Level Four Advisory Services LLC Increases Holdings in Corning Incorporated (NYSE:GLW)

Level Four Advisory Services LLC boosted its position in Corning Incorporated (NYSE:GLW) by 3.8% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 9,411 shares of the electronics maker’s stock after buying an additional 343 shares during the period. Level Four Advisory Services LLC’s holdings in Corning were worth $287,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also recently bought and sold shares of the company. Harvest Investment Advisors LLC lifted its stake in Corning by 1.0% during the 3rd quarter. Harvest Investment Advisors LLC now owns 36,286 shares of the electronics maker’s stock valued at $1,106,000 after acquiring an additional 364 shares during the period. Venture Visionary Partners LLC boosted its holdings in Corning by 2.0% in the fourth quarter. Venture Visionary Partners LLC now owns 19,359 shares of the electronics maker’s stock valued at $589,000 after purchasing an additional 380 shares during the last quarter. Fiera Capital Corp grew its position in Corning by 2.7% during the 3rd quarter. Fiera Capital Corp now owns 14,785 shares of the electronics maker’s stock worth $450,000 after purchasing an additional 385 shares during the period. New World Advisors LLC raised its stake in shares of Corning by 3.5% during the 4th quarter. New World Advisors LLC now owns 11,800 shares of the electronics maker’s stock valued at $359,000 after buying an additional 400 shares during the last quarter. Finally, Western Wealth Management LLC lifted its holdings in shares of Corning by 1.6% in the 3rd quarter. Western Wealth Management LLC now owns 25,719 shares of the electronics maker’s stock valued at $784,000 after buying an additional 405 shares during the period. Hedge funds and other institutional investors own 69.80% of the company’s stock.

Analyst Ratings Changes

GLW has been the topic of several analyst reports. JPMorgan Chase & Co. raised their target price on Corning from $36.00 to $37.00 and gave the stock a “neutral” rating in a report on Wednesday, May 1st. StockNews.com raised shares of Corning from a “sell” rating to a “hold” rating in a report on Monday, April 1st. UBS Group boosted their target price on shares of Corning from $34.00 to $35.00 and gave the company a “neutral” rating in a research note on Monday, April 8th. Morgan Stanley restated an “overweight” rating and set a $35.00 price target on shares of Corning in a research report on Monday, April 22nd. Finally, Mizuho initiated coverage on shares of Corning in a research report on Tuesday, May 7th. They issued a “neutral” rating and a $36.00 price objective for the company. One investment analyst has rated the stock with a sell rating, six have given a hold rating and four have issued a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $35.00.

Corning Trading Up 0.3 %

GLW stock opened at $36.59 on Thursday. The business’s 50-day moving average is $32.93 and its 200 day moving average is $31.33. Corning Incorporated has a 12-month low of $25.26 and a 12-month high of $36.80. The stock has a market cap of $31.34 billion, a price-to-earnings ratio of 51.54, a PEG ratio of 1.65 and a beta of 1.07. The company has a current ratio of 1.67, a quick ratio of 1.02 and a debt-to-equity ratio of 0.61.

Corning (NYSE:GLW) last issued its quarterly earnings results on Tuesday, April 30th. The electronics maker reported $0.38 EPS for the quarter, topping the consensus estimate of $0.36 by $0.02. The firm had revenue of $2.98 billion during the quarter, compared to analysts’ expectations of $3.12 billion. Corning had a return on equity of 12.31% and a net margin of 4.96%. The firm’s revenue for the quarter was down 11.5% on a year-over-year basis. During the same period in the previous year, the business earned $0.41 earnings per share. On average, sell-side analysts anticipate that Corning Incorporated will post 1.91 EPS for the current fiscal year.

Corning Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, June 27th. Stockholders of record on Friday, May 31st will be issued a dividend of $0.28 per share. The ex-dividend date is Friday, May 31st. This represents a $1.12 annualized dividend and a dividend yield of 3.06%. Corning’s dividend payout ratio is presently 157.75%.

Insider Buying and Selling

In other Corning news, EVP Lewis A. Steverson sold 29,978 shares of the stock in a transaction dated Wednesday, May 1st. The shares were sold at an average price of $33.05, for a total transaction of $990,772.90. Following the completion of the transaction, the executive vice president now owns 31,294 shares of the company’s stock, valued at $1,034,266.70. The sale was disclosed in a legal filing with the SEC, which is available at this link. In other Corning news, SVP John Z. Zhang sold 12,546 shares of the business’s stock in a transaction on Thursday, May 2nd. The shares were sold at an average price of $33.42, for a total value of $419,287.32. Following the completion of the transaction, the senior vice president now owns 11,355 shares in the company, valued at $379,484.10. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, EVP Lewis A. Steverson sold 29,978 shares of the stock in a transaction that occurred on Wednesday, May 1st. The shares were sold at an average price of $33.05, for a total transaction of $990,772.90. Following the completion of the sale, the executive vice president now directly owns 31,294 shares in the company, valued at $1,034,266.70. The disclosure for this sale can be found here. Over the last three months, insiders sold 239,841 shares of company stock worth $7,971,257. Company 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.