Aviance Capital Partners LLC Boosts Stake in Corning Incorporated (NYSE:GLW)

Aviance Capital Partners LLC lifted its holdings in shares of Corning Incorporated (NYSE:GLW) by 7.3% during the 1st quarter, HoldingsChannel reports. The institutional investor owned 25,878 shares of the electronics maker’s stock after acquiring an additional 1,760 shares during the quarter. Aviance Capital Partners LLC’s holdings in Corning were worth $853,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also recently made changes to their positions in the company. Alaska Permanent Fund Corp lifted its holdings in shares of Corning by 0.4% during the 1st quarter. Alaska Permanent Fund Corp now owns 83,551 shares of the electronics maker’s stock valued at $2,754,000 after buying an additional 329 shares during the period. Level Four Advisory Services LLC boosted its position in Corning by 3.8% in the fourth quarter. Level Four Advisory Services LLC now owns 9,411 shares of the electronics maker’s stock worth $287,000 after purchasing an additional 343 shares during the last quarter. Madison Asset Management LLC grew its stake in shares of Corning by 0.7% during the 4th quarter. Madison Asset Management LLC now owns 53,113 shares of the electronics maker’s stock valued at $1,617,000 after purchasing an additional 349 shares during the period. Harvest Investment Advisors LLC increased its position in shares of Corning by 1.0% during the 3rd quarter. Harvest Investment Advisors LLC now owns 36,286 shares of the electronics maker’s stock valued at $1,106,000 after purchasing an additional 364 shares during the last quarter. Finally, Venture Visionary Partners LLC lifted its stake in shares of 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 purchasing an additional 380 shares during the period. 69.80% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other news, EVP Lewis A. Steverson sold 29,978 shares of the company’s stock in a transaction dated 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 directly owns 31,294 shares in the company, valued at approximately $1,034,266.70. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, VP Jeffrey W. Evenson sold 12,830 shares of the firm’s stock in a transaction that occurred on Wednesday, June 5th. The stock was sold at an average price of $37.39, for a total transaction of $479,713.70. Following the completion of the sale, the vice president now directly owns 57,280 shares of the company’s stock, valued at approximately $2,141,699.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Lewis A. Steverson sold 29,978 shares of the company’s stock in a transaction on Wednesday, May 1st. The shares were sold at an average price of $33.05, for a total value of $990,772.90. Following the completion of the transaction, the executive vice president now directly owns 31,294 shares in the company, valued at approximately $1,034,266.70. The disclosure for this sale can be found here. Insiders sold 175,207 shares of company stock valued at $5,876,067 in the last three months. Corporate insiders own 0.45% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have commented on the stock. Citigroup upped their target price on shares of Corning from $38.00 to $45.00 and gave the company a “buy” rating in a report on Friday, June 21st. StockNews.com upgraded Corning from a “sell” rating to a “hold” rating in a research note on Monday, April 1st. UBS Group lifted their target price on Corning from $35.00 to $38.00 and gave the company a “neutral” rating in a research report on Thursday, May 30th. Bank of America upped their price target on Corning from $38.00 to $42.00 and gave the stock a “buy” rating in a research report on Friday, June 14th. Finally, Fox Advisors raised Corning from an “equal weight” rating to an “overweight” rating and set a $45.00 price objective on the stock in a research report on Monday, June 17th. One analyst has rated the stock with a sell rating, six have given a hold rating and six have given a buy rating to the stock. According to data from MarketBeat.com, Corning has an average rating of “Hold” and an average price target of $38.67.

Corning Stock Down 0.5 %

GLW opened at $38.66 on Tuesday. The company has a market capitalization of $33.12 billion, a PE ratio of 54.45, a price-to-earnings-growth ratio of 1.77 and a beta of 1.05. The firm has a 50-day simple moving average of $35.97 and a two-hundred day simple moving average of $33.16. The company has a quick ratio of 1.02, a current ratio of 1.67 and a debt-to-equity ratio of 0.61. 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 results on Tuesday, April 30th. The electronics maker reported $0.38 EPS for the quarter, beating analysts’ consensus estimates of $0.36 by $0.02. Corning had a return on equity of 12.31% and a net margin of 4.96%. The company had revenue of $2.98 billion during the quarter, compared to analyst estimates of $3.12 billion. During the same period in the prior year, the company earned $0.41 earnings per share. The firm’s revenue was down 11.5% on a year-over-year basis. Analysts forecast that Corning Incorporated will post 1.9 earnings per share for the current fiscal 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 paid a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a yield of 2.90%. The ex-dividend date is Thursday, August 29th. Corning’s payout ratio is 157.75%.

About Corning

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.