AE Wealth Management LLC Increases Stake in Corning Incorporated (NYSE:GLW)

AE Wealth Management LLC boosted its holdings in shares of Corning Incorporated (NYSE:GLW) by 14.1% in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 70,539 shares of the electronics maker’s stock after buying an additional 8,704 shares during the quarter. AE Wealth Management LLC’s holdings in Corning were worth $2,012,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of GLW. Private Trust Co. NA increased its stake in Corning by 14.6% in the 2nd quarter. Private Trust Co. NA now owns 49,816 shares of the electronics maker’s stock valued at $1,655,000 after buying an additional 6,361 shares during the last quarter. Winfield Associates Inc. increased its stake in Corning by 4.2% in the 2nd quarter. Winfield Associates Inc. now owns 24,040 shares of the electronics maker’s stock valued at $799,000 after buying an additional 975 shares during the last quarter. O Keefe Stevens Advisory Inc. increased its stake in Corning by 2.0% in the 2nd quarter. O Keefe Stevens Advisory Inc. now owns 265,664 shares of the electronics maker’s stock valued at $8,828,000 after buying an additional 5,245 shares during the last quarter. Burns J W & Co. Inc. NY increased its stake in Corning by 18.4% in the 2nd quarter. Burns J W & Co. Inc. NY now owns 18,664 shares of the electronics maker’s stock valued at $620,000 after buying an additional 2,903 shares during the last quarter. Finally, Calton & Associates Inc. increased its stake in Corning by 24.3% in the 2nd quarter. Calton & Associates Inc. now owns 9,709 shares of the electronics maker’s stock valued at $323,000 after buying an additional 1,895 shares during the last quarter. 72.44% of the stock is owned by institutional investors.

Several equities research analysts have commented on the stock. Barclays set a $33.00 price objective on shares of Corning and gave the company a “buy” rating in a research note on Tuesday, September 17th. UBS Group decreased their price objective on shares of Corning from $33.00 to $30.00 and set a “neutral” rating for the company in a research note on Wednesday, September 18th. Susquehanna Bancshares reiterated a “neutral” rating and issued a $30.00 price objective (down previously from $40.00) on shares of Corning in a research note on Thursday, August 1st. Zacks Investment Research upgraded shares of Corning from a “sell” rating to a “hold” rating and set a $30.00 price objective for the company in a research note on Friday, September 6th. Finally, Morgan Stanley decreased their price objective on shares of Corning from $37.00 to $34.00 and set an “overweight” rating for the company in a research note on Wednesday, September 18th. Seven research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. The stock has an average rating of “Hold” and a consensus price target of $32.64.

In other news, VP Martin J. Curran sold 13,254 shares of the stock in a transaction that occurred on Monday, November 11th. The shares were sold at an average price of $30.00, for a total transaction of $397,620.00. Following the completion of the transaction, the vice president now directly owns 6,529 shares of the company’s stock, valued at approximately $195,870. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Lewis A. Steverson sold 63,381 shares of the stock in a transaction that occurred on Thursday, November 7th. The shares were sold at an average price of $30.19, for a total transaction of $1,913,472.39. Following the transaction, the vice president now directly owns 18,422 shares of the company’s stock, valued at $556,160.18. The disclosure for this sale can be found here. Insiders have sold a total of 91,992 shares of company stock valued at $2,751,786 over the last three months. Insiders own 0.46% of the company’s stock.

Corning stock opened at $29.31 on Thursday. Corning Incorporated has a twelve month low of $26.75 and a twelve month high of $35.34. The firm has a 50 day moving average price of $29.19 and a 200-day moving average price of $30.21. The company has a market capitalization of $22.72 billion, a P/E ratio of 16.47, a P/E/G ratio of 2.15 and a beta of 1.16. The company has a quick ratio of 1.06, a current ratio of 1.71 and a debt-to-equity ratio of 0.57.

Corning (NYSE:GLW) last released its earnings results on Tuesday, October 29th. The electronics maker reported $0.44 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.40 by $0.04. Corning had a net margin of 10.41% and a return on equity of 15.19%. The firm had revenue of $2.93 billion during the quarter, compared to the consensus estimate of $2.87 billion. During the same period in the prior year, the firm earned $0.51 EPS. The company’s revenue was down 2.5% compared to the same quarter last year. Equities analysts expect that Corning Incorporated will post 1.75 EPS for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Friday, December 13th. Stockholders of record on Friday, November 15th will be given a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a dividend yield of 2.73%. The ex-dividend date of this dividend is Thursday, November 14th. Corning’s dividend payout ratio is currently 44.94%.

Corning Company Profile

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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Institutional Ownership by Quarter for Corning (NYSE:GLW)

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