C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors Makes New Investment in Corning Incorporated (NYSE:GLW)

C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors purchased a new stake in shares of Corning Incorporated (NYSE:GLW) during the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 1,735 shares of the electronics maker’s stock, valued at approximately $82,000.

A number of other large investors also recently made changes to their positions in GLW. Swedbank AB boosted its holdings 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 purchasing an additional 14,403 shares during the last quarter. Cornerstone Wealth Management LLC purchased a new position in Corning during the third quarter worth about $214,000. Good Life Advisors LLC boosted its holdings in Corning by 19.0% during the third 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 last quarter. Bleakley Financial Group LLC boosted its holdings in Corning by 10.1% during the third 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 last quarter. Finally, Vista Investment Partners LLC purchased a new position in Corning during the third quarter worth about $474,000. 69.80% of the stock is owned by institutional investors.

Corning Trading Up 0.9 %

Shares of GLW opened at $52.58 on Friday. The business’s 50-day moving average price is $49.46 and its 200-day moving average price is $46.19. Corning Incorporated has a twelve month low of $30.72 and a twelve month high of $55.33. The stock has a market cap of $45.02 billion, a PE ratio of 90.66, a P/E/G ratio of 1.55 and a beta of 1.03. The company has a quick ratio of 1.07, a current ratio of 1.62 and a debt-to-equity ratio of 0.62.

Corning (NYSE:GLW) last announced its quarterly earnings results on Wednesday, January 29th. The electronics maker reported $0.57 earnings per share for the quarter, beating the consensus estimate of $0.56 by $0.01. Corning had a return on equity of 15.10% and a net margin of 3.86%. On average, equities analysts forecast that Corning Incorporated will post 2.33 EPS for the current fiscal year.

Corning Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Friday, February 28th will be given 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 is presently 193.10%.

Wall Street Analyst Weigh In

GLW has been the subject of a number of research analyst reports. StockNews.com upgraded shares of Corning from a “hold” rating to a “buy” rating in a report on Tuesday, December 24th. Citigroup boosted their target price on shares of Corning from $55.00 to $58.00 and gave the company a “buy” rating in a research note on Tuesday, January 21st. Barclays dropped their target price on shares of Corning from $53.00 to $52.00 and set an “equal weight” rating on the stock in a research note on Wednesday, January 29th. JPMorgan Chase & Co. boosted their target price 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. Finally, Hsbc Global Res upgraded shares of Corning from a “hold” rating to a “strong-buy” rating in a research note on Thursday, January 30th. Three research analysts have rated the stock with a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Corning has a consensus rating of “Moderate Buy” and an average target price of $53.00.

Insider Activity

In related news, COO Eric S. Musser sold 30,000 shares of the company’s stock in a transaction that occurred on 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 transaction, the chief operating officer now directly owns 152,944 shares in the company, valued at approximately $7,940,852.48. This represents a 16.40 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Michael Alan Bell sold 2,209 shares of the company’s stock in a transaction that occurred on Thursday, January 30th. The stock was sold at an average price of $49.87, for a total transaction of $110,162.83. The disclosure for this sale can be found here. Insiders have sold a total of 46,085 shares of company stock worth $2,345,436 over the last ninety days. Company insiders own 0.40% of the company’s stock.

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.