Corning Incorporated (NYSE:GLW) Holdings Raised by IFP Advisors Inc

IFP Advisors Inc increased its stake in Corning Incorporated (NYSE:GLW) by 447.4% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 68,744 shares of the electronics maker’s stock after purchasing an additional 56,185 shares during the quarter. IFP Advisors Inc’s holdings in Corning were worth $3,267,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Sound Income Strategies LLC boosted its holdings in shares of Corning by 76.7% in the fourth quarter. Sound Income Strategies LLC now owns 523 shares of the electronics maker’s stock worth $25,000 after buying an additional 227 shares during the period. Sierra Ocean LLC purchased a new stake in shares of Corning in the 4th quarter valued at approximately $25,000. Asset Planning Inc acquired a new position in Corning in the 4th quarter worth approximately $29,000. Rosenberg Matthew Hamilton grew its position in Corning by 202.4% during the 4th quarter. Rosenberg Matthew Hamilton now owns 747 shares of the electronics maker’s stock worth $35,000 after purchasing an additional 500 shares in the last quarter. Finally, JFS Wealth Advisors LLC raised its stake in Corning by 171.8% during the 4th quarter. JFS Wealth Advisors LLC now owns 810 shares of the electronics maker’s stock valued at $38,000 after purchasing an additional 512 shares during the period. Institutional investors and hedge funds own 69.80% of the company’s stock.

Insider Buying and Selling

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

Wall Street Analysts Forecast Growth

Several analysts have recently commented on GLW shares. HSBC raised Corning from a “hold” rating to a “buy” rating and raised their target price for the stock from $51.00 to $60.00 in a research report on Thursday, January 30th. Hsbc Global Res raised Corning from a “hold” rating to a “strong-buy” rating in a research note on Thursday, January 30th. JPMorgan Chase & Co. upped their target price on Corning from $55.00 to $60.00 and gave the company an “overweight” rating in a report on Wednesday, October 30th. Citigroup raised their price target on shares of Corning from $55.00 to $58.00 and gave the stock a “buy” rating in a report on Tuesday, January 21st. Finally, Deutsche Bank Aktiengesellschaft upped their price objective on shares of Corning from $49.00 to $54.00 and gave the company a “buy” rating in a research note on Wednesday, October 30th. Three equities research analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $53.00.

Corning Stock Performance

Shares of GLW opened at $50.79 on Tuesday. The firm has a market cap of $43.50 billion, a price-to-earnings ratio of 87.56, a price-to-earnings-growth ratio of 1.50 and a beta of 1.03. The company’s fifty day moving average is $49.97 and its 200-day moving average is $46.86. The company has a quick ratio of 1.07, a current ratio of 1.62 and a debt-to-equity ratio of 0.62. Corning Incorporated has a 12 month low of $30.72 and a 12 month high of $55.33.

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

Corning Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Friday, February 28th will be paid a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.21%. The ex-dividend date of this dividend is Friday, February 28th. Corning’s payout ratio is 193.10%.

Corning Company Profile

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.