Providence Capital Advisors LLC grew its stake in Corning Incorporated (NYSE:GLW) by 12,609.7% during the second quarter, HoldingsChannel.com reports. The firm owned 74,987 shares of the electronics maker’s stock after buying an additional 74,397 shares during the period. Providence Capital Advisors LLC’s holdings in Corning were worth $2,492,000 at the end of the most recent quarter.
Several other hedge funds also recently bought and sold shares of the company. Manchester Financial Inc. bought a new stake in Corning in the second quarter valued at about $29,000. Trustcore Financial Services LLC bought a new stake in Corning in the 1st quarter worth about $30,000. TRUE Private Wealth Advisors bought a new stake in Corning in the 2nd quarter worth about $31,000. Harel Insurance Investments & Financial Services Ltd. bought a new stake in Corning in the 2nd quarter worth about $33,000. Finally, Thor Advisors LLC purchased a new stake in Corning in the 1st quarter valued at about $35,000. 71.41% of the stock is currently owned by institutional investors.
Several equities analysts have commented on the stock. Susquehanna Bancshares reissued a “neutral” rating and set a $30.00 target price (down previously from $40.00) on shares of Corning in a research report on Thursday, August 1st. Zacks Investment Research upgraded Corning from a “sell” rating to a “hold” rating and set a $30.00 price target for the company in a research report on Friday, September 6th. Deutsche Bank set a $36.00 price objective on Corning and gave the company a “buy” rating in a research note on Wednesday, July 31st. Barclays initiated coverage on Corning in a report on Wednesday, August 7th. They set an “overweight” rating and a $35.00 price objective on the stock. Finally, TheStreet lowered Corning from a “b-” rating to a “c+” rating in a report on Monday, August 26th. Five analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. The company currently has a consensus rating of “Buy” and a consensus price target of $34.73.
In other news, VP Christine M. Pambianchi sold 194,960 shares of the company’s stock in a transaction dated Tuesday, June 18th. The stock was sold at an average price of $31.84, for a total value of $6,207,526.40. Following the completion of the transaction, the vice president now directly owns 66,369 shares in the company, valued at approximately $2,113,188.96. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Clark S. Kinlin sold 9,667 shares of the company’s stock in a transaction dated Wednesday, August 21st. The stock was sold at an average price of $27.94, for a total value of $270,095.98. Following the completion of the transaction, the insider now owns 70,648 shares of the company’s stock, valued at $1,973,905.12. The disclosure for this sale can be found here. Company insiders own 0.46% of the company’s stock.
Corning stock traded up $0.79 during midday trading on Wednesday, hitting $29.98. 5,249,754 shares of the company’s stock were exchanged, compared to its average volume of 4,618,104. Corning Incorporated has a 52-week low of $26.78 and a 52-week high of $36.56. The stock has a 50-day moving average price of $28.98 and a two-hundred day moving average price of $31.85. The company has a debt-to-equity ratio of 0.54, a quick ratio of 1.18 and a current ratio of 1.85. The company has a market cap of $22.79 billion, a P/E ratio of 16.84, a PEG ratio of 1.46 and a beta of 1.18.
Corning (NYSE:GLW) last posted its quarterly earnings data on Tuesday, July 30th. The electronics maker reported $0.45 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.44 by $0.01. The company had revenue of $2.94 billion for the quarter, compared to analysts’ expectations of $2.97 billion. Corning had a net margin of 12.78% and a return on equity of 15.60%. Corning’s revenue for the quarter was up 7.0% compared to the same quarter last year. During the same period in the prior year, the business earned $0.38 earnings per share. As a group, sell-side analysts expect that Corning Incorporated will post 1.88 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Friday, August 30th will be given a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a dividend yield of 2.67%. The ex-dividend date of this dividend is Thursday, August 29th. Corning’s dividend payout ratio (DPR) is currently 44.94%.
Corning Incorporated engages in display technologies, optical communications, environmental technologies, specialty materials, and life sciences businesses worldwide. The company's Display Technologies segment manufactures glass substrates for organic light-emitting diodes and liquid crystal displays used in televisions, notebook computers, and flat panel desktop monitors.
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