Secured Retirement Advisors LLC Buys Shares of 38,628 Corning Incorporated (NYSE:GLW)

Secured Retirement Advisors LLC purchased a new position in shares of Corning Incorporated (NYSE:GLW - Free Report) in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 38,628 shares of the electronics maker's stock, valued at approximately $1,836,000.

Several other institutional investors also recently made changes to their positions in GLW. Swedbank AB boosted its position in Corning by 60.2% during the third quarter. Swedbank AB now owns 38,314 shares of the electronics maker's stock worth $1,730,000 after acquiring an additional 14,403 shares during the last quarter. Cornerstone Wealth Management LLC acquired a new stake in Corning during the third quarter worth about $214,000. Good Life Advisors LLC raised its holdings in shares of Corning by 19.0% in the 3rd quarter. Good Life Advisors LLC now owns 11,314 shares of the electronics maker's stock worth $511,000 after purchasing an additional 1,804 shares during the period. Bleakley Financial Group LLC raised its holdings in shares of Corning by 10.1% in the 3rd quarter. Bleakley Financial Group LLC now owns 12,316 shares of the electronics maker's stock worth $556,000 after purchasing an additional 1,130 shares during the period. Finally, Sumitomo Mitsui DS Asset Management Company Ltd lifted its stake in shares of Corning by 2.8% in the 3rd quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 80,776 shares of the electronics maker's stock valued at $3,647,000 after purchasing an additional 2,179 shares in the last quarter. 69.80% of the stock is currently owned by hedge funds and other institutional investors.

Corning Stock Performance

Shares of Corning stock traded down $0.32 during trading hours on Wednesday, reaching $52.57. The company's stock had a trading volume of 3,422,278 shares, compared to its average volume of 5,614,243. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.07 and a current ratio of 1.62. Corning Incorporated has a one year low of $30.72 and a one year high of $55.33. The company's 50 day simple moving average is $49.69 and its 200 day simple moving average is $46.48. The stock has a market cap of $45.03 billion, a P/E ratio of 90.64, a price-to-earnings-growth ratio of 1.52 and a beta of 1.03.

Corning (NYSE:GLW - Get Free Report) last issued its earnings results on Wednesday, January 29th. The electronics maker reported $0.57 EPS for the quarter, beating analysts' consensus estimates of $0.56 by $0.01. Corning had a return on equity of 15.10% and a net margin of 3.86%. As a group, analysts expect that Corning Incorporated will post 2.33 EPS for the current fiscal year.

Corning Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Friday, February 28th will be issued a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a dividend yield of 2.13%. The ex-dividend date is Friday, February 28th. Corning's dividend payout ratio (DPR) is 193.11%.

Insider Transactions at Corning

In other Corning news, COO Eric S. Musser sold 30,000 shares of the company's stock in a transaction dated Friday, January 31st. The shares were sold at an average price of $51.92, for a total value of $1,557,600.00. Following the completion of the transaction, the chief operating officer now owns 152,944 shares in the company, valued at approximately $7,940,852.48. This represents a 16.40 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, SVP John P. Bayne, Jr. sold 5,000 shares of the firm's stock in a transaction that occurred on Friday, November 22nd. The shares were sold at an average price of $48.39, for a total transaction of $241,950.00. Following the completion of the sale, the senior vice president now owns 6,700 shares in the company, valued at $324,213. The trade was a 42.74 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 46,085 shares of company stock worth $2,345,436. Insiders own 0.45% of the company's stock.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on the stock. JPMorgan Chase & Co. lifted their price objective on shares of Corning from $55.00 to $60.00 and gave the company an "overweight" rating in a research note on Wednesday, October 30th. Oppenheimer reiterated an "outperform" rating and issued a $58.00 price objective (up previously from $51.00) on shares of Corning in a report on Wednesday, October 30th. Morgan Stanley upped their price objective on shares of Corning from $39.00 to $48.00 and gave the company an "equal weight" rating in a research report on Tuesday, December 17th. Barclays dropped their target price on Corning from $53.00 to $52.00 and set an "equal weight" rating on the stock in a research report on Wednesday, January 29th. Finally, Hsbc Global Res raised Corning from a "hold" rating to a "strong-buy" rating in a report on Thursday, January 30th. Three analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $53.00.

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.