AdvisorNet Financial Inc Has $239,000 Stock Holdings in Corning Incorporated (NYSE:GLW)

AdvisorNet Financial Inc lifted its position in shares of Corning Incorporated (NYSE:GLW) by 42.8% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 6,141 shares of the electronics maker’s stock after purchasing an additional 1,841 shares during the period. AdvisorNet Financial Inc’s holdings in Corning were worth $239,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of GLW. Wellington Management Group LLP lifted its holdings in Corning by 9.0% during the 4th quarter. Wellington Management Group LLP now owns 31,312,779 shares of the electronics maker’s stock worth $953,474,000 after purchasing an additional 2,597,878 shares during the last quarter. Price T Rowe Associates Inc. MD raised its position in shares of Corning by 35.1% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 17,200,828 shares of the electronics maker’s stock valued at $566,941,000 after buying an additional 4,464,893 shares in the last quarter. Dimensional Fund Advisors LP boosted its position in shares of Corning by 1.5% during the 4th quarter. Dimensional Fund Advisors LP now owns 9,722,106 shares of the electronics maker’s stock worth $296,054,000 after acquiring an additional 146,807 shares in the last quarter. Norges Bank acquired a new position in Corning during the fourth quarter valued at approximately $247,721,000. Finally, FIL Ltd boosted its holdings in shares of Corning by 1.5% in the 4th quarter. FIL Ltd now owns 7,179,283 shares of the electronics maker’s stock valued at $218,609,000 after purchasing an additional 105,994 shares in the last quarter. 69.80% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Corning

In other news, VP Jeffrey W. Evenson sold 12,830 shares of the business’s stock in a transaction dated Wednesday, June 5th. The shares were sold at an average price of $37.39, for a total value of $479,713.70. Following the sale, the vice president now directly owns 57,280 shares in the company, valued at approximately $2,141,699.20. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 0.40% of the company’s stock.

Corning Trading Up 2.0 %

GLW stock traded up $0.79 during trading on Thursday, reaching $40.38. The company had a trading volume of 2,655,096 shares, compared to its average volume of 6,173,521. Corning Incorporated has a 52 week low of $25.26 and a 52 week high of $46.39. The company has a market cap of $34.59 billion, a P/E ratio of 55.77, a PEG ratio of 1.49 and a beta of 1.05. The business has a 50 day moving average of $40.58 and a 200 day moving average of $35.72. The company has a debt-to-equity ratio of 0.63, a current ratio of 1.57 and a quick ratio of 0.98.

Corning (NYSE:GLW) last announced its earnings results on Tuesday, July 30th. The electronics maker reported $0.47 earnings per share for the quarter, beating analysts’ consensus estimates of $0.46 by $0.01. Corning had a net margin of 3.53% and a return on equity of 12.69%. The business had revenue of $3.60 billion during the quarter, compared to the consensus estimate of $3.55 billion. During the same quarter last year, the firm earned $0.45 earnings per share. The business’s revenue for the quarter was up 3.5% on a year-over-year basis. As a group, sell-side analysts forecast that Corning Incorporated will post 1.9 earnings per share for the current fiscal year.

Corning Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, September 27th. Shareholders of record on Friday, August 30th will be issued a $0.28 dividend. The ex-dividend date of this dividend is Friday, August 30th. This represents a $1.12 dividend on an annualized basis and a yield of 2.77%. Corning’s dividend payout ratio is currently 157.75%.

Analyst Ratings Changes

Several research analysts recently issued reports on GLW shares. Morgan Stanley reaffirmed an “equal weight” rating and set a $39.00 target price on shares of Corning in a research report on Friday, July 26th. JPMorgan Chase & Co. lifted their price objective on Corning from $47.00 to $55.00 and gave the stock an “overweight” rating in a research report on Monday, July 29th. Citigroup raised their target price on Corning from $45.00 to $51.00 and gave the company a “buy” rating in a research note on Friday, July 12th. Fox Advisors upgraded Corning from an “equal weight” rating to an “overweight” rating and set a $45.00 price target for the company in a research note on Monday, June 17th. Finally, Deutsche Bank Aktiengesellschaft upgraded Corning from a “hold” rating to a “buy” rating and set a $46.00 target price on the stock in a research note on Wednesday, July 31st. Seven analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $45.23.

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.