Corning Incorporated (NYSE:GLW) Shares Purchased by Pitcairn Co.

Pitcairn Co. grew its position in shares of Corning Incorporated (NYSE:GLW) by 6.3% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 12,708 shares of the electronics maker’s stock after purchasing an additional 748 shares during the period. Pitcairn Co.’s holdings in Corning were worth $419,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of GLW. Norges Bank acquired a new stake in shares of Corning during the 4th quarter worth about $247,721,000. Wellington Management Group LLP boosted its stake in shares of Corning by 9.0% during the 4th quarter. Wellington Management Group LLP now owns 31,312,779 shares of the electronics maker’s stock worth $953,474,000 after purchasing an additional 2,597,878 shares during the last quarter. Goldman Sachs Group Inc. boosted its stake in shares of Corning by 41.7% during the 4th quarter. Goldman Sachs Group Inc. now owns 6,212,356 shares of the electronics maker’s stock worth $189,166,000 after purchasing an additional 1,828,097 shares during the last quarter. Federated Hermes Inc. boosted its stake in shares of Corning by 1,329.2% during the 4th quarter. Federated Hermes Inc. now owns 1,321,494 shares of the electronics maker’s stock worth $40,239,000 after purchasing an additional 1,229,031 shares during the last quarter. Finally, Assenagon Asset Management S.A. boosted its stake in shares of Corning by 82.1% during the 1st quarter. Assenagon Asset Management S.A. now owns 2,724,225 shares of the electronics maker’s stock worth $89,790,000 after purchasing an additional 1,227,863 shares during the last quarter. 69.80% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other news, VP Jeffrey W. Evenson sold 103,437 shares of Corning stock in a transaction that occurred on Monday, May 6th. The shares were sold at an average price of $33.19, for a total transaction of $3,433,074.03. Following the sale, the vice president now owns 70,110 shares in the company, valued at $2,326,950.90. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, VP Jeffrey W. Evenson sold 103,437 shares of the firm’s stock in a transaction that occurred on Monday, May 6th. The shares were sold at an average price of $33.19, for a total transaction of $3,433,074.03. Following the completion of the sale, the vice president now owns 70,110 shares of the company’s stock, valued at $2,326,950.90. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Martin J. Curran sold 16,416 shares of the firm’s stock in a transaction that occurred on Friday, May 3rd. The stock was sold at an average price of $33.70, for a total transaction of $553,219.20. Following the sale, the vice president now directly owns 65,598 shares of the company’s stock, valued at approximately $2,210,652.60. The disclosure for this sale can be found here. Insiders have sold 175,207 shares of company stock worth $5,876,067 over the last 90 days. Company insiders own 0.40% of the company’s stock.

Corning Trading Down 2.6 %

NYSE GLW traded down $1.14 during mid-day trading on Thursday, hitting $42.81. The company’s stock had a trading volume of 8,158,122 shares, compared to its average volume of 5,991,297. Corning Incorporated has a 52-week low of $25.26 and a 52-week high of $46.39. The stock’s fifty day simple moving average is $39.55 and its two-hundred day simple moving average is $34.75. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.67 and a quick ratio of 1.02. The firm has a market capitalization of $36.67 billion, a P/E ratio of 61.38, a price-to-earnings-growth ratio of 1.63 and a beta of 1.05.

Corning (NYSE:GLW) last posted its quarterly earnings results on Tuesday, April 30th. The electronics maker reported $0.38 EPS for the quarter, beating the consensus estimate of $0.36 by $0.02. Corning had a net margin of 4.96% and a return on equity of 12.31%. The firm had revenue of $2.98 billion for the quarter, compared to analyst estimates of $3.12 billion. During the same quarter last year, the firm posted $0.41 earnings per share. Corning’s revenue for the quarter was down 11.5% compared to the same quarter last year. Research analysts expect that Corning Incorporated will post 1.94 EPS for the current year.

Corning Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 27th. Stockholders of record on Friday, August 30th will be paid a dividend of $0.28 per share. The ex-dividend date is Thursday, August 29th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.62%. Corning’s dividend payout ratio is currently 157.75%.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on the stock. UBS Group raised their price target on shares of Corning from $38.00 to $44.00 and gave the stock a “neutral” rating in a research note on Tuesday, July 9th. Susquehanna reissued a “positive” rating and issued a $40.00 target price on shares of Corning in a research report on Monday, April 1st. JPMorgan Chase & Co. raised shares of Corning from a “neutral” rating to an “overweight” rating and raised their target price for the stock from $37.00 to $43.00 in a research report on Thursday, May 30th. Fox Advisors raised shares of Corning from an “equal weight” rating to an “overweight” rating and set a $45.00 target price on the stock in a research report on Monday, June 17th. Finally, Oppenheimer reissued an “outperform” rating and issued a $50.00 target price (up from $40.00) on shares of Corning in a research report on Wednesday, July 10th. Eight research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $43.38.

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.