Providence Wealth Advisors Invests $231,000 in Corning Incorporated

Providence Wealth Advisors LLC has made a notable investment in Corning Incorporated, purchasing 4,388 shares valued at approximately $231,000. This acquisition, disclosed during the second quarter, reflects a positive sentiment towards the electronics manufacturer listed on the New York Stock Exchange under the ticker symbol GLW.

Other institutional investors are also reshaping their positions in Corning. For instance, Cornerstone Select Advisors LLC increased its stake by 10.8%, now owning 11,251 shares valued at about $592,000. Additionally, American Century Companies Inc. raised its position by 29.8%, bringing its total to 256,993 shares worth $13.5 million after acquiring an extra 59,032 shares during the same period.

Nemes Rush Group LLC also expanded its holdings in Corning by 18.2%, now owning 8,421 shares valued at $443,000. AGP Franklin LLC increased its stake by 4.8%, acquiring 2,525 additional shares to reach a total of 55,370 shares valued at $2.91 million. Finally, Bowen Hanes & Co. Inc. boosted its stake by 2.5%, now holding 1,494,244 shares valued at approximately $78.58 million. Collectively, institutional investors and hedge funds now own 69.80% of Corning’s stock.

Insider Transactions and Financial Performance

In related developments, Corning’s Chief Financial Officer, Edward A. Schlesinger, sold 20,893 shares on October 31, 2023, at an average price of $91.25, resulting in a transaction worth $1.91 million. Following this sale, Schlesinger retains 66,959 shares valued at approximately $6.11 million, representing a 23.78% decrease in his ownership.

Moreover, Senior Vice President Jaymin Amin sold 17,721 shares on September 17, 2023, at an average price of $77.18, totaling around $1.37 million. After this transaction, Amin owns 88,722 shares, valued at about $6.85 million, which reflects a 16.65% decrease in his stake. Over the past 90 days, insiders have sold a total of 173,856 shares of Corning stock valued at $15.46 million. Currently, insiders hold 0.40% of the company’s stock.

Market Performance and Dividends

As of the last trading session, Corning’s shares opened at $79.37. The company maintains a quick ratio of 0.93, a current ratio of 1.56, and a debt-to-equity ratio of 0.62. Corning’s market capitalization stands at $68.05 billion, with a price-to-earnings (P/E) ratio of 50.23 and a P/E to growth (P/E/G) ratio of 1.99. The stock has exhibited volatility, with a 52-week low of $37.31 and a high of $92.57. The fifty-day simple moving average is $83.93, while the 200-day moving average is $66.26.

Corning recently reported its earnings on October 28, 2023, revealing earnings per share (EPS) of $0.67, slightly surpassing the consensus estimate of $0.66. The company’s revenue for the quarter was $4.10 billion, though this fell short of the forecasted $4.24 billion. Notably, Corning’s net margin was 9.16%, with a return on equity of 18.12%. The firm’s revenue increased by 20.9% year-over-year, compared to an EPS of $0.54 for the same quarter in the previous year.

Looking ahead, Corning has set its guidance for Q4 2023 at an EPS range of $0.680 to $0.72. Analysts predict that Corning will report $2.33 earnings per share for the current fiscal year.

In addition to its financial performance, Corning has announced a quarterly dividend of $0.28 per share, scheduled for payment on December 12, 2023. Investors holding shares as of November 14, 2023, will be eligible for this dividend, which represents an annualized payout of $1.12 and a yield of 1.4%. The company’s current dividend payout ratio is 70.89%.

Corning Incorporated operates across various sectors, including display technologies, optical communications, environmental technologies, specialty materials, and life sciences, serving both domestic and international markets. Its Display Technologies division provides glass substrates for flat panel displays, including those used in televisions and computers.