Corning Incorporated $GLW Shares Purchased by ProShare Advisors LLC

ProShare Advisors LLC boosted its holdings in Corning Incorporated (NYSE:GLW) by 3.6% during the third quarter, according to its most recent Form 13F filing with the SEC. The fund owned 152,282 shares of the electronics maker’s stock after acquiring an additional 5,245 shares during the period. ProShare Advisors LLC’s holdings in Corning were worth $23,415,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. Alliance Wealth Advisors LLC increased its stake in Corning by 1.4% during the second quarter. Alliance Wealth Advisors LLC now owns 4,045 shares of the electronics maker’s stock worth $1,033,000 after acquiring an additional 56 shares during the last quarter. Ares Financial Consulting LLC raised its position in Corning by 15.6% in the second quarter. Ares Financial Consulting LLC now owns 444 shares of the electronics maker’s stock valued at $113,000 after purchasing an additional 60 shares during the period. Signature Equity Partners LLC raised its position in Corning by 19.3% in the first quarter. Signature Equity Partners LLC now owns 383 shares of the electronics maker’s stock valued at $52,000 after purchasing an additional 62 shares during the period. Beirne Wealth Consulting Services LLC raised its position in Corning by 0.8% in the first quarter. Beirne Wealth Consulting Services LLC now owns 8,045 shares of the electronics maker’s stock valued at $1,094,000 after purchasing an additional 64 shares during the period. Finally, Balefire LLC raised its position in Corning by 0.7% in the first quarter. Balefire LLC now owns 9,595 shares of the electronics maker’s stock valued at $1,305,000 after purchasing an additional 65 shares during the period. 69.80% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Corning

In other news, EVP Lewis Steverson sold 13,100 shares of Corning stock in a transaction on Friday, August 28th. The stock was sold at an average price of $151.29, for a total value of $1,981,899.00. Following the completion of the sale, the executive vice president directly owned 15,052 shares of the company’s stock, valued at approximately $2,277,217.08. The trade was a 46.53% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Insiders own 0.25% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have recently commented on the company. Wall Street Zen raised Corning from a “hold” rating to a “buy” rating in a research note on Saturday, October 10th. Barclays raised their price objective on Corning from $129.00 to $132.00 and gave the stock an “equal weight” rating in a research report on Wednesday, October 28th. Truist Financial restated a “buy” rating and issued a $175.00 price objective (down from $182.00) on shares of Corning in a report on Wednesday, October 28th. JPMorgan Chase & Co. reduced their price objective on shares of Corning from $170.00 to $165.00 and set a “neutral” rating on the stock in a report on Wednesday, October 21st. Finally, Sanford C. Bernstein started coverage on shares of Corning in a research report on Wednesday, September 30th. They issued a “market perform” rating and a $140.00 target price on the stock. One research analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and six have assigned a Hold rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $175.81.

Corning Stock Performance

NYSE:GLW opened at $123.51 on Tuesday. Corning Incorporated has a fifty-two week low of $77.39 and a fifty-two week high of $271.78. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.24 and a current ratio of 1.72. The company has a 50 day moving average price of $147.35 and a 200 day moving average price of $155.13. The stock has a market capitalization of $106.39 billion, a P/E ratio of 50.01, a PEG ratio of 1.62 and a beta of 1.13.

Corning (NYSE:GLW) last announced its earnings results on Tuesday, October 27th. The electronics maker reported $0.91 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.88 by $0.03. The company had revenue of $5.08 billion for the quarter, compared to analyst estimates of $5.03 billion. Corning had a return on equity of 20.83% and a net margin of 12.13%. The firm’s quarterly revenue was up 18.9% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.67 earnings per share. Equities research analysts forecast that Corning Incorporated will post 3.37 EPS for the current year.

Corning Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, December 11th. Stockholders of record on Friday, November 13th will be given a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a dividend yield of 0.9%. The ex-dividend date is Friday, November 13th. Corning’s dividend payout ratio (DPR) is currently 45.34%.

Corning Company Profile

Corning Incorporated (NYSE: GLW) is a technology company that develops and manufactures specialty glass, ceramics and optical-fiber products. Its materials and engineering expertise support communications networks, consumer electronics, automotive systems, life sciences and other industrial applications.

The company’s products include optical fiber, cable and connectivity solutions used in telecommunications infrastructure; glass substrates for televisions, computer monitors and other displays; durable cover glass for mobile devices; emissions-control components for vehicles; laboratory glassware and consumables; and specialized glass and ceramic materials for scientific, industrial and semiconductor applications.

Founded in 1851 and headquartered in Corning, New York, the company serves customers through operations and facilities across North America, Europe, Asia and other international markets.