LVW Advisors LLC Grows Holdings in Corning Incorporated (NYSE:GLW)

LVW Advisors LLC increased its position in shares of Corning Incorporated (NYSE:GLW) by 20.6% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 9,385 shares of the electronics maker’s stock after purchasing an additional 1,600 shares during the quarter. LVW Advisors LLC’s holdings in Corning were worth $309,000 as of its most recent SEC filing.

Several other hedge funds have also added to or reduced their stakes in the stock. Alaska Permanent Fund Corp raised its position in Corning by 0.4% in the first quarter. Alaska Permanent Fund Corp now owns 83,551 shares of the electronics maker’s stock worth $2,754,000 after acquiring an additional 329 shares during the period. Level Four Advisory Services LLC grew its stake in Corning by 3.8% in the 4th quarter. Level Four Advisory Services LLC now owns 9,411 shares of the electronics maker’s stock worth $287,000 after buying an additional 343 shares in the last quarter. Madison Asset Management LLC grew its stake in Corning by 0.7% in the 4th quarter. Madison Asset Management LLC now owns 53,113 shares of the electronics maker’s stock worth $1,617,000 after buying an additional 349 shares in the last quarter. Harvest Investment Advisors LLC grew its stake in Corning by 1.0% in the 3rd quarter. Harvest Investment Advisors LLC now owns 36,286 shares of the electronics maker’s stock worth $1,106,000 after buying an additional 364 shares in the last quarter. Finally, Venture Visionary Partners LLC grew its stake in Corning by 2.0% in the 4th quarter. Venture Visionary Partners LLC now owns 19,359 shares of the electronics maker’s stock worth $589,000 after buying an additional 380 shares in the last quarter. Institutional investors own 69.80% of the company’s stock.

Corning Stock Performance

Shares of Corning stock opened at $38.85 on Monday. The firm has a market capitalization of $33.28 billion, a P/E ratio of 54.72, a PEG ratio of 1.77 and a beta of 1.05. The company has a quick ratio of 1.02, a current ratio of 1.67 and a debt-to-equity ratio of 0.61. The company has a 50 day moving average price of $35.97 and a 200 day moving average price of $33.16. Corning Incorporated has a 52 week low of $25.26 and a 52 week high of $40.46.

Corning (NYSE:GLW) last announced its quarterly earnings data on Tuesday, April 30th. The electronics maker reported $0.38 EPS for the quarter, beating the consensus estimate of $0.36 by $0.02. The firm had revenue of $2.98 billion during the quarter, compared to analyst estimates of $3.12 billion. Corning had a net margin of 4.96% and a return on equity of 12.31%. Corning’s revenue was down 11.5% on a year-over-year basis. During the same period last year, the firm posted $0.41 EPS. Sell-side analysts expect that Corning Incorporated will post 1.9 EPS for the current year.

Corning Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 27th. Investors of record on Friday, August 30th will be issued a $0.28 dividend. The ex-dividend date is Thursday, August 29th. This represents a $1.12 annualized dividend and a yield of 2.88%. Corning’s dividend payout ratio (DPR) is presently 157.75%.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on GLW shares. Mizuho boosted their price target on shares of Corning from $36.00 to $42.00 and gave the stock a “neutral” rating in a research note on Tuesday, June 18th. JPMorgan Chase & Co. raised shares of Corning from a “neutral” rating to an “overweight” rating and upped their price objective for the company from $37.00 to $43.00 in a research note on Thursday, May 30th. Fox Advisors raised shares of Corning from an “equal weight” rating to an “overweight” rating and set a $45.00 price target on the stock in a report on Monday, June 17th. StockNews.com raised shares of Corning from a “sell” rating to a “hold” rating in a report on Monday, April 1st. Finally, Morgan Stanley cut shares of Corning from an “overweight” rating to an “equal weight” rating and raised their target price for the stock from $35.00 to $38.00 in a research report on Thursday, June 13th. One analyst has rated the stock with a sell rating, six have issued a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat.com, Corning has a consensus rating of “Hold” and a consensus target price of $38.67.

Insider Buying and Selling

In other news, EVP Lewis A. Steverson sold 29,978 shares of the firm’s 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 sale, the executive vice president now owns 31,294 shares of the company’s stock, valued at approximately $1,034,266.70. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other Corning news, EVP Lewis A. Steverson sold 29,978 shares of the firm’s stock in a transaction on Wednesday, May 1st. The stock was sold at an average price of $33.05, for a total value of $990,772.90. Following the transaction, the executive vice president now owns 31,294 shares in the company, valued at approximately $1,034,266.70. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP John Z. Zhang sold 12,546 shares of the firm’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 approximately $379,484.10. The disclosure for this sale can be found here. In the last quarter, insiders have sold 175,207 shares of company stock worth $5,876,067. 0.45% of the stock is owned by company insiders.

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.