Corrado Advisors LLC Purchases 7,742 Shares of Corning Incorporated (NYSE:GLW)

Corrado Advisors LLC boosted its position in shares of Corning Incorporated (NYSE:GLW) by 23.3% during the 4th quarter, HoldingsChannel.com reports. The firm owned 40,908 shares of the electronics maker’s stock after acquiring an additional 7,742 shares during the quarter. Corrado Advisors LLC’s holdings in Corning were worth $1,246,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in GLW. Peoples Bank KS bought a new position in Corning during the 3rd quarter valued at about $25,000. OFI Invest Asset Management bought a new position in Corning in the 3rd quarter worth about $25,000. SRS Capital Advisors Inc. grew its stake in Corning by 232.9% in the 3rd quarter. SRS Capital Advisors Inc. now owns 932 shares of the electronics maker’s stock worth $28,000 after acquiring an additional 652 shares in the last quarter. Bruce G. Allen Investments LLC bought a new position in Corning in the 4th quarter worth about $31,000. Finally, Emfo LLC bought a new position in Corning in the 4th quarter worth about $33,000. 69.80% of the stock is currently owned by institutional investors.

Corning Stock Down 0.1 %

NYSE:GLW traded down $0.02 during midday trading on Tuesday, reaching $31.53. 3,186,546 shares of the stock traded hands, compared to its average volume of 4,718,803. Corning Incorporated has a 12-month low of $25.26 and a 12-month high of $36.01. The business has a 50-day moving average of $32.30 and a two-hundred day moving average of $30.41. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.05 and a current ratio of 1.67. The stock has a market capitalization of $26.97 billion, a PE ratio of 47.10, a price-to-earnings-growth ratio of 1.73 and a beta of 1.08.

Corning (NYSE:GLW) last issued its quarterly earnings results on Tuesday, January 30th. The electronics maker reported $0.39 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.39. Corning had a net margin of 4.62% and a return on equity of 12.31%. The business had revenue of $2.99 billion for the quarter, compared to analyst estimates of $3.26 billion. During the same quarter in the prior year, the business posted $0.47 EPS. Corning’s revenue for the quarter was down 12.1% compared to the same quarter last year. On average, equities analysts forecast that Corning Incorporated will post 1.87 earnings per share for the current fiscal year.

Corning Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Shareholders of record on Thursday, February 29th were paid a dividend of $0.28 per share. The ex-dividend date of this dividend was Wednesday, February 28th. This represents a $1.12 dividend on an annualized basis and a yield of 3.55%. Corning’s payout ratio is 167.16%.

Insider Buying and Selling at Corning

In other Corning news, Vice Chairman Lawrence D. Mcrae sold 77,464 shares of the company’s 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 transaction, the insider now owns 215,254 shares in the company, valued at approximately $7,155,042.96. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.45% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on GLW shares. Susquehanna restated a “positive” rating and issued a $40.00 target price on shares of Corning in a research note on Monday, April 1st. UBS Group upped their price target on shares of Corning from $34.00 to $35.00 and gave the stock a “neutral” rating in a research report on Monday, April 8th. JPMorgan Chase & Co. upped their price target on shares of Corning from $34.00 to $36.00 and gave the stock a “neutral” rating in a research report on Thursday, April 11th. Barclays upped their price target on shares of Corning from $28.00 to $35.00 and gave the stock an “equal weight” rating in a research report on Wednesday, January 31st. Finally, Morgan Stanley reaffirmed an “overweight” rating and issued a $35.00 price target on shares of Corning in a research report on Monday. One analyst has rated the stock with a sell rating, five have given a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $34.78.

Corning 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.