Laurel Wealth Advisors Inc. Buys Shares of 6,971 Corning Incorporated (GLW)
Laurel Wealth Advisors Inc. bought a new position in Corning Incorporated (NYSE:GLW) in the 3rd quarter, according to its most recent filing with the SEC. The institutional investor bought 6,971 shares of the electronics maker’s stock, valued at approximately $208,000.
Other hedge funds and other institutional investors also recently modified their holdings of the company. GLG Partners LP purchased a new stake in shares of Corning during the 2nd quarter worth $102,000. MPS Loria Financial Planners LLC purchased a new stake in shares of Corning during the 2nd quarter worth $112,000. Benjamin F. Edwards & Company Inc. lifted its stake in shares of Corning by 241.6% during the 3rd quarter. Benjamin F. Edwards & Company Inc. now owns 3,747 shares of the electronics maker’s stock worth $112,000 after purchasing an additional 2,650 shares during the last quarter. Harfst & Associates Inc. lifted its stake in shares of Corning by 44.7% during the 2nd quarter. Harfst & Associates Inc. now owns 4,791 shares of the electronics maker’s stock worth $143,000 after purchasing an additional 1,481 shares during the last quarter. Finally, Grove Bank & Trust lifted its stake in shares of Corning by 31.7% during the 2nd quarter. Grove Bank & Trust now owns 5,255 shares of the electronics maker’s stock worth $158,000 after purchasing an additional 1,265 shares during the last quarter. Hedge funds and other institutional investors own 72.43% of the company’s stock.
Shares of Corning Incorporated (NYSE GLW) traded up $0.22 during mid-day trading on Tuesday, hitting $32.57. The stock had a trading volume of 4,752,700 shares, compared to its average volume of 6,157,677. The company has a quick ratio of 2.14, a current ratio of 2.69 and a debt-to-equity ratio of 0.26. The firm has a market capitalization of $28,114.01, a price-to-earnings ratio of 18.59, a PEG ratio of 2.69 and a beta of 1.33. Corning Incorporated has a fifty-two week low of $24.12 and a fifty-two week high of $32.78.
Corning (NYSE:GLW) last announced its quarterly earnings data on Tuesday, October 24th. The electronics maker reported $0.43 earnings per share for the quarter, beating analysts’ consensus estimates of $0.41 by $0.02. The business had revenue of $2.61 billion for the quarter, compared to analyst estimates of $2.59 billion. Corning had a return on equity of 11.53% and a net margin of 24.98%. The company’s revenue was up 4.0% on a year-over-year basis. During the same period in the prior year, the company earned $0.42 earnings per share. equities analysts expect that Corning Incorporated will post 1.7 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 15th. Stockholders of record on Thursday, November 16th will be issued a $0.155 dividend. This represents a $0.62 dividend on an annualized basis and a dividend yield of 1.90%. The ex-dividend date is Wednesday, November 15th. Corning’s dividend payout ratio is presently 26.38%.
A number of research firms have commented on GLW. Guggenheim reiterated a “buy” rating and issued a $35.00 price target on shares of Corning in a research note on Tuesday, August 15th. Oppenheimer reiterated a “hold” rating on shares of Corning in a research note on Wednesday, October 25th. Goldman Sachs Group cut Corning from a “neutral” rating to a “sell” rating and decreased their price target for the company from $29.00 to $26.00 in a research note on Tuesday, August 15th. BidaskClub cut Corning from a “buy” rating to a “hold” rating in a research note on Saturday, August 19th. Finally, Zacks Investment Research upgraded Corning from a “strong sell” rating to a “hold” rating in a research note on Thursday, October 26th. Two equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating, six have assigned a buy rating and one has given a strong buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average price target of $29.28.
In other news, CEO Wendell P. Weeks sold 248,857 shares of the stock in a transaction dated Tuesday, October 31st. The stock was sold at an average price of $31.37, for a total value of $7,806,644.09. Following the transaction, the chief executive officer now directly owns 65,333 shares of the company’s stock, valued at $2,049,496.21. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Eric S. Musser sold 29,949 shares of the stock in a transaction dated Wednesday, October 25th. The shares were sold at an average price of $31.56, for a total value of $945,190.44. Following the completion of the transaction, the vice president now directly owns 49,471 shares in the company, valued at $1,561,304.76. The disclosure for this sale can be found here. Insiders sold 294,561 shares of company stock worth $9,254,498 over the last three months. Corporate insiders own 0.59% of the company’s stock.
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Corning Company Profile
Corning Incorporated is engaged in manufacturing specialty glass and ceramics. Its segments include Display Technologies, Optical Communications, Environmental Technologies, Specialty Materials, Life Sciences and All Other. The Display Technologies segment manufactures glass substrates for flat panel liquid crystal displays (LCDs).
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