Powers Advisory Group LLC Acquires 725 Shares of Corning Incorporated (NYSE:GLW)

Powers Advisory Group LLC increased its holdings in shares of Corning Incorporated (NYSE:GLW) by 10.5% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 7,632 shares of the electronics maker’s stock after buying an additional 725 shares during the period. Powers Advisory Group LLC’s holdings in Corning were worth $252,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also modified their holdings of the company. Norges Bank bought a new stake in Corning in the fourth quarter valued at approximately $247,721,000. Wellington Management Group LLP boosted its holdings in Corning by 9.0% during the fourth quarter. Wellington Management Group LLP now owns 31,312,779 shares of the electronics maker’s stock worth $953,474,000 after purchasing an additional 2,597,878 shares during the last quarter. Ameriprise Financial Inc. raised its position in Corning by 15.0% during the third quarter. Ameriprise Financial Inc. now owns 17,615,078 shares of the electronics maker’s stock worth $536,114,000 after acquiring an additional 2,301,745 shares in the last quarter. Goldman Sachs Group Inc. raised its position in Corning by 41.7% during the fourth quarter. Goldman Sachs Group Inc. now owns 6,212,356 shares of the electronics maker’s stock worth $189,166,000 after acquiring an additional 1,828,097 shares in the last quarter. Finally, Federated Hermes Inc. raised its position in Corning by 1,329.2% during the fourth quarter. Federated Hermes Inc. now owns 1,321,494 shares of the electronics maker’s stock worth $40,239,000 after acquiring an additional 1,229,031 shares in the last quarter. 69.80% of the stock is owned by institutional investors.

Insider Activity

In related news, VP Martin J. Curran sold 16,416 shares of the firm’s stock in a transaction that occurred on Friday, May 3rd. The shares were sold at an average price of $33.70, for a total value of $553,219.20. Following the completion of the transaction, the vice president now owns 65,598 shares in the company, valued at approximately $2,210,652.60. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. In other Corning news, VP Martin J. Curran sold 16,416 shares of the firm’s stock in a transaction that occurred on Friday, May 3rd. The shares were sold at an average price of $33.70, for a total transaction of $553,219.20. Following the completion of the transaction, the vice president now owns 65,598 shares in the company, valued at approximately $2,210,652.60. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, VP Jeffrey W. Evenson sold 103,437 shares of Corning stock in a transaction on Monday, May 6th. The shares were sold at an average price of $33.19, for a total transaction of $3,433,074.03. Following the completion of the sale, the vice president now owns 70,110 shares of the company’s stock, valued at approximately $2,326,950.90. The disclosure for this sale can be found here. In the last three months, insiders have sold 175,207 shares of company stock worth $5,876,067. Corporate insiders own 0.45% of the company’s stock.

Corning Stock Performance

NYSE:GLW traded up $0.03 during mid-day trading on Thursday, reaching $38.42. 3,077,788 shares of the company’s stock were exchanged, compared to its average volume of 8,060,757. Corning Incorporated has a one year low of $25.26 and a one year high of $40.46. The firm has a market capitalization of $32.91 billion, a PE ratio of 54.11, a price-to-earnings-growth ratio of 1.75 and a beta of 1.05. The business’s fifty day simple moving average is $36.39 and its two-hundred day simple moving average is $33.31. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.02 and a current ratio of 1.67.

Corning (NYSE:GLW) last announced its quarterly earnings data on Tuesday, April 30th. The electronics maker reported $0.38 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.36 by $0.02. The firm had revenue of $2.98 billion for the quarter, compared to the consensus estimate of $3.12 billion. Corning had a net margin of 4.96% and a return on equity of 12.31%. The business’s revenue for the quarter was down 11.5% on a year-over-year basis. During the same period in the prior year, the company posted $0.41 earnings per share. Analysts anticipate that Corning Incorporated will post 1.9 earnings per share for the current fiscal year.

Corning Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 27th. Shareholders of record on Friday, August 30th will be paid a dividend of $0.28 per share. The ex-dividend date of this dividend is Thursday, August 29th. This represents a $1.12 dividend on an annualized basis and a yield of 2.92%. Corning’s payout ratio is 157.75%.

Wall Street Analyst Weigh In

Several analysts have issued reports on GLW shares. StockNews.com raised shares of Corning from a “sell” rating to a “hold” rating in a research report on Monday, April 1st. Morgan Stanley lowered shares of Corning from an “overweight” rating to an “equal weight” rating and upped their price target for the stock from $35.00 to $38.00 in a research report on Thursday, June 13th. Mizuho upped their price target on shares of Corning from $36.00 to $42.00 and gave the stock a “neutral” rating in a research report on Tuesday, June 18th. Susquehanna reissued a “positive” rating and issued a $40.00 price objective on shares of Corning in a research report on Monday, April 1st. Finally, Deutsche Bank Aktiengesellschaft increased their price objective on shares of Corning from $35.00 to $39.00 and gave the company a “hold” rating in a research report on Wednesday. One research analyst has rated the stock with a sell rating, six have issued a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $39.42.

About Corning

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.