PVG Asset Management Corp Takes Position in Corning Incorporated (NYSE:GLW)

PVG Asset Management Corp bought a new position in shares of Corning Incorporated (NYSE:GLW - Free Report) during the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund bought 6,500 shares of the electronics maker's stock, valued at approximately $309,000.

Several other large investors also recently modified their holdings of GLW. Barclays PLC increased its position in shares of Corning by 8.5% during the third quarter. Barclays PLC now owns 1,892,946 shares of the electronics maker's stock worth $85,468,000 after buying an additional 148,042 shares during the period. Tallon Kerry Patrick purchased a new stake in shares of Corning during the fourth quarter valued at approximately $302,000. Atomi Financial Group Inc. lifted its stake in shares of Corning by 31.2% in the 4th quarter. Atomi Financial Group Inc. now owns 6,295 shares of the electronics maker's stock valued at $299,000 after purchasing an additional 1,497 shares during the last quarter. Janney Montgomery Scott LLC grew its holdings in shares of Corning by 3.2% in the fourth quarter. Janney Montgomery Scott LLC now owns 417,631 shares of the electronics maker's stock worth $19,846,000 after purchasing an additional 12,945 shares during the last quarter. Finally, Secure Asset Management LLC acquired a new stake in shares of Corning in the 4th quarter worth $272,000. 69.80% of the stock is currently owned by institutional investors.

Corning Price Performance

Shares of GLW traded down $0.40 during midday trading on Friday, hitting $49.28. 2,594,639 shares of the company traded hands, compared to its average volume of 5,969,058. The firm has a market cap of $42.21 billion, a P/E ratio of 84.94, a PEG ratio of 1.50 and a beta of 1.09. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.62 and a quick ratio of 1.07. The stock has a 50-day moving average of $44.82 and a 200-day moving average of $47.55. Corning Incorporated has a one year low of $36.21 and a one year high of $55.33.

Corning (NYSE:GLW - Get Free Report) last issued its quarterly earnings data on Tuesday, April 29th. The electronics maker reported $0.54 earnings per share for the quarter, topping the consensus estimate of $0.51 by $0.03. Corning had a net margin of 3.86% and a return on equity of 15.10%. The firm had revenue of $3.68 billion for the quarter, compared to analysts' expectations of $3.63 billion. During the same quarter in the prior year, the business earned $0.38 EPS. The business's quarterly revenue was up 12.9% on a year-over-year basis. As a group, sell-side analysts predict that Corning Incorporated will post 2.33 EPS for the current fiscal year.

Corning Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, June 27th. Investors of record on Friday, May 30th will be given a $0.28 dividend. The ex-dividend date of this dividend is Friday, May 30th. This represents a $1.12 dividend on an annualized basis and a yield of 2.27%. Corning's dividend payout ratio is presently 215.38%.

Wall Street Analysts Forecast Growth

GLW has been the topic of a number of research analyst reports. Mizuho set a $52.00 price target on Corning in a research note on Tuesday, April 15th. HSBC upgraded Corning from a "hold" rating to a "buy" rating and lifted their target price for the company from $51.00 to $60.00 in a research note on Thursday, January 30th. Hsbc Global Res upgraded shares of Corning from a "hold" rating to a "strong-buy" rating in a report on Thursday, January 30th. Bank of America increased their target price on Corning from $65.00 to $68.00 and gave the company a "buy" rating in a research note on Wednesday, March 19th. Finally, JPMorgan Chase & Co. decreased their price objective on Corning from $62.00 to $50.00 and set an "overweight" rating for the company in a report on Thursday, April 17th. Four analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $53.08.

Insider Transactions at Corning

In related news, SVP Soumya Seetharam sold 14,313 shares of the business's stock in a transaction that occurred on Wednesday, May 28th. The shares were sold at an average price of $50.01, for a total value of $715,793.13. Following the completion of the transaction, the senior vice president now owns 31,505 shares of the company's stock, valued at $1,575,565.05. The trade was a 31.24% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, VP John Z. Zhang sold 8,000 shares of the company's stock in a transaction that occurred on Monday, May 12th. The shares were sold at an average price of $46.91, for a total value of $375,280.00. Following the completion of the sale, the vice president now owns 9,610 shares in the company, valued at approximately $450,805.10. This represents a 45.43% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 69,291 shares of company stock worth $3,307,320. 0.40% of the stock is currently owned by insiders.

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.