Socha Financial Group LLC Buys 27,772 Shares of Corning Incorporated (NYSE:GLW)

Socha Financial Group LLC boosted its stake in Corning Incorporated (NYSE:GLW) by 8.8% during the fourth quarter, according to its most recent 13F filing with the SEC. The firm owned 343,624 shares of the electronics maker’s stock after acquiring an additional 27,772 shares during the quarter. Corning accounts for about 5.0% of Socha Financial Group LLC’s portfolio, making the stock its 6th biggest holding. Socha Financial Group LLC’s holdings in Corning were worth $10,463,000 as of its most recent filing with the SEC.

A number of other institutional investors have also recently added to or reduced their stakes in the stock. Harvest Investment Advisors LLC boosted its stake in Corning by 1.0% during the 3rd quarter. Harvest Investment Advisors LLC now owns 36,286 shares of the electronics maker’s stock worth $1,106,000 after purchasing an additional 364 shares during the last quarter. Venture Visionary Partners LLC boosted its stake in Corning by 2.0% during the 4th quarter. Venture Visionary Partners LLC now owns 19,359 shares of the electronics maker’s stock worth $589,000 after purchasing an additional 380 shares during the last quarter. Fiera Capital Corp boosted its stake in Corning by 2.7% during the 3rd quarter. Fiera Capital Corp now owns 14,785 shares of the electronics maker’s stock worth $450,000 after purchasing an additional 385 shares during the last quarter. New World Advisors LLC boosted its stake in Corning by 3.5% during the 4th quarter. New World Advisors LLC now owns 11,800 shares of the electronics maker’s stock worth $359,000 after purchasing an additional 400 shares during the last quarter. Finally, Western Wealth Management LLC boosted its stake in Corning by 1.6% during the 3rd quarter. Western Wealth Management LLC now owns 25,719 shares of the electronics maker’s stock worth $784,000 after purchasing an additional 405 shares during the last quarter. Institutional investors and hedge funds own 69.80% of the company’s stock.

Corning Trading Down 0.1 %

NYSE:GLW traded down $0.02 on Tuesday, reaching $31.53. 3,186,546 shares of the company’s stock were exchanged, compared to its average volume of 4,718,803. The company has a quick ratio of 1.05, a current ratio of 1.67 and a debt-to-equity ratio of 0.61. The firm has a market capitalization of $26.97 billion, a price-to-earnings ratio of 47.10, a price-to-earnings-growth ratio of 1.73 and a beta of 1.08. The business has a fifty day moving average of $32.30 and a 200-day moving average of $30.41. Corning Incorporated has a 52-week low of $25.26 and a 52-week high of $36.01.

Corning (NYSE:GLW) last announced its quarterly earnings data on Tuesday, January 30th. The electronics maker reported $0.39 EPS for the quarter, hitting analysts’ consensus estimates of $0.39. Corning had a return on equity of 12.31% and a net margin of 4.62%. The business had revenue of $2.99 billion during the quarter, compared to the consensus estimate of $3.26 billion. During the same period in the previous year, the company posted $0.47 earnings per share. The business’s revenue for the quarter was down 12.1% on a year-over-year basis. As a group, analysts expect that Corning Incorporated will post 1.87 earnings per share for the current year.

Corning Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Thursday, February 29th were given a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a dividend yield of 3.55%. The ex-dividend date was Wednesday, February 28th. Corning’s dividend payout ratio is presently 167.16%.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on GLW shares. Barclays lifted their price target on Corning from $28.00 to $35.00 and gave the stock an “equal weight” rating in a report on Wednesday, January 31st. StockNews.com upgraded Corning from a “sell” rating to a “hold” rating in a report on Monday, April 1st. UBS Group lifted their price target on Corning from $34.00 to $35.00 and gave the stock a “neutral” rating in a report on Monday, April 8th. HSBC lowered Corning from a “hold” rating to a “reduce” rating and set a $29.00 price target on the stock. in a report on Thursday, February 1st. Finally, Morgan Stanley restated an “overweight” rating and issued a $35.00 price objective on shares of Corning in a report on Monday. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $34.78.

Insider Transactions at Corning

In other news, Vice Chairman Lawrence D. Mcrae sold 77,464 shares of the business’s stock in a transaction dated Thursday, March 21st. The stock was sold at an average price of $33.24, for a total transaction of $2,574,903.36. Following the completion of the transaction, the insider now directly owns 215,254 shares of the company’s stock, valued at $7,155,042.96. The sale was disclosed in a filing with the SEC, which is accessible through this link. Corporate insiders own 0.45% of the company’s stock.

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.