Corning Incorporated (NYSE:GLW) Shares Acquired by Larson Financial Group LLC

Larson Financial Group LLC grew its holdings in Corning Incorporated (NYSE:GLW) by 15.4% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 9,217 shares of the electronics maker’s stock after purchasing an additional 1,227 shares during the quarter. Larson Financial Group LLC’s holdings in Corning were worth $422,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Vermillion Wealth Management Inc. bought a new stake in Corning in the fourth quarter valued at $29,000. Putney Financial Group LLC acquired a new stake in Corning in the 4th quarter valued at $30,000. Transce3nd LLC bought a new stake in shares of Corning during the fourth quarter worth $39,000. ORG Partners LLC increased its holdings in shares of Corning by 115.8% in the first quarter. ORG Partners LLC now owns 887 shares of the electronics maker’s stock worth $40,000 after acquiring an additional 476 shares in the last quarter. Finally, VSM Wealth Advisory LLC acquired a new position in Corning during the fourth quarter valued at approximately $43,000. Institutional investors and hedge funds own 69.80% of the company’s stock.

Insider Transactions at Corning

In other Corning news, SVP Michael Alan Bell sold 20,262 shares of the company’s stock in a transaction on Wednesday, April 30th. The stock was sold at an average price of $44.06, for a total value of $892,743.72. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP John Z. Zhang sold 8,000 shares of the firm’s stock in a transaction dated Monday, May 12th. The shares were sold at an average price of $46.91, for a total value of $375,280.00. Following the transaction, the vice president directly owned 9,610 shares in the company, valued at approximately $450,805.10. This represents a 45.43% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 75,796 shares of company stock valued at $3,632,635. 0.40% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

GLW has been the topic of several recent analyst reports. UBS Group lifted their price target on Corning from $54.00 to $57.00 and gave the company a “neutral” rating in a research note on Wednesday, July 9th. JPMorgan Chase & Co. increased their target price on Corning from $52.00 to $62.00 and gave the stock an “overweight” rating in a research report on Thursday. Wolfe Research assumed coverage on Corning in a research note on Tuesday, July 8th. They set an “outperform” rating on the stock. Morgan Stanley lifted their target price on shares of Corning from $44.00 to $50.00 and gave the company an “equal weight” rating in a report on Tuesday, July 8th. Finally, Oppenheimer cut their target price on shares of Corning from $58.00 to $55.00 and set an “outperform” rating for the company in a research report on Wednesday, April 30th. Four analysts have rated the stock with a hold rating, nine have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $57.45.

Corning Stock Up 2.4%

Shares of GLW stock opened at $54.22 on Friday. The stock has a market cap of $46.43 billion, a P/E ratio of 104.26, a price-to-earnings-growth ratio of 1.43 and a beta of 1.11. The stock has a fifty day moving average price of $50.52 and a 200 day moving average price of $48.41. Corning Incorporated has a one year low of $37.18 and a one year high of $55.33. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.69 and a quick ratio of 1.05.

Corning (NYSE:GLW) last issued its quarterly earnings data on Tuesday, April 29th. The electronics maker reported $0.54 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.51 by $0.03. Corning had a return on equity of 16.47% and a net margin of 3.34%. The business had revenue of $3.68 billion during the quarter, compared to analyst estimates of $3.63 billion. During the same period in the previous year, the firm earned $0.38 EPS. Corning’s quarterly revenue was up 12.9% compared to the same quarter last year. Analysts predict that Corning Incorporated will post 2.33 earnings per share for the current year.

Corning Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 29th. Investors of record on Friday, August 29th will be paid a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.07%. The ex-dividend date is Friday, August 29th. Corning’s dividend payout ratio is currently 215.38%.

About Corning

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.