Verdence Capital Advisors LLC Has $627,000 Stock Position in Corning Incorporated (NYSE:GLW)

Verdence Capital Advisors LLC increased its holdings in shares of Corning Incorporated (NYSE:GLW) by 12.9% in the fourth quarter, according to its most recent disclosure with the SEC. The firm owned 20,578 shares of the electronics maker’s stock after purchasing an additional 2,354 shares during the period. Verdence Capital Advisors LLC’s holdings in Corning were worth $627,000 as of its most recent filing with the SEC.

Other institutional investors have also recently bought and sold shares of the company. Natixis Advisors L.P. increased its holdings in shares of Corning by 5.9% during the 3rd quarter. Natixis Advisors L.P. now owns 101,322 shares of the electronics maker’s stock worth $3,087,000 after acquiring an additional 5,616 shares during the last quarter. KMG Fiduciary Partners LLC bought a new position in shares of Corning in the fourth quarter valued at about $1,199,000. HB Wealth Management LLC raised its position in shares of Corning by 24.2% in the fourth quarter. HB Wealth Management LLC now owns 9,871 shares of the electronics maker’s stock valued at $301,000 after purchasing an additional 1,926 shares during the period. SG Americas Securities LLC lifted its stake in shares of Corning by 59.8% during the 4th quarter. SG Americas Securities LLC now owns 108,358 shares of the electronics maker’s stock worth $3,300,000 after buying an additional 40,564 shares during the last quarter. Finally, Bank of New York Mellon Corp boosted its holdings in shares of Corning by 6.6% during the 3rd quarter. Bank of New York Mellon Corp now owns 7,883,126 shares of the electronics maker’s stock worth $240,199,000 after buying an additional 490,638 shares during the period. Institutional investors and hedge funds own 69.80% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on the stock. JPMorgan Chase & Co. increased their price target on shares of Corning from $34.00 to $36.00 and gave the company a “neutral” rating in a report on Thursday, April 11th. Morgan Stanley reiterated an “overweight” rating and set a $35.00 target price on shares of Corning in a research note on Monday. Susquehanna reaffirmed a “positive” rating and issued a $40.00 price objective on shares of Corning in a report on Monday, April 1st. HSBC downgraded Corning from a “hold” rating to a “reduce” rating and set a $29.00 target price for the company. in a report on Thursday, February 1st. Finally, Barclays upped their price target on shares of Corning from $28.00 to $35.00 and gave the company an “equal weight” rating in a research note on Wednesday, January 31st. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $34.78.

Corning Price Performance

GLW stock opened at $31.56 on Tuesday. The company’s 50-day moving average price is $32.30 and its two-hundred day moving average price is $30.41. The firm has a market cap of $26.99 billion, a P/E ratio of 47.10, a P/E/G ratio of 1.73 and a beta of 1.08. The company has a quick ratio of 1.05, a current ratio of 1.67 and a debt-to-equity ratio of 0.61. Corning Incorporated has a 12 month low of $25.26 and a 12 month high of $36.01.

Corning (NYSE:GLW) last announced its quarterly earnings data on Tuesday, January 30th. The electronics maker reported $0.39 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.39. Corning had a net margin of 4.62% and a return on equity of 12.31%. The business had revenue of $2.99 billion for the quarter, compared to analysts’ expectations of $3.26 billion. During the same period last year, the firm posted $0.47 earnings per share. The firm’s quarterly revenue was down 12.1% compared to the same quarter last year. On average, analysts anticipate that Corning Incorporated will post 1.87 earnings per share for the current fiscal year.

Corning Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, March 28th. Investors of record on Thursday, February 29th were paid a $0.28 dividend. This represents a $1.12 annualized dividend and a yield of 3.55%. The ex-dividend date of this dividend was Wednesday, February 28th. Corning’s dividend payout ratio (DPR) is presently 167.16%.

Insider Activity at Corning

In other Corning news, 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 sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 0.45% of the stock is currently owned by 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.