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

Sanctuary Advisors LLC raised its stake in Corning Incorporated (NYSE:GLW) by 26.2% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 124,564 shares of the electronics maker’s stock after acquiring an additional 25,829 shares during the period. Sanctuary Advisors LLC’s holdings in Corning were worth $6,044,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Wellington Management Group LLP increased its stake in Corning by 0.3% during the 3rd quarter. Wellington Management Group LLP now owns 39,225,452 shares of the electronics maker’s stock valued at $1,771,029,000 after purchasing an additional 133,214 shares in the last quarter. State Street Corp grew its holdings in shares of Corning by 3.8% during the third quarter. State Street Corp now owns 33,983,090 shares of the electronics maker’s stock valued at $1,534,337,000 after buying an additional 1,242,718 shares during the last quarter. Dimensional Fund Advisors LP increased its position in shares of Corning by 4.3% during the second quarter. Dimensional Fund Advisors LP now owns 10,342,949 shares of the electronics maker’s stock valued at $401,826,000 after acquiring an additional 426,864 shares in the last quarter. Charles Schwab Investment Management Inc. raised its holdings in Corning by 0.8% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 4,853,076 shares of the electronics maker’s stock worth $219,116,000 after acquiring an additional 38,168 shares during the last quarter. Finally, FMR LLC lifted its position in Corning by 52.8% in the 3rd quarter. FMR LLC now owns 3,723,044 shares of the electronics maker’s stock valued at $168,095,000 after acquiring an additional 1,285,836 shares in the last quarter. 69.80% of the stock is currently owned by institutional investors.

Corning Price Performance

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

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

Corning Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, December 13th. Stockholders of record on Friday, November 15th were paid a $0.28 dividend. The ex-dividend date of this dividend 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 presently 658.82%.

Wall Street Analysts Forecast Growth

A number of analysts have commented on the company. Barclays lifted their target price on Corning from $40.00 to $53.00 and gave the stock an “equal weight” rating in a report on Tuesday, October 29th. Deutsche Bank Aktiengesellschaft boosted their target price on Corning from $49.00 to $54.00 and gave the stock a “buy” rating in a research report on Wednesday, October 30th. Bank of America raised their price target on shares of Corning from $46.00 to $51.00 and gave the company a “buy” rating in a report on Friday, September 20th. Mizuho raised shares of Corning from a “neutral” rating to an “outperform” rating and boosted their price objective for the company from $44.00 to $47.00 in a report on Wednesday, August 21st. Finally, StockNews.com upgraded shares of Corning from a “hold” rating to a “buy” rating in a report on Wednesday, December 4th. Five investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $50.08.

Insider Activity

In other Corning news, SVP John P. Bayne, Jr. sold 5,000 shares of the firm’s 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 of the company’s stock, valued at $324,213. This trade represents a 42.74 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP John P. Bayne, Jr. sold 8,876 shares of Corning stock in a transaction that occurred on Monday, November 25th. The shares were 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. Insiders own 0.40% of the company’s stock.

Corning 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.