a new position in shares of Corning in the 4th quarter valued at $40,000. 69.80% of the stock is owned by institutional investors and hedge funds.

Corning Stock Down 0.1%

Shares of GLW opened at $50.42 on Friday. The company has a market capitalization of $43.18 billion, a PE ratio of 96.96, a PEG ratio of 1.36 and a beta of 1.11. Corning Incorporated has a 12 month low of $37.18 and a 12 month high of $55.33. The stock's 50-day moving average price is $47.08 and its two-hundred day moving average price is $47.84. 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 quarterly earnings data 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 company 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%. The firm'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. On average, analysts anticipate that Corning Incorporated will post 2.33 EPS for the current year.

Corning Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 27th. Stockholders of record on Friday, May 30th will be paid a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.22%. The ex-dividend date of this dividend is Friday, May 30th. Corning's dividend payout ratio is 215.38%.

Wall Street Analyst Weigh In

GLW has been the topic of several recent analyst reports. Citigroup decreased their price target on Corning from $58.00 to $50.00 and set a "buy" rating on the stock in a research note on Monday, April 14th. 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. Wall Street Zen lowered Corning from a "buy" rating to a "hold" rating in a research note on Tuesday, February 25th. 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 research report on Thursday, April 17th. Finally, Mizuho set a $52.00 price objective on Corning in a research report on Tuesday, April 15th. Four investment 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 MarketBeat, Corning presently has an average rating of "Moderate Buy" and a consensus target price of $53.75.

Insider Buying and Selling

In related news, 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 transaction, the senior vice president now directly owns 16,117 shares of the company's stock, valued at approximately $800,692.56. This represents a 51.49% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed 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 stock was sold at an average price of $46.91, for a total value of $375,280.00. Following the transaction, the vice president now directly owns 9,610 shares in the company, valued at approximately $450,805.10. This trade represents 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 have sold 75,796 shares of company stock valued at $3,632,635. 0.40% 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.

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