Corning Incorporated (NYSE:GLW) Shares Bought by Soltis Investment Advisors LLC

Soltis Investment Advisors LLC lifted its position in shares of Corning Incorporated (NYSE:GLW) by 0.4% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 149,369 shares of the electronics maker’s stock after buying an additional 558 shares during the period. Soltis Investment Advisors LLC’s holdings in Corning were worth $6,744,000 as of its most recent SEC filing.

Several other large investors have also made changes to their positions in the company. FMR LLC raised its holdings in Corning by 52.8% in the third quarter. FMR LLC now owns 3,723,044 shares of the electronics maker’s stock valued at $168,095,000 after buying an additional 1,285,836 shares during the period. State Street Corp increased its position in shares of Corning by 3.8% in the third quarter. State Street Corp now owns 33,983,090 shares of the electronics maker’s stock worth $1,534,337,000 after acquiring an additional 1,242,718 shares in the last quarter. Los Angeles Capital Management LLC raised its stake in shares of Corning by 215.6% in the 3rd quarter. Los Angeles Capital Management LLC now owns 1,677,513 shares of the electronics maker’s stock valued at $75,740,000 after acquiring an additional 1,145,955 shares during the period. Pathway Financial Advisers LLC lifted its holdings in shares of Corning by 4,306.9% during the 3rd quarter. Pathway Financial Advisers LLC now owns 1,050,463 shares of the electronics maker’s stock valued at $47,428,000 after acquiring an additional 1,026,626 shares in the last quarter. Finally, Shellback Capital LP purchased a new stake in Corning during the 2nd quarter worth $34,483,000. 69.80% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research analysts have commented on the company. Oppenheimer reissued an “outperform” rating and issued a $58.00 price objective (up from $51.00) on shares of Corning in a research report on Wednesday, October 30th. UBS Group boosted their price target on Corning from $46.00 to $51.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 30th. Bank of America upped their price target on Corning from $46.00 to $51.00 and gave the stock a “buy” rating in a report on Friday, September 20th. Barclays lifted their price objective on shares of Corning from $40.00 to $53.00 and gave the company an “equal weight” rating in a research note on Tuesday, October 29th. Finally, Mizuho upgraded shares of Corning from a “neutral” rating to an “outperform” rating and upped their target price for the company from $44.00 to $47.00 in a research note on Wednesday, August 21st. Five analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. Based on data from MarketBeat, Corning presently has an average rating of “Moderate Buy” and a consensus price target of $50.08.

Corning Price Performance

Shares of GLW stock opened at $48.37 on Wednesday. The firm has a fifty day moving average of $47.29 and a two-hundred day moving average of $43.08. The firm has a market cap of $41.41 billion, a P/E ratio of 284.53, a P/E/G ratio of 1.58 and a beta of 1.03. Corning Incorporated has a 1-year low of $29.14 and a 1-year high of $51.03. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.66 and a quick ratio of 1.05.

Corning (NYSE:GLW) last posted its quarterly earnings results 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 return on equity of 13.45% and a net margin of 1.24%. The business had revenue of $3.39 billion during the quarter, compared to the consensus estimate of $3.72 billion. During the same period last year, the firm earned $0.45 earnings per share. The company’s revenue for the quarter was up 6.9% compared to the same quarter last year. As a group, research analysts anticipate that Corning Incorporated will post 1.95 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, December 13th. Investors of record on Friday, November 15th will be paid a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a yield of 2.32%. The ex-dividend date is Friday, November 15th. Corning’s dividend payout ratio (DPR) is presently 658.82%.

Insiders Place Their Bets

In related news, SVP John P. Bayne, Jr. sold 5,000 shares of the business’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 owns 6,700 shares in the company, valued at $324,213. The trade was a 42.74 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, SVP John P. Bayne, Jr. sold 8,876 shares of the stock in a transaction on Monday, November 25th. The stock was sold at an average price of $49.09, for a total value of $435,722.84. The disclosure for this sale can be found here. 0.45% of the stock is currently owned by corporate insiders.

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.