Laurel Wealth Advisors Inc. Has $1.45 Million Stock Position in Corning Incorporated (NYSE:GLW)

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Laurel Wealth Advisors Inc. grew its position in Corning Incorporated (NYSE:GLW) by 249.3% in the 2nd quarter, according to its most recent filing with the SEC. The firm owned 43,557 shares of the electronics maker’s stock after buying an additional 31,088 shares during the period. Laurel Wealth Advisors Inc.’s holdings in Corning were worth $1,447,000 at the end of the most recent reporting period.

Several other institutional investors also recently made changes to their positions in the stock. Foresters Investment Management Company Inc. lifted its stake in shares of Corning by 166.1% in the 2nd quarter. Foresters Investment Management Company Inc. now owns 853,300 shares of the electronics maker’s stock valued at $28,355,000 after acquiring an additional 532,600 shares during the last quarter. Cetera Advisor Networks LLC grew its holdings in Corning by 19.2% during the 2nd quarter. Cetera Advisor Networks LLC now owns 29,938 shares of the electronics maker’s stock worth $995,000 after acquiring an additional 4,823 shares during the period. Flinton Capital Management LLC grew its holdings in Corning by 16.4% during the 2nd quarter. Flinton Capital Management LLC now owns 227,808 shares of the electronics maker’s stock worth $7,570,000 after acquiring an additional 32,116 shares during the period. Calton & Associates Inc. grew its holdings in Corning by 24.3% during the 2nd quarter. Calton & Associates Inc. now owns 9,709 shares of the electronics maker’s stock worth $323,000 after acquiring an additional 1,895 shares during the period. Finally, Duality Advisers LP grew its holdings in Corning by 131.8% during the 1st quarter. Duality Advisers LP now owns 116,110 shares of the electronics maker’s stock worth $3,843,000 after acquiring an additional 66,010 shares during the period. 71.41% of the stock is owned by institutional investors and hedge funds.

Shares of Corning stock traded up $0.04 during mid-day trading on Friday, hitting $30.29. 28,618 shares of the stock were exchanged, compared to its average volume of 4,686,891. Corning Incorporated has a 12 month low of $26.78 and a 12 month high of $36.56. The company has a 50-day simple moving average of $28.91 and a 200 day simple moving average of $31.83. The company has a debt-to-equity ratio of 0.54, a quick ratio of 1.18 and a current ratio of 1.85. The company has a market capitalization of $23.82 billion, a P/E ratio of 17.04, a P/E/G ratio of 1.48 and a beta of 1.18.

Corning (NYSE:GLW) last posted its earnings results on Tuesday, July 30th. The electronics maker reported $0.45 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.44 by $0.01. Corning had a net margin of 12.78% and a return on equity of 15.60%. The firm had revenue of $2.94 billion for the quarter, compared to analysts’ expectations of $2.97 billion. During the same quarter last year, the firm earned $0.38 EPS. The company’s quarterly revenue was up 7.0% compared to the same quarter last year. Analysts predict that Corning Incorporated will post 1.88 EPS for the current year.

The company also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Friday, August 30th will be given a dividend of $0.20 per share. The ex-dividend date of this dividend is Thursday, August 29th. This represents a $0.80 annualized dividend and a dividend yield of 2.64%. Corning’s dividend payout ratio is currently 44.94%.

A number of analysts have weighed in on the company. Susquehanna Bancshares reiterated a “neutral” rating and set a $30.00 price target (down from $40.00) on shares of Corning in a report on Thursday, August 1st. S&P Equity Research downgraded Corning from a “positive” rating to a “neutral” rating and decreased their price target for the stock from $40.00 to $30.00 in a report on Thursday, August 1st. They noted that the move was a valuation call. Deutsche Bank set a $36.00 price target on Corning and gave the stock a “buy” rating in a report on Wednesday, July 31st. ValuEngine downgraded Corning from a “buy” rating to a “hold” rating in a report on Thursday, July 11th. Finally, Zacks Investment Research upgraded Corning from a “sell” rating to a “hold” rating and set a $30.00 target price for the company in a research note on Friday, September 6th. Five investment analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. Corning currently has a consensus rating of “Buy” and a consensus target price of $34.73.

In related news, VP Christine M. Pambianchi sold 194,960 shares of Corning stock in a transaction that occurred on Tuesday, June 18th. The shares were sold at an average price of $31.84, for a total value of $6,207,526.40. Following the sale, the vice president now owns 66,369 shares of the company’s stock, valued at approximately $2,113,188.96. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Clark S. Kinlin sold 9,667 shares of Corning stock in a transaction that occurred on Wednesday, August 21st. The stock was sold at an average price of $27.94, for a total transaction of $270,095.98. Following the completion of the sale, the insider now directly owns 70,648 shares in the company, valued at approximately $1,973,905.12. The disclosure for this sale can be found here. 0.46% of the stock is owned by company insiders.

Corning Profile

Corning Incorporated engages in display technologies, optical communications, environmental technologies, specialty materials, and life sciences businesses worldwide. The company's Display Technologies segment manufactures glass substrates for organic light-emitting diodes and liquid crystal displays used in televisions, notebook computers, and flat panel desktop monitors.

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Institutional Ownership by Quarter for Corning (NYSE:GLW)

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