Everpar Advisors LLC Takes $760,000 Position in Corning Incorporated (NYSE:GLW)

Everpar Advisors LLC acquired a new position in Corning Incorporated (NYSE:GLW) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 24,944 shares of the electronics maker’s stock, valued at approximately $760,000.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Peoples Bank KS purchased a new position in shares of Corning in the third quarter worth approximately $25,000. OFI Invest Asset Management bought a new stake in Corning during the 3rd quarter worth approximately $25,000. SRS Capital Advisors Inc. raised its stake in Corning by 232.9% during the 3rd quarter. SRS Capital Advisors Inc. now owns 932 shares of the electronics maker’s stock worth $28,000 after acquiring an additional 652 shares during the period. Bruce G. Allen Investments LLC bought a new stake in Corning during the 4th quarter worth approximately $31,000. Finally, Emfo LLC bought a new stake in Corning during the 4th quarter worth approximately $33,000. Hedge funds and other institutional investors own 69.80% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have commented on GLW. Barclays raised their target price on shares of Corning from $28.00 to $35.00 and gave the stock an “equal weight” rating in a research note on Wednesday, January 31st. JPMorgan Chase & Co. raised their target price on shares of Corning from $36.00 to $37.00 and gave the stock a “neutral” rating in a research note on Wednesday, May 1st. Mizuho began coverage on shares of Corning in a research report on Tuesday. They set a “neutral” rating and a $36.00 price objective on the stock. HSBC cut shares of Corning from a “hold” rating to a “reduce” rating and set a $29.00 price objective on the stock. in a research report on Thursday, February 1st. Finally, Morgan Stanley reiterated an “overweight” rating and set a $35.00 price objective on shares of Corning in a research report on Monday, April 22nd. One analyst has rated the stock with a sell rating, six have given a hold rating and four have assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $35.00.

Corning Trading Down 0.0 %

NYSE GLW traded down $0.01 on Tuesday, hitting $33.43. 3,997,451 shares of the stock were exchanged, compared to its average volume of 4,860,802. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.02 and a current ratio of 1.67. The stock has a fifty day moving average price of $32.40 and a two-hundred day moving average price of $30.74. The firm has a market capitalization of $28.64 billion, a P/E ratio of 47.08, a P/E/G ratio of 1.71 and a beta of 1.07. Corning Incorporated has a 52-week low of $25.26 and a 52-week high of $36.01.

Corning (NYSE:GLW) last issued its earnings results on Tuesday, April 30th. The electronics maker reported $0.38 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.36 by $0.02. The firm had revenue of $2.98 billion during the quarter, compared to analyst estimates of $3.12 billion. Corning had a net margin of 4.96% and a return on equity of 12.31%. The business’s revenue was down 11.5% on a year-over-year basis. During the same period in the previous year, the firm earned $0.41 earnings per share. Research analysts forecast that Corning Incorporated will post 1.9 EPS for the current fiscal year.

Corning Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, June 27th. Stockholders of record on Friday, May 31st will be paid a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a dividend yield of 3.35%. The ex-dividend date of this dividend is Thursday, May 30th. Corning’s dividend payout ratio is currently 157.75%.

Insider Activity

In related news, Vice Chairman Lawrence D. Mcrae sold 77,464 shares of the company’s stock in a transaction dated Thursday, March 21st. The shares were sold at an average price of $33.24, for a total value of $2,574,903.36. Following the completion of the sale, the insider now directly owns 215,254 shares of the company’s stock, valued at $7,155,042.96. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other Corning news, VP Martin J. Curran sold 16,416 shares of the business’s stock in a transaction dated Friday, May 3rd. The shares were sold at an average price of $33.70, for a total value of $553,219.20. Following the completion of the transaction, the vice president now directly owns 65,598 shares in the company, valued at $2,210,652.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Vice Chairman Lawrence D. Mcrae sold 77,464 shares of the business’s stock in a transaction dated Thursday, March 21st. The stock was sold at an average price of $33.24, for a total transaction of $2,574,903.36. Following the completion of the transaction, the insider now owns 215,254 shares of the company’s stock, valued at $7,155,042.96. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 239,841 shares of company stock valued at $7,971,257. 0.45% of the stock is currently owned by company insiders.

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.