SG Americas Securities LLC Increases Stock Position in Corning Incorporated (NYSE:GLW)

SG Americas Securities LLC grew its stake in Corning Incorporated (NYSE:GLW) by 3,441.4% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,190,359 shares of the electronics maker’s stock after buying an additional 1,156,746 shares during the period. SG Americas Securities LLC owned approximately 0.14% of Corning worth $54,495,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in GLW. GAMMA Investing LLC raised its stake in shares of Corning by 29.2% during the first quarter. GAMMA Investing LLC now owns 11,358 shares of the electronics maker’s stock worth $520,000 after acquiring an additional 2,567 shares in the last quarter. Wealthcare Advisory Partners LLC grew its holdings in shares of Corning by 2.3% during the 1st quarter. Wealthcare Advisory Partners LLC now owns 34,812 shares of the electronics maker’s stock valued at $1,594,000 after purchasing an additional 785 shares during the last quarter. Pallas Capital Advisors LLC purchased a new position in Corning in the 1st quarter worth $286,000. City Holding Co. lifted its stake in Corning by 86.6% in the first quarter. City Holding Co. now owns 4,040 shares of the electronics maker’s stock worth $185,000 after purchasing an additional 1,875 shares during the last quarter. Finally, Portside Wealth Group LLC lifted its stake in Corning by 7.0% in the first quarter. Portside Wealth Group LLC now owns 24,506 shares of the electronics maker’s stock worth $1,122,000 after purchasing an additional 1,604 shares during the last quarter. Institutional investors own 69.80% of the company’s stock.

Corning Trading Up 0.4%

NYSE GLW opened at $50.93 on Tuesday. The firm has a market capitalization of $43.62 billion, a PE ratio of 87.81, a P/E/G ratio of 1.50 and a beta of 1.11. The stock’s 50 day moving average is $45.37 and its 200 day moving average is $47.70. Corning Incorporated has a twelve month low of $36.58 and a twelve month high of $55.33. The company has a quick ratio of 1.07, a current ratio of 1.62 and a debt-to-equity ratio of 0.62.

Corning (NYSE:GLW) last announced its earnings results on Tuesday, April 29th. The electronics maker reported $0.54 EPS for the quarter, beating analysts’ consensus estimates of $0.51 by $0.03. The firm had revenue of $3.68 billion for the quarter, compared to analysts’ expectations of $3.63 billion. Corning had a net margin of 3.86% and a return on equity of 15.10%. The company’s quarterly revenue was up 12.9% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.38 EPS. Research analysts forecast that Corning Incorporated will post 2.33 earnings per share for the current fiscal year.

Corning Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 27th. Shareholders of record on Friday, May 30th will be paid a dividend of $0.28 per share. The ex-dividend date of this dividend is Friday, May 30th. This represents a $1.12 dividend on an annualized basis and a yield of 2.20%. Corning’s dividend payout ratio is currently 215.38%.

Insiders Place Their Bets

In other Corning news, VP John Z. Zhang sold 8,000 shares of the firm’s stock in a transaction dated 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 of the company’s stock, valued at approximately $450,805.10. This trade represents a 45.43% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, SVP Michael Alan Bell sold 20,262 shares of the firm’s stock in a transaction that occurred on Wednesday, April 30th. The stock was 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. Over the last ninety days, insiders sold 75,796 shares of company stock valued at $3,632,635. Insiders own 0.40% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have commented on GLW shares. Oppenheimer decreased their price target on Corning from $58.00 to $55.00 and set an “outperform” rating on the stock in a research note on Wednesday, April 30th. JPMorgan Chase & Co. lowered their price target on shares of Corning from $62.00 to $50.00 and set an “overweight” rating for the company in a report on Thursday, April 17th. Wall Street Zen lowered shares of Corning from a “buy” rating to a “hold” rating in a report on Tuesday, February 25th. Bank of America boosted their price objective on shares of Corning from $65.00 to $68.00 and gave the company a “buy” rating in a research report on Wednesday, March 19th. Finally, Mizuho set a $52.00 target price on shares of Corning in a report on Tuesday, April 15th. Four analysts have rated the stock with a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $53.08.

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.