CreativeOne Wealth LLC Increases Holdings in Corning Incorporated (NYSE:GLW)

CreativeOne Wealth LLC increased its position in shares of Corning Incorporated (NYSE:GLW) by 20.5% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 9,944 shares of the electronics maker’s stock after purchasing an additional 1,689 shares during the quarter. CreativeOne Wealth LLC’s holdings in Corning were worth $449,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently bought and sold shares of the business. Swedbank AB acquired a new position in shares of Corning in the 1st quarter valued at about $788,000. Atria Investments Inc boosted its stake in shares of Corning by 9.6% during the 1st quarter. Atria Investments Inc now owns 63,353 shares of the electronics maker’s stock worth $2,088,000 after acquiring an additional 5,526 shares in the last quarter. Cetera Investment Advisers boosted its stake in shares of Corning by 115.0% during the 1st quarter. Cetera Investment Advisers now owns 178,087 shares of the electronics maker’s stock worth $5,870,000 after acquiring an additional 95,245 shares in the last quarter. Cetera Advisors LLC grew its position in shares of Corning by 126.5% during the 1st quarter. Cetera Advisors LLC now owns 53,129 shares of the electronics maker’s stock valued at $1,751,000 after acquiring an additional 29,669 shares during the period. Finally, EverSource Wealth Advisors LLC increased its stake in shares of Corning by 184.7% in the 1st quarter. EverSource Wealth Advisors LLC now owns 3,018 shares of the electronics maker’s stock valued at $101,000 after purchasing an additional 1,958 shares in the last quarter. Institutional investors and hedge funds own 69.80% of the company’s stock.

Corning Price Performance

NYSE:GLW opened at $48.67 on Monday. The stock has a 50 day moving average price of $46.78 and a 200 day moving average price of $42.56. The stock has a market cap of $41.67 billion, a PE ratio of 286.29, a P/E/G ratio of 1.56 and a beta of 1.03. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.05 and a current ratio of 1.66. Corning Incorporated has a one year low of $28.02 and a one year high of $51.03.

Corning (NYSE:GLW) last posted its quarterly earnings results on Tuesday, October 29th. The electronics maker reported $0.54 EPS for the quarter, topping the consensus estimate of $0.53 by $0.01. Corning had a return on equity of 13.45% and a net margin of 1.24%. The business had revenue of $3.39 billion for the quarter, compared to analyst estimates of $3.72 billion. During the same quarter in the previous year, the firm earned $0.45 EPS. The company’s quarterly revenue was up 6.9% compared to the same quarter last year. Equities research analysts expect that Corning Incorporated will post 1.95 EPS for the current fiscal year.

Corning Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, December 13th. Stockholders of record on Friday, November 15th will be paid a $0.28 dividend. The ex-dividend date is Friday, November 15th. This represents a $1.12 annualized dividend and a dividend yield of 2.30%. Corning’s dividend payout ratio (DPR) is 658.82%.

Wall Street Analyst Weigh In

Several brokerages have commented on GLW. Bank of America raised their price objective on Corning from $46.00 to $51.00 and gave the company a “buy” rating in a report on Friday, September 20th. StockNews.com cut shares of Corning from a “buy” rating to a “hold” rating in a research note on Tuesday, November 26th. Susquehanna upped their price objective on shares of Corning from $46.00 to $55.00 and gave the stock a “positive” rating in a research report on Friday, September 20th. Deutsche Bank Aktiengesellschaft lifted their target price on shares of Corning from $49.00 to $54.00 and gave the company a “buy” rating in a research report on Wednesday, October 30th. Finally, JPMorgan Chase & Co. upped their price target on shares of Corning from $55.00 to $60.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 30th. Six equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat.com, Corning presently has an average rating of “Moderate Buy” and a consensus target price of $50.08.

Insider Transactions at Corning

In related news, SVP John P. Bayne, Jr. sold 8,876 shares of the business’s stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $49.09, for a total value of $435,722.84. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, SVP John P. Bayne, Jr. sold 5,000 shares of the stock in a transaction dated Friday, November 22nd. The stock was sold at an average price of $48.39, for a total transaction of $241,950.00. Following the transaction, the senior vice president now directly owns 6,700 shares of the company’s stock, valued at approximately $324,213. This trade represents a 42.74 % decrease in their position. The disclosure for this sale can be found here. Insiders own 0.40% of the company’s stock.

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.