4,954 Shares in Corning Incorporated (NYSE:GLW) Purchased by Integrated Investment Consultants LLC

Key Points

• Integrated Investment Consultants LLC has acquired 4,954 shares of Corning Incorporated, valued at approximately $227,000, indicating growing institutional interest in the company.
• Corning recently reported an earnings per share of $0.54 for the last quarter, surpassing analysts' expectations by $0.03, with revenues up 12.9% year-over-year.
• The company announced a quarterly dividend of $0.28, reflecting a dividend yield of 2.02%, although the dividend payout ratio stands at a notably high 215.38%.

Integrated Investment Consultants LLC acquired a new position in shares of Corning Incorporated (NYSE:GLW - Free Report) in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 4,954 shares of the electronics maker's stock, valued at approximately $227,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Brighton Jones LLC grew its position in shares of Corning by 46.0% during the 4th quarter. Brighton Jones LLC now owns 6,705 shares of the electronics maker's stock worth $319,000 after buying an additional 2,114 shares during the period. Congress Wealth Management LLC DE grew its position in shares of Corning by 73.7% in the 4th quarter. Congress Wealth Management LLC DE now owns 14,397 shares of the electronics maker's stock valued at $684,000 after purchasing an additional 6,107 shares during the period. Modern Wealth Management LLC acquired a new position in shares of Corning in the 4th quarter valued at approximately $211,000. Korea Investment CORP grew its position in shares of Corning by 8.8% in the 4th quarter. Korea Investment CORP now owns 589,900 shares of the electronics maker's stock valued at $28,032,000 after purchasing an additional 47,836 shares during the period. Finally, Mitsubishi UFJ Asset Management Co. Ltd. grew its position in shares of Corning by 5.6% in the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 1,256,300 shares of the electronics maker's stock valued at $59,674,000 after purchasing an additional 66,476 shares during the period. 69.80% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

GLW has been the subject of several research analyst reports. Citigroup boosted their price objective on Corning from $52.00 to $60.00 and gave the company a "buy" rating in a research report on Friday, July 11th. Wolfe Research initiated coverage on Corning in a research note on Tuesday, July 8th. They issued an "outperform" rating on the stock. Argus reiterated a "buy" rating and set a $68.00 price objective on shares of Corning in a research report on Wednesday. Morgan Stanley raised their price target on Corning from $50.00 to $56.00 and gave the stock an "equal weight" rating in a research report on Wednesday. Finally, Barclays raised their price objective on Corning from $52.00 to $65.00 and gave the company an "equal weight" rating in a research note on Wednesday. Four analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Corning currently has an average rating of "Moderate Buy" and a consensus target price of $63.25.

Corning Stock Up 0.5%

Corning stock traded up $0.32 during trading on Wednesday, hitting $62.30. 3,368,559 shares of the company were exchanged, compared to its average volume of 5,639,481. The business's 50 day moving average is $51.88 and its 200 day moving average is $48.87. Corning Incorporated has a 52 week low of $37.18 and a 52 week high of $63.20. The company has a market capitalization of $53.36 billion, a P/E ratio of 120.07, a PEG ratio of 1.50 and a beta of 1.11. The company has a current ratio of 1.69, a quick ratio of 1.05 and a debt-to-equity ratio of 0.62.

Corning (NYSE:GLW - Get Free Report) last announced its quarterly earnings results on Tuesday, July 29th. The electronics maker reported $0.60 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.57 by $0.03. The business had revenue of $3.86 billion during the quarter, compared to the consensus estimate of $3.84 billion. Corning had a return on equity of 16.47% and a net margin of 3.34%. During the same quarter in the prior year, the company posted $0.47 earnings per share. Analysts predict that Corning Incorporated will post 2.33 earnings per share for the current year.

Corning Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 29th. Shareholders of record on Friday, August 29th will be paid a $0.28 dividend. The ex-dividend date is Friday, August 29th. This represents a $1.12 dividend on an annualized basis and a yield of 1.80%. Corning's dividend payout ratio (DPR) is presently 215.38%.

Insiders Place Their Bets

In other news, SVP Soumya Seetharam sold 14,313 shares of the stock in a transaction on Wednesday, May 28th. The stock was sold at an average price of $50.01, for a total transaction of $715,793.13. Following the completion of the transaction, the senior vice president owned 31,505 shares in the company, valued at approximately $1,575,565.05. This represents a 31.24% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP John Z. Zhang sold 9,610 shares of the stock in a transaction on Wednesday, May 28th. The stock was sold at an average price of $49.29, for a total value of $473,676.90. The disclosure for this sale can be found here. Insiders have sold 55,534 shares of company stock worth $2,739,891 over the last 90 days. Company insiders own 0.32% 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.