NewEdge Advisors LLC Grows Stock Position in Corning Incorporated (NYSE:GLW)

NewEdge Advisors LLC lifted its holdings in shares of Corning Incorporated (NYSE:GLW) by 9.4% during the fourth quarter, according to its most recent disclosure with the SEC. The fund owned 120,525 shares of the electronics maker’s stock after acquiring an additional 10,395 shares during the period. NewEdge Advisors LLC’s holdings in Corning were worth $5,727,000 at the end of the most recent quarter.

Several other hedge funds have also recently modified their holdings of the stock. Northstar Advisory Group LLC raised its holdings in shares of Corning by 258.4% in the fourth quarter. Northstar Advisory Group LLC now owns 123,808 shares of the electronics maker’s stock worth $5,883,000 after buying an additional 89,268 shares during the last quarter. Franklin Resources Inc. increased its holdings in shares of Corning by 48.4% in the third quarter. Franklin Resources Inc. now owns 191,648 shares of the electronics maker’s stock valued at $8,975,000 after purchasing an additional 62,514 shares during the period. Fifth Third Bancorp lifted its holdings in shares of Corning by 16.8% during the fourth quarter. Fifth Third Bancorp now owns 111,448 shares of the electronics maker’s stock worth $5,296,000 after purchasing an additional 16,001 shares during the period. First Financial Bank Trust Division increased its holdings in Corning by 27.5% in the 4th quarter. First Financial Bank Trust Division now owns 138,153 shares of the electronics maker’s stock worth $6,565,000 after buying an additional 29,790 shares during the period. Finally, New Century Financial Group LLC acquired a new stake in Corning during the 4th quarter valued at approximately $1,110,000. Institutional investors and hedge funds own 69.80% of the company’s stock.

Corning Price Performance

Shares of GLW stock opened at $41.50 on Friday. The firm’s 50-day moving average is $46.42 and its two-hundred day moving average is $47.65. Corning Incorporated has a 12 month low of $30.91 and a 12 month high of $55.33. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.62 and a quick ratio of 1.07. The company has a market capitalization of $35.55 billion, a PE ratio of 71.55, a price-to-earnings-growth ratio of 1.50 and a beta of 1.03.

Corning (NYSE:GLW) last posted its earnings results on Wednesday, January 29th. The electronics maker reported $0.57 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.56 by $0.01. Corning had a return on equity of 15.10% and a net margin of 3.86%. Analysts predict that Corning Incorporated will post 2.33 earnings per share for the current year.

Corning Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 28th. Stockholders of record on Friday, February 28th were issued a $0.28 dividend. The ex-dividend date was Friday, February 28th. This represents a $1.12 annualized dividend and a dividend yield of 2.70%. Corning’s dividend payout ratio is currently 193.10%.

Wall Street Analysts Forecast Growth

GLW has been the subject of a number of research reports. Barclays decreased their target price on shares of Corning from $53.00 to $52.00 and set an “equal weight” rating for the company in a research report on Wednesday, January 29th. Bank of America boosted their price target on Corning from $65.00 to $68.00 and gave the company a “buy” rating in a report on Wednesday, March 19th. JPMorgan Chase & Co. decreased their target price on shares of Corning from $62.00 to $50.00 and set an “overweight” rating for the company in a research note on Thursday. Mizuho set a $52.00 price target on Corning in a research note on Tuesday. Finally, Hsbc Global Res raised shares of Corning from a “hold” rating to a “strong-buy” rating in a report on Thursday, January 30th. Four analysts have rated the stock with a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $53.31.

Insider Activity at Corning

In other news, SVP Michael Alan Bell sold 2,209 shares of the firm’s stock in a transaction that occurred on Thursday, January 30th. The shares were sold at an average price of $49.87, for a total value of $110,162.83. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, COO Eric S. Musser sold 30,000 shares of the business’s stock in a transaction on Friday, January 31st. The stock was sold at an average price of $51.92, for a total transaction of $1,557,600.00. Following the completion of the transaction, the chief operating officer now owns 152,944 shares of the company’s stock, valued at approximately $7,940,852.48. This trade represents a 16.40 % decrease in their position. The disclosure for this sale can be found here. 0.40% of the stock is owned by insiders.

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.