3Chopt Investment Partners LLC Buys New Stake in Corning Incorporated (NYSE:GLW)

3Chopt Investment Partners LLC bought a new position in shares of Corning Incorporated (NYSE:GLW - Free Report) during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 7,470 shares of the electronics maker's stock, valued at approximately $342,000.

Other hedge funds have also modified their holdings of the company. University of Texas Texas AM Investment Management Co. raised its position in Corning by 9.7% in the 4th quarter. University of Texas Texas AM Investment Management Co. now owns 2,422 shares of the electronics maker's stock valued at $115,000 after purchasing an additional 214 shares in the last quarter. Seeds Investor LLC raised its stake in shares of Corning by 3.0% during the 4th quarter. Seeds Investor LLC now owns 7,708 shares of the electronics maker's stock worth $366,000 after buying an additional 221 shares in the last quarter. CreativeOne Wealth LLC grew its position in Corning by 2.4% during the fourth quarter. CreativeOne Wealth LLC now owns 10,182 shares of the electronics maker's stock worth $484,000 after buying an additional 238 shares during the period. Old North State Wealth Management LLC boosted its position in shares of Corning by 0.6% in the 1st quarter. Old North State Wealth Management LLC now owns 40,107 shares of the electronics maker's stock worth $1,836,000 after buying an additional 239 shares in the last quarter. Finally, Lake Street Advisors Group LLC increased its position in Corning by 4.5% during the fourth quarter. Lake Street Advisors Group LLC now owns 5,688 shares of the electronics maker's stock worth $270,000 after buying an additional 244 shares in the last quarter. 69.80% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

GLW has been the subject of a number of research reports. JPMorgan Chase & Co. decreased their target price on Corning from $62.00 to $50.00 and set an "overweight" rating for the company in a report on Thursday, April 17th. Mizuho set a $52.00 price objective on shares of Corning in a research note on Tuesday, April 15th. Oppenheimer dropped their price objective on shares of Corning from $58.00 to $55.00 and set an "outperform" rating on the stock in a research note on Wednesday, April 30th. Citigroup cut their target price on Corning from $58.00 to $50.00 and set a "buy" rating on the stock in a research note on Monday, April 14th. Finally, Bank of America raised their target price on Corning from $65.00 to $68.00 and gave the company a "buy" rating in a research report on Wednesday, March 19th. Four research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $53.75.

Corning Stock Performance

Shares of NYSE:GLW traded up $0.14 during mid-day trading on Wednesday, reaching $52.73. The company had a trading volume of 2,462,261 shares, compared to its average volume of 5,642,585. The company's 50-day moving average price is $48.55 and its 200-day moving average price is $47.98. Corning Incorporated has a one year low of $37.18 and a one year high of $55.33. The company has a current ratio of 1.69, a quick ratio of 1.05 and a debt-to-equity ratio of 0.62. The firm has a market cap of $45.16 billion, a price-to-earnings ratio of 101.40, a PEG ratio of 1.42 and a beta of 1.11.

Corning (NYSE:GLW - Get Free Report) last released its quarterly earnings data on Tuesday, April 29th. The electronics maker reported $0.54 EPS for the quarter, topping the consensus estimate of $0.51 by $0.03. Corning had a return on equity of 16.47% and a net margin of 3.34%. The firm had revenue of $3.68 billion for the quarter, compared to the consensus estimate of $3.63 billion. During the same quarter in the previous year, the business earned $0.38 earnings per share. The company's quarterly revenue was up 12.9% on a year-over-year basis. As a group, equities research analysts anticipate that Corning Incorporated will post 2.33 EPS for the current fiscal year.

Corning Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, September 29th. Investors of record on Friday, August 29th will be issued a $0.28 dividend. The ex-dividend date of this dividend is Friday, August 29th. This represents a $1.12 dividend on an annualized basis and a yield of 2.12%. Corning's dividend payout ratio is currently 215.38%.

Insider Buying and Selling

In other Corning news, VP John Z. Zhang sold 9,610 shares of the company's stock in a transaction that occurred on Wednesday, May 28th. The stock was sold at an average price of $49.29, for a total value of $473,676.90. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP John Z. Zhang sold 8,000 shares of the firm's stock in a transaction on Monday, May 12th. The shares were sold at an average price of $46.91, for a total transaction of $375,280.00. Following the completion of the transaction, the vice president directly owned 9,610 shares of the company's stock, valued at approximately $450,805.10. This trade represents a 45.43% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 75,796 shares of company stock worth $3,632,635 in the last ninety days. Corporate insiders own 0.32% 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.