Larson Financial Group LLC Buys 6,556 Shares of Corning Incorporated (NYSE:GLW)

Larson Financial Group LLC raised its stake in Corning Incorporated (NYSE:GLW) by 905.5% in the 3rd quarter, Holdings Channel.com reports. The institutional investor owned 7,280 shares of the electronics maker’s stock after buying an additional 6,556 shares during the period. Larson Financial Group LLC’s holdings in Corning were worth $329,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in GLW. SVB Wealth LLC grew its position in shares of Corning by 7.0% during the 1st quarter. SVB Wealth LLC now owns 10,479 shares of the electronics maker’s stock worth $345,000 after buying an additional 689 shares in the last quarter. B. Riley Wealth Advisors Inc. grew its holdings in Corning by 5.5% during the 1st quarter. B. Riley Wealth Advisors Inc. now owns 68,309 shares of the electronics maker’s stock worth $2,081,000 after acquiring an additional 3,540 shares in the last quarter. Tidal Investments LLC increased its position in Corning by 8.6% during the 1st quarter. Tidal Investments LLC now owns 50,265 shares of the electronics maker’s stock valued at $1,657,000 after purchasing an additional 3,996 shares during the period. Comerica Bank increased its position in Corning by 1.8% during the 1st quarter. Comerica Bank now owns 697,872 shares of the electronics maker’s stock valued at $23,002,000 after purchasing an additional 12,532 shares during the period. Finally, Advisory Resource Group bought a new stake in shares of Corning in the 1st quarter valued at about $225,000. 69.80% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

GLW has been the topic of a number of recent research reports. JPMorgan Chase & Co. increased their price objective on shares of Corning from $55.00 to $60.00 and gave the company an “overweight” rating in a research note on Wednesday, October 30th. StockNews.com cut Corning from a “buy” rating to a “hold” rating in a research report on Tuesday. Barclays boosted their price target on Corning from $40.00 to $53.00 and gave the stock an “equal weight” rating in a research report on Tuesday, October 29th. UBS Group raised their price objective on Corning from $46.00 to $51.00 and gave the company a “neutral” rating in a research report on Wednesday, October 30th. Finally, Bank of America lifted their target price on Corning from $46.00 to $51.00 and gave the company a “buy” rating in a research note on Friday, September 20th. Six analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $50.08.

Insiders Place Their Bets

In other Corning news, SVP John P. Bayne, Jr. sold 8,876 shares of Corning stock in a transaction on Monday, November 25th. The shares were sold at an average price of $49.09, for a total value of $435,722.84. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP John P. Bayne, Jr. sold 5,000 shares of the stock in a transaction dated Friday, November 22nd. The stock was sold at an average price of $48.39, for a total transaction of $241,950.00. Following the sale, the senior vice president now directly owns 6,700 shares in the company, valued at approximately $324,213. The trade was a 42.74 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.40% of the stock is owned by insiders.

Corning Trading Down 0.5 %

Shares of NYSE:GLW opened at $48.00 on Wednesday. The business has a 50-day moving average price of $46.53 and a 200-day moving average price of $42.28. The stock has a market cap of $41.10 billion, a price-to-earnings ratio of 282.35, a PEG ratio of 1.55 and a beta of 1.03. Corning Incorporated has a 52-week low of $27.57 and a 52-week high of $51.03. The company has a quick ratio of 1.05, a current ratio of 1.66 and a debt-to-equity ratio of 0.62.

Corning (NYSE:GLW) last posted its quarterly earnings results on Tuesday, October 29th. The electronics maker reported $0.54 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.53 by $0.01. The company had revenue of $3.39 billion during the quarter, compared to analyst estimates of $3.72 billion. Corning had a net margin of 1.24% and a return on equity of 13.45%. Corning’s revenue for the quarter was up 6.9% compared to the same quarter last year. During the same period last year, the firm posted $0.45 EPS. Equities analysts predict that Corning Incorporated will post 1.95 EPS for the current year.

Corning Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 13th. Shareholders of record on Friday, November 15th will be issued a $0.28 dividend. This represents a $1.12 annualized dividend and a yield of 2.33%. The ex-dividend date is Friday, November 15th. Corning’s payout ratio is 658.82%.

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.