Sanctuary Advisors LLC Buys 25,829 Shares of Corning Incorporated (NYSE:GLW)

Sanctuary Advisors LLC grew its stake in Corning Incorporated (NYSE:GLW) by 26.2% during the third quarter, Holdings Channel.com reports. The fund owned 124,564 shares of the electronics maker’s stock after purchasing an additional 25,829 shares during the quarter. Sanctuary Advisors LLC’s holdings in Corning were worth $6,044,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of GLW. Brookstone Capital Management bought a new stake in Corning during the 2nd quarter valued at $178,000. TCW Group Inc. boosted its position in Corning by 6.8% during the 2nd quarter. TCW Group Inc. now owns 11,123 shares of the electronics maker’s stock valued at $432,000 after acquiring an additional 712 shares in the last quarter. Raymond James & Associates boosted its position in Corning by 2.6% during the second quarter. Raymond James & Associates now owns 1,664,540 shares of the electronics maker’s stock valued at $64,667,000 after purchasing an additional 42,818 shares in the last quarter. Nisa Investment Advisors LLC grew its position in shares of Corning by 1.7% in the 2nd quarter. Nisa Investment Advisors LLC now owns 264,491 shares of the electronics maker’s stock worth $10,275,000 after buying an additional 4,475 shares during the last quarter. Finally, Raymond James Financial Services Advisors Inc. grew its holdings in Corning by 13.2% in the second quarter. Raymond James Financial Services Advisors Inc. now owns 281,196 shares of the electronics maker’s stock worth $10,924,000 after purchasing an additional 32,825 shares during the last quarter. 69.80% of the stock is owned by hedge funds and other institutional investors.

Corning Stock Down 0.9 %

Shares of GLW opened at $48.15 on Friday. The stock’s 50-day moving average price is $47.57 and its 200-day moving average price is $43.36. The company has a quick ratio of 1.05, a current ratio of 1.66 and a debt-to-equity ratio of 0.62. The company has a market capitalization of $41.23 billion, a price-to-earnings ratio of 283.24, a PEG ratio of 1.54 and a beta of 1.03. Corning Incorporated has a 52 week low of $29.71 and a 52 week high of $51.03.

Corning (NYSE:GLW) last issued its quarterly earnings data on Tuesday, October 29th. The electronics maker reported $0.54 EPS for the quarter, topping analysts’ consensus estimates of $0.53 by $0.01. Corning had a net margin of 1.24% and a return on equity of 13.45%. The business had revenue of $3.39 billion for the quarter, compared to analysts’ expectations of $3.72 billion. During the same quarter last year, the company earned $0.45 EPS. The business’s revenue was up 6.9% on a year-over-year basis. On average, sell-side analysts predict that Corning Incorporated will post 1.95 EPS for the current year.

Corning Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, December 13th. Shareholders of record on Friday, November 15th were given a $0.28 dividend. The ex-dividend date was Friday, November 15th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.33%. Corning’s dividend payout ratio (DPR) is currently 658.82%.

Analysts Set New Price Targets

A number of equities research analysts have commented on the company. Susquehanna increased their price target on Corning from $46.00 to $55.00 and gave the company a “positive” rating in a research note on Friday, September 20th. JPMorgan Chase & Co. lifted their target price on shares of Corning from $55.00 to $60.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 30th. Oppenheimer reaffirmed an “outperform” rating and issued a $58.00 price target (up previously from $51.00) on shares of Corning in a report on Wednesday, October 30th. Deutsche Bank Aktiengesellschaft upped their target price on Corning from $49.00 to $54.00 and gave the company a “buy” rating in a research report on Wednesday, October 30th. Finally, Barclays boosted their price target on Corning from $40.00 to $53.00 and gave the company an “equal weight” rating in a research note on Tuesday, October 29th. Five investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $50.08.

Insider Transactions at Corning

In other news, SVP John P. Bayne, Jr. sold 5,000 shares of the company’s stock in a transaction that occurred on Friday, November 22nd. The stock was sold at an average price of $48.39, for a total transaction of $241,950.00. Following the completion of the transaction, the senior vice president now directly owns 6,700 shares of the company’s stock, valued at $324,213. This represents a 42.74 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, 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 transaction of $435,722.84. The disclosure for this sale can be found here. Corporate insiders own 0.40% of the company’s stock.

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.