Financial Gravity Companies Inc. Acquires New Holdings in Corning Incorporated (GLW)

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Financial Gravity Companies Inc. acquired a new position in Corning Incorporated (NYSE:GLW) in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 2,231 shares of the electronics maker’s stock, valued at approximately $74,000.

Other hedge funds also recently bought and sold shares of the company. Essex Savings Bank acquired a new stake in Corning in the fourth quarter worth about $34,000. Csenge Advisory Group acquired a new stake in Corning in the third quarter worth about $38,000. Cowen Prime Services LLC lifted its holdings in Corning by 43.5% in the fourth quarter. Cowen Prime Services LLC now owns 1,650 shares of the electronics maker’s stock worth $50,000 after purchasing an additional 500 shares during the period. TRUE Private Wealth Advisors acquired a new stake in Corning in the third quarter worth about $100,000. Finally, Mitsubishi UFJ Securities Holdings Co. Ltd. lifted its holdings in Corning by 711.4% in the third quarter. Mitsubishi UFJ Securities Holdings Co. Ltd. now owns 2,840 shares of the electronics maker’s stock worth $100,000 after purchasing an additional 2,490 shares during the period. 71.51% of the stock is owned by institutional investors and hedge funds.

In other Corning news, Vice Chairman Lawrence D. Mcrae sold 20,000 shares of the company’s stock in a transaction dated Wednesday, December 19th. The shares were sold at an average price of $30.68, for a total value of $613,600.00. Following the completion of the sale, the insider now directly owns 150,716 shares of the company’s stock, valued at approximately $4,623,966.88. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider David L. Morse sold 30,151 shares of the company’s stock in a transaction dated Friday, November 30th. The shares were sold at an average price of $32.16, for a total transaction of $969,656.16. The disclosure for this sale can be found here. Insiders sold a total of 103,009 shares of company stock valued at $3,330,247 over the last three months. 0.46% of the stock is owned by corporate insiders.

Shares of NYSE GLW opened at $33.39 on Monday. Corning Incorporated has a twelve month low of $26.11 and a twelve month high of $36.56. The company has a debt-to-equity ratio of 0.52, a current ratio of 2.12 and a quick ratio of 1.51. The stock has a market capitalization of $26.73 billion, a price-to-earnings ratio of 18.76, a price-to-earnings-growth ratio of 1.90 and a beta of 1.21.

Corning (NYSE:GLW) last issued its quarterly earnings results on Tuesday, January 29th. The electronics maker reported $0.59 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.57 by $0.02. Corning had a net margin of 9.44% and a return on equity of 14.21%. The company had revenue of $3.04 billion during the quarter, compared to the consensus estimate of $3.02 billion. During the same period in the prior year, the company earned $0.49 EPS. Corning’s revenue was up 15.1% on a year-over-year basis. On average, equities research analysts forecast that Corning Incorporated will post 2 EPS for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 29th. Shareholders of record on Thursday, February 28th will be issued a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a yield of 2.40%. This is an increase from Corning’s previous quarterly dividend of $0.18. The ex-dividend date of this dividend is Wednesday, February 27th. Corning’s dividend payout ratio is presently 40.45%.

Several equities research analysts recently weighed in on GLW shares. Zacks Investment Research raised shares of Corning from a “hold” rating to a “buy” rating and set a $34.00 price objective for the company in a report on Monday, October 22nd. Guggenheim reaffirmed a “buy” rating and issued a $41.00 price objective on shares of Corning in a report on Tuesday, October 23rd. UBS Group set a $33.00 price objective on shares of Corning and gave the stock a “hold” rating in a report on Tuesday, October 23rd. Citigroup reduced their price objective on shares of Corning from $40.00 to $38.00 and set a “buy” rating for the company in a report on Wednesday, October 24th. Finally, ValuEngine downgraded shares of Corning from a “buy” rating to a “hold” rating in a report on Monday, November 12th. Four equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus price target of $35.50.

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Corning Profile

Corning Incorporated manufactures and sells specialty glasses, ceramics, and related materials in North America, the Asia Pacific, Europe, and internationally. The company operates through five segments: Display Technologies, Optical Communications, Environmental Technologies, Specialty Materials, and Life Sciences.

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Institutional Ownership by Quarter for Corning (NYSE:GLW)

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