Corning Incorporated (NYSE:GLW) Shares Purchased by Transamerica Financial Advisors Inc.

Transamerica Financial Advisors Inc. boosted its stake in Corning Incorporated (NYSE:GLW) by 529.6% during the third quarter, according to its most recent 13F filing with the SEC. The firm owned 16,533 shares of the electronics maker’s stock after acquiring an additional 13,907 shares during the quarter. Transamerica Financial Advisors Inc.’s holdings in Corning were worth $747,000 as of its most recent filing with the SEC.

A number of other institutional investors have also recently added to or reduced their stakes in the stock. City Holding Co. boosted its stake in Corning by 545.5% during the 3rd quarter. City Holding Co. now owns 710 shares of the electronics maker’s stock worth $32,000 after purchasing an additional 600 shares during the last quarter. Accordant Advisory Group Inc acquired a new stake in Corning during the 2nd quarter worth $39,000. Cassady Schiller Wealth Management LLC acquired a new position in shares of Corning during the 3rd quarter valued at about $39,000. Global Trust Asset Management LLC boosted its position in shares of Corning by 2,250.0% during the 3rd quarter. Global Trust Asset Management LLC now owns 940 shares of the electronics maker’s stock valued at $42,000 after acquiring an additional 900 shares during the last quarter. Finally, Future Financial Wealth Managment LLC acquired a new position in shares of Corning during the 3rd quarter valued at about $45,000. Institutional investors and hedge funds own 69.80% of the company’s stock.

Corning Stock Down 0.5 %

Shares of GLW opened at $48.00 on Wednesday. The stock has a market capitalization of $41.10 billion, a PE ratio of 282.35, a P/E/G ratio of 1.54 and a beta of 1.03. Corning Incorporated has a 1 year low of $27.57 and a 1 year high of $51.03. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.05 and a current ratio of 1.66. The company’s 50-day simple moving average is $46.53 and its 200-day simple moving average is $42.28.

Corning (NYSE:GLW) last issued its quarterly earnings results on Tuesday, October 29th. The electronics maker reported $0.54 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.53 by $0.01. The business had revenue of $3.39 billion for the quarter, compared to analysts’ expectations of $3.72 billion. Corning had a net margin of 1.24% and a return on equity of 13.45%. The business’s quarterly revenue was up 6.9% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.45 earnings per share. Analysts forecast that Corning Incorporated will post 1.95 earnings per share for the current fiscal year.

Corning Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, December 13th. Investors of record on Friday, November 15th will be paid a dividend of $0.28 per share. The ex-dividend date is Friday, November 15th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.33%. Corning’s payout ratio is 658.82%.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on GLW shares. Barclays boosted their price target on shares of Corning from $40.00 to $53.00 and gave the company an “equal weight” rating in a research report on Tuesday, October 29th. JPMorgan Chase & Co. boosted their price target on shares of Corning from $55.00 to $60.00 and gave the company an “overweight” rating in a research report on Wednesday, October 30th. Bank of America upped their target price on shares of Corning from $46.00 to $51.00 and gave the company a “buy” rating in a research report on Friday, September 20th. Oppenheimer reaffirmed an “outperform” rating and issued a $58.00 target price (up previously from $51.00) on shares of Corning in a research report on Wednesday, October 30th. Finally, Mizuho raised shares of Corning from a “neutral” rating to an “outperform” rating and upped their target price for the company from $44.00 to $47.00 in a research report on Wednesday, August 21st. Six analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat, Corning presently has an average rating of “Moderate Buy” and an average price target of $50.08.

Insider Buying and Selling

In other Corning news, SVP John P. Bayne, Jr. sold 5,000 shares of the stock in a transaction that occurred on Friday, November 22nd. The shares were sold at an average price of $48.39, for a total value of $241,950.00. Following the transaction, the senior vice president now directly owns 6,700 shares in the company, valued at $324,213. This represents a 42.74 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, SVP John P. Bayne, Jr. sold 8,876 shares of the stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $49.09, for a total transaction of $435,722.84. The disclosure for this sale can be found here. Insiders own 0.45% of the company’s stock.

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.