Corning Incorporated (NYSE:GLW) Stock Position Raised by Ameritas Advisory Services LLC

Posted by Defense World Staff on Jul 24th, 2023

Ameritas Advisory Services LLC lifted its stake in Corning Incorporated (NYSE:GLW – Free Report) by 24.6% during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 7,905 shares of the electronics maker’s stock after acquiring an additional 1,561 shares during the period. Ameritas Advisory Services LLC’s holdings in Corning were worth $276,000 at the end of the most recent reporting period.

A number of other institutional investors have also made changes to their positions in the stock. Buffington Mohr McNeal grew its holdings in shares of Corning by 0.9% during the 4th quarter. Buffington Mohr McNeal now owns 33,604 shares of the electronics maker’s stock worth $1,073,000 after purchasing an additional 300 shares in the last quarter. Garrison Point Advisors LLC grew its holdings in shares of Corning by 3.2% during the 4th quarter. Garrison Point Advisors LLC now owns 9,535 shares of the electronics maker’s stock worth $305,000 after purchasing an additional 300 shares in the last quarter. Louisiana State Employees Retirement System grew its holdings in shares of Corning by 0.6% during the 1st quarter. Louisiana State Employees Retirement System now owns 49,500 shares of the electronics maker’s stock worth $1,746,000 after purchasing an additional 300 shares in the last quarter. Main Street Financial Solutions LLC grew its holdings in shares of Corning by 3.9% during the 4th quarter. Main Street Financial Solutions LLC now owns 7,979 shares of the electronics maker’s stock worth $255,000 after purchasing an additional 302 shares in the last quarter. Finally, Massmutual Trust Co. FSB ADV boosted its stake in Corning by 35.3% in the 1st quarter. Massmutual Trust Co. FSB ADV now owns 1,176 shares of the electronics maker’s stock valued at $41,000 after buying an additional 307 shares in the last quarter. 68.38% of the stock is owned by institutional investors.

Corning Trading Up 0.1 %

NYSE GLW opened at $33.22 on Monday. The stock has a 50-day simple moving average of $33.18 and a 200 day simple moving average of $33.93. The company has a market capitalization of $28.24 billion, a PE ratio of 31.34, a P/E/G ratio of 2.24 and a beta of 1.09. The company has a current ratio of 1.44, a quick ratio of 0.84 and a debt-to-equity ratio of 0.55. Corning Incorporated has a 12 month low of $28.98 and a 12 month high of $37.73.

Corning (NYSE:GLW – Get Free Report) last released its quarterly earnings data on Tuesday, April 25th. The electronics maker reported $0.41 EPS for the quarter, beating analysts’ consensus estimates of $0.39 by $0.02. Corning had a return on equity of 13.99% and a net margin of 6.66%. The business had revenue of $3.37 billion during the quarter, compared to the consensus estimate of $3.35 billion. During the same quarter in the prior year, the company posted $0.54 earnings per share. The firm’s revenue was down 10.1% on a year-over-year basis. Research analysts forecast that Corning Incorporated will post 1.93 EPS for the current year.

Corning Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 28th. Shareholders of record on Thursday, August 31st will be paid a $0.28 dividend. The ex-dividend date is Wednesday, August 30th. This represents a $1.12 dividend on an annualized basis and a yield of 3.37%. Corning’s payout ratio is 105.66%.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on GLW. Morgan Stanley raised Corning from an “equal weight” rating to an “overweight” rating and boosted their price target for the company from $35.00 to $38.00 in a research note on Friday, June 9th. Barclays cut their price objective on Corning from $35.00 to $33.00 in a research report on Wednesday, April 26th. 888 reiterated an “upgrade” rating on shares of Corning in a research report on Friday, June 9th. JPMorgan Chase & Co. lifted their price objective on Corning from $40.00 to $42.00 and gave the company an “overweight” rating in a research report on Wednesday, April 19th. Finally, StockNews.com started coverage on Corning in a research report on Thursday, May 18th. They issued a “hold” rating for the company. Four analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $38.67.

Insider Buying and Selling at Corning

In other Corning news, VP Michael Alan Bell sold 35,045 shares of the business’s stock in a transaction dated Friday, June 16th. The stock was sold at an average price of $35.00, for a total value of $1,226,575.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Corning news, VP Michael Alan Bell sold 35,045 shares of the business’s stock in a transaction dated Friday, June 16th. The stock was sold at an average price of $35.00, for a total value of $1,226,575.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP John P. Bayne, Jr. sold 11,000 shares of the company’s stock in a transaction dated Tuesday, June 13th. The stock was sold at an average price of $32.99, for a total value of $362,890.00. Following the transaction, the senior vice president now directly owns 18,313 shares of the company’s stock, valued at $604,145.87. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 161,334 shares of company stock valued at $5,294,350. Company insiders own 0.40% of the company’s stock.

Corning Company Profile

(Free Report)

Corning Incorporated engages in the display technologies, optical communications, environmental technologies, specialty materials, and life sciences businesses worldwide. 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.