New World Advisors LLC Acquires 400 Shares of Corning Incorporated (NYSE:GLW)

New World Advisors LLC grew its holdings in shares of Corning Incorporated (NYSE:GLW) by 3.5% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 11,800 shares of the electronics maker’s stock after buying an additional 400 shares during the quarter. New World Advisors LLC’s holdings in Corning were worth $359,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Peoples Bank KS bought a new stake in shares of Corning in the 3rd quarter valued at about $25,000. OFI Invest Asset Management bought a new stake in shares of Corning in the 3rd quarter valued at about $25,000. Janiczek Wealth Management LLC raised its holdings in shares of Corning by 173.6% in the 3rd quarter. Janiczek Wealth Management LLC now owns 900 shares of the electronics maker’s stock valued at $27,000 after purchasing an additional 571 shares during the period. Pacifica Partners Inc. bought a new stake in shares of Corning in the 3rd quarter valued at about $28,000. Finally, SRS Capital Advisors Inc. raised its holdings in Corning by 232.9% in the 3rd quarter. SRS Capital Advisors Inc. now owns 932 shares of the electronics maker’s stock valued at $28,000 after acquiring an additional 652 shares during the period. 69.80% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several research analysts have weighed in on GLW shares. UBS Group increased their price target on shares of Corning from $34.00 to $35.00 and gave the company a “neutral” rating in a report on Monday. HSBC cut shares of 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. Susquehanna reissued a “positive” rating and issued a $40.00 price target on shares of Corning in a report on Monday, April 1st. JPMorgan Chase & Co. increased their price target on shares of Corning from $34.00 to $36.00 and gave the company a “neutral” rating in a report on Thursday. Finally, StockNews.com raised shares of Corning from a “sell” rating to a “hold” rating in a report on Monday, April 1st. 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 company. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $34.56.

Corning Stock Performance

Shares of NYSE:GLW traded up $0.32 on Thursday, reaching $32.27. 5,991,250 shares of the company’s stock were exchanged, compared to its average volume of 4,777,055. The company has a fifty day moving average of $32.41 and a 200-day moving average of $30.34. Corning Incorporated has a twelve month low of $25.26 and a twelve month high of $36.01. The company has a market capitalization of $27.60 billion, a price-to-earnings ratio of 48.16, a PEG ratio of 1.83 and a beta of 1.08. The company has a current ratio of 1.67, a quick ratio of 1.05 and a debt-to-equity ratio of 0.61.

Corning (NYSE:GLW) last announced its earnings results on Tuesday, January 30th. The electronics maker reported $0.39 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.39. The firm had revenue of $2.99 billion for the quarter, compared to analyst estimates of $3.26 billion. Corning had a net margin of 4.62% and a return on equity of 12.31%. The business’s revenue was down 12.1% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.47 EPS. On average, research analysts predict that Corning Incorporated will post 1.86 EPS for the current fiscal year.

Corning Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Investors of record on Thursday, February 29th were given a dividend of $0.28 per share. The ex-dividend date of this dividend was Wednesday, February 28th. This represents a $1.12 annualized dividend and a dividend yield of 3.47%. Corning’s dividend payout ratio is 167.16%.

Insider Buying and Selling

In related news, Vice Chairman Lawrence D. Mcrae sold 77,464 shares of the stock in a transaction that occurred on Thursday, March 21st. The shares were sold at an average price of $33.24, for a total transaction of $2,574,903.36. Following the sale, the insider now owns 215,254 shares in the company, valued at approximately $7,155,042.96. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.45% of the stock is currently owned by company insiders.

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.