Dynamic Advisor Solutions LLC Boosts Stock Position in Corning Incorporated (NYSE:GLW)

Dynamic Advisor Solutions LLC grew its stake in shares of Corning Incorporated (NYSE:GLW) by 1.3% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 22,379 shares of the electronics maker’s stock after buying an additional 297 shares during the period. Dynamic Advisor Solutions LLC’s holdings in Corning were worth $1,024,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in GLW. Tallon Kerry Patrick bought a new stake in Corning during the 4th quarter valued at approximately $302,000. Brighton Jones LLC raised its stake in Corning by 46.0% during the 4th quarter. Brighton Jones LLC now owns 6,705 shares of the electronics maker’s stock valued at $319,000 after purchasing an additional 2,114 shares during the period. Allspring Global Investments Holdings LLC raised its stake in Corning by 171.3% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 109,103 shares of the electronics maker’s stock valued at $5,096,000 after purchasing an additional 68,889 shares during the period. Van ECK Associates Corp raised its stake in Corning by 343.6% during the 4th quarter. Van ECK Associates Corp now owns 114,330 shares of the electronics maker’s stock valued at $5,433,000 after purchasing an additional 88,558 shares during the period. Finally, Nations Financial Group Inc. IA ADV bought a new stake in Corning during the 4th quarter valued at approximately $204,000. 69.80% of the stock is owned by hedge funds and other institutional investors.

Corning Price Performance

Shares of Corning stock opened at $50.48 on Wednesday. The stock has a market cap of $43.23 billion, a price-to-earnings ratio of 97.08, a price-to-earnings-growth ratio of 1.37 and a beta of 1.11. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.05 and a current ratio of 1.69. The stock has a 50 day moving average price of $46.57 and a 200-day moving average price of $47.79. Corning Incorporated has a one year low of $37.18 and a one year high of $55.33.

Corning (NYSE:GLW) last announced its earnings results on Tuesday, April 29th. The electronics maker reported $0.54 EPS for the quarter, topping analysts’ consensus estimates of $0.51 by $0.03. The firm had revenue of $3.68 billion during the quarter, compared to analysts’ expectations of $3.63 billion. Corning had a return on equity of 16.47% and a net margin of 3.34%. The company’s quarterly revenue was up 12.9% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.38 EPS. Equities analysts expect that Corning Incorporated will post 2.33 EPS for the current year.

Corning Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 27th. Investors of record on Friday, May 30th will be issued a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a yield of 2.22%. The ex-dividend date of this dividend is Friday, May 30th. Corning’s payout ratio is currently 215.38%.

Insider Buying and Selling at Corning

In other Corning news, SVP Michael Alan Bell sold 20,262 shares of the stock in a transaction on Wednesday, April 30th. The stock was sold at an average price of $44.06, for a total value of $892,743.72. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, VP John Z. Zhang sold 8,000 shares of the stock in a transaction on Monday, May 12th. The stock was sold at an average price of $46.91, for a total value of $375,280.00. Following the completion of the sale, the vice president now owns 9,610 shares in the company, valued at approximately $450,805.10. The trade was a 45.43% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 75,796 shares of company stock valued at $3,632,635 in the last quarter. 0.32% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on GLW. Oppenheimer decreased their target price on Corning from $58.00 to $55.00 and set an “outperform” rating on the stock in a research note on Wednesday, April 30th. Citigroup reduced their price objective on Corning from $58.00 to $50.00 and set a “buy” rating on the stock in a research note on Monday, April 14th. JPMorgan Chase & Co. reduced their price objective on Corning from $62.00 to $50.00 and set an “overweight” rating on the stock in a research note on Thursday, April 17th. Bank of America lifted their price objective on Corning from $65.00 to $68.00 and gave the stock a “buy” rating in a research note on Wednesday, March 19th. Finally, Mizuho set a $52.00 price objective on Corning in a research note on Tuesday, April 15th. Four research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $53.75.

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.