J.W. Cole Advisors Inc. Takes Position in Corning Incorporated (NYSE:GLW)

J.W. Cole Advisors Inc. purchased a new stake in shares of Corning Incorporated (NYSE:GLW) during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 10,511 shares of the electronics maker’s stock, valued at approximately $320,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Wetzel Investment Advisors Inc. bought a new position in shares of Corning during the fourth quarter valued at $38,000. John G Ullman & Associates Inc. increased its position in Corning by 2.0% during the fourth quarter. John G Ullman & Associates Inc. now owns 744,708 shares of the electronics maker’s stock valued at $22,676,000 after acquiring an additional 14,758 shares during the last quarter. Western Wealth Management LLC increased its position in Corning by 11.9% during the fourth quarter. Western Wealth Management LLC now owns 28,769 shares of the electronics maker’s stock valued at $876,000 after acquiring an additional 3,050 shares during the last quarter. Integral Investment Advisors Inc. purchased a new stake in Corning during the fourth quarter valued at $202,000. Finally, Federated Hermes Inc. increased its position in Corning by 1,329.2% during the fourth quarter. Federated Hermes Inc. now owns 1,321,494 shares of the electronics maker’s stock valued at $40,239,000 after acquiring an additional 1,229,031 shares during the last quarter. 69.80% of the stock is owned by institutional investors.

Analysts Set New Price Targets

GLW has been the subject of a number of research reports. Morgan Stanley reiterated an “overweight” rating and set a $35.00 price objective on shares of Corning in a research report on Monday. Barclays upped their price objective on Corning from $28.00 to $35.00 and gave the company an “equal weight” rating in a research report on Wednesday, January 31st. UBS Group upped their price objective on Corning from $34.00 to $35.00 and gave the company a “neutral” rating in a research report on Monday, April 8th. StockNews.com upgraded Corning from a “sell” rating to a “hold” rating in a research report on Monday, April 1st. Finally, JPMorgan Chase & Co. upped their price target on Corning from $34.00 to $36.00 and gave the stock a “neutral” rating in a research report on Thursday, April 11th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat.com, Corning currently has a consensus rating of “Hold” and a consensus target price of $34.78.

Insider Transactions at Corning

In other news, Vice Chairman Lawrence D. Mcrae sold 77,464 shares of the stock in a transaction that occurred on Thursday, March 21st. The stock was sold at an average price of $33.24, for a total value of $2,574,903.36. Following the sale, the insider now directly owns 215,254 shares in the company, valued at $7,155,042.96. The sale was disclosed in a document filed with the SEC, which is available at this link. Company insiders own 0.40% of the company’s stock.

Corning Stock Performance

NYSE:GLW opened at $31.52 on Thursday. The company has a current ratio of 1.67, a quick ratio of 1.05 and a debt-to-equity ratio of 0.61. Corning Incorporated has a 12-month low of $25.26 and a 12-month high of $36.01. The stock has a 50-day moving average price of $32.30 and a 200 day moving average price of $30.43. The stock has a market capitalization of $26.96 billion, a P/E ratio of 47.04, a P/E/G ratio of 1.75 and a beta of 1.08.

Corning (NYSE:GLW) last released its earnings results on Tuesday, January 30th. The electronics maker reported $0.39 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.39. Corning had a return on equity of 12.31% and a net margin of 4.62%. The firm had revenue of $2.99 billion during the quarter, compared to analysts’ expectations of $3.26 billion. During the same quarter last year, the business posted $0.47 earnings per share. The firm’s revenue was down 12.1% on a year-over-year basis. Equities research analysts forecast that Corning Incorporated will post 1.87 EPS for the current fiscal year.

Corning Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Thursday, February 29th were issued a $0.28 dividend. The ex-dividend date was Wednesday, February 28th. This represents a $1.12 annualized dividend and a dividend yield of 3.55%. Corning’s payout ratio is 167.16%.

Corning Company 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.