Fund Advisors of America Inc FL purchased a new position in shares of Corning Incorporated (NYSE:GLW – Free Report) during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor purchased 7,913 shares of the electronics maker’s stock, valued at approximately $2,021,000. Corning comprises approximately 1.8% of Fund Advisors of America Inc FL’s portfolio, making the stock its 12th largest position.
Several other institutional investors have also recently bought and sold shares of GLW. Vanguard Group Inc. boosted its stake in Corning by 0.6% in the fourth quarter. Vanguard Group Inc. now owns 99,283,317 shares of the electronics maker’s stock worth $8,693,247,000 after purchasing an additional 580,678 shares in the last quarter. State Street Corp increased its stake in shares of Corning by 1.2% in the third quarter. State Street Corp now owns 37,008,856 shares of the electronics maker’s stock valued at $3,035,836,000 after buying an additional 439,883 shares in the last quarter. Geode Capital Management LLC raised its holdings in shares of Corning by 2.6% in the fourth quarter. Geode Capital Management LLC now owns 20,411,824 shares of the electronics maker’s stock valued at $1,781,250,000 after buying an additional 517,067 shares during the last quarter. Capital Research Global Investors raised its holdings in shares of Corning by 52.7% in the fourth quarter. Capital Research Global Investors now owns 16,890,802 shares of the electronics maker’s stock valued at $1,478,959,000 after buying an additional 5,831,873 shares during the last quarter. Finally, Ameriprise Financial Inc. lifted its position in Corning by 8.1% during the 2nd quarter. Ameriprise Financial Inc. now owns 13,763,148 shares of the electronics maker’s stock worth $724,432,000 after buying an additional 1,036,988 shares in the last quarter. Institutional investors own 69.80% of the company’s stock.
Corning Price Performance
Shares of GLW stock opened at $149.91 on Friday. The stock has a 50-day moving average price of $174.83 and a 200 day moving average price of $163.35. The company has a quick ratio of 1.24, a current ratio of 1.81 and a debt-to-equity ratio of 0.59. The firm has a market cap of $129.13 billion, a price-to-earnings ratio of 68.45, a PEG ratio of 1.94 and a beta of 1.14. Corning Incorporated has a 12 month low of $65.09 and a 12 month high of $271.78.
Corning Dividend Announcement
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 29th. Investors of record on Monday, August 31st will be issued a $0.28 dividend. This represents a $1.12 annualized dividend and a yield of 0.7%. The ex-dividend date is Monday, August 31st. Corning’s dividend payout ratio is currently 51.14%.
Wall Street Analyst Weigh In
GLW has been the topic of a number of research analyst reports. Wall Street Zen lowered shares of Corning from a “strong-buy” rating to a “buy” rating in a report on Sunday, August 16th. Oppenheimer reduced their target price on shares of Corning from $230.00 to $200.00 and set an “outperform” rating on the stock in a research report on Wednesday, July 29th. Mizuho decreased their price target on shares of Corning from $270.00 to $210.00 and set an “outperform” rating on the stock in a research note on Wednesday, July 29th. Citigroup lowered their price target on shares of Corning from $240.00 to $220.00 and set a “buy” rating for the company in a report on Wednesday, July 29th. Finally, Barclays dropped their price objective on shares of Corning from $180.00 to $129.00 and set an “equal weight” rating for the company in a research report on Wednesday, July 29th. Eleven analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $174.08.
Read Our Latest Research Report on Corning
Insiders Place Their Bets
In other Corning news, CEO Wendell P. Weeks sold 100,000 shares of the firm’s stock in a transaction that occurred on Tuesday, June 9th. The shares were sold at an average price of $186.46, for a total value of $18,646,000.00. Following the transaction, the chief executive officer directly owned 908,353 shares of the company’s stock, valued at approximately $169,371,500.38. This trade represents a 9.92% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.25% of the stock is owned by corporate insiders.
Corning Profile
Corning Incorporated is a global manufacturer specializing in specialty glass, ceramics and related materials and technologies. Headquartered in Corning, New York, the company supplies engineered materials and components used across multiple industries, including consumer electronics, telecommunications, automotive emissions control, pharmaceutical and life sciences, and industrial and scientific applications. Corning emphasizes materials science and precision manufacturing to develop durable, high-performance glass and ceramic products.
Key product lines include specialty display glass used by television and mobile-device manufacturers, cover glass marketed under well-known trade names for smartphones and tablets, and optical fiber and cable and related hardware for telecommunications networks.
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