Financial Advocates Investment Management Purchases Shares of 4,055 Corning Incorporated (GLW)

Financial Advocates Investment Management purchased a new stake in Corning Incorporated (NYSE:GLW) in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor purchased 4,055 shares of the electronics maker’s stock, valued at approximately $130,000.

Several other institutional investors have also recently bought and sold shares of the company. Laurel Wealth Advisors Inc. boosted its position in shares of Corning by 48.5% during the 4th quarter. Laurel Wealth Advisors Inc. now owns 10,350 shares of the electronics maker’s stock worth $331,000 after purchasing an additional 3,379 shares during the period. Verition Fund Management LLC boosted its position in shares of Corning by 329.6% during the 4th quarter. Verition Fund Management LLC now owns 48,343 shares of the electronics maker’s stock worth $1,546,000 after purchasing an additional 37,090 shares during the period. Zeke Capital Advisors LLC boosted its position in shares of Corning by 11.5% during the 4th quarter. Zeke Capital Advisors LLC now owns 39,367 shares of the electronics maker’s stock worth $1,259,000 after purchasing an additional 4,076 shares during the period. LPL Financial LLC boosted its position in shares of Corning by 6.3% during the 4th quarter. LPL Financial LLC now owns 209,908 shares of the electronics maker’s stock worth $6,715,000 after purchasing an additional 12,487 shares during the period. Finally, Millennium Management LLC boosted its position in shares of Corning by 254.5% during the 4th quarter. Millennium Management LLC now owns 522,099 shares of the electronics maker’s stock worth $16,702,000 after purchasing an additional 374,840 shares during the period. 72.83% of the stock is owned by institutional investors and hedge funds.

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In other news, Director John A. Canning, Jr. acquired 30,000 shares of Corning stock in a transaction dated Wednesday, February 14th. The shares were acquired at an average cost of $29.60 per share, for a total transaction of $888,000.00. The acquisition was disclosed in a document filed with the SEC, which is available at this link. Also, VP Christine M. Pambianchi sold 1,000 shares of the firm’s stock in a transaction on Monday, March 12th. The shares were sold at an average price of $29.90, for a total transaction of $29,900.00. The disclosure for this sale can be found here. 0.59% of the stock is owned by corporate insiders.

A number of research firms recently weighed in on GLW. Oppenheimer reaffirmed a “hold” rating on shares of Corning in a research report on Wednesday, January 31st. Citigroup increased their price objective on shares of Corning from $33.00 to $35.00 and gave the stock a “neutral” rating in a research report on Thursday, January 25th. TheStreet cut shares of Corning from a “b-” rating to a “c+” rating in a research report on Wednesday, February 28th. Guggenheim reaffirmed a “buy” rating and set a $35.00 price objective on shares of Corning in a research report on Tuesday, December 12th. Finally, ValuEngine raised shares of Corning from a “hold” rating to a “buy” rating in a research report on Friday, February 2nd. Two investment analysts have rated the stock with a sell rating, six have given a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company. The stock presently has a consensus rating of “Hold” and an average target price of $31.22.

Shares of GLW stock opened at $27.78 on Friday. The stock has a market cap of $25,183.40, a P/E ratio of -35.61, a price-to-earnings-growth ratio of 4.39 and a beta of 1.35. Corning Incorporated has a fifty-two week low of $26.32 and a fifty-two week high of $35.10. The company has a current ratio of 2.75, a quick ratio of 2.22 and a debt-to-equity ratio of 0.35.

Corning (NYSE:GLW) last released its earnings results on Tuesday, January 30th. The electronics maker reported $0.49 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.47 by $0.02. The company had revenue of $2.74 billion for the quarter, compared to analyst estimates of $2.65 billion. Corning had a negative net margin of 4.91% and a positive return on equity of 11.63%. The firm’s quarterly revenue was up 7.4% on a year-over-year basis. During the same period in the prior year, the business earned $0.50 EPS. equities analysts predict that Corning Incorporated will post 1.67 earnings per share for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Thursday, March 29th. Shareholders of record on Wednesday, February 28th will be issued a dividend of $0.18 per share. The ex-dividend date is Tuesday, February 27th. This is a positive change from Corning’s previous quarterly dividend of $0.16. This represents a $0.72 dividend on an annualized basis and a yield of 2.59%. Corning’s dividend payout ratio is -92.31%.

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About Corning

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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Institutional Ownership by Quarter for Corning (NYSE:GLW)

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