74,798 Shares in Corning Incorporated (NYSE:GLW) Bought by Entropy Technologies LP

Key Points

• Entropy Technologies LP acquired 74,798 shares of Corning Incorporated (NYSE:GLW) in the first quarter, valued at approximately $3,424,000.
• Corning's stock recently received multiple price target increases, with analysts at Oppenheimer setting a new target of $72.00 and several others adjusting their prices closer to $65.00.
• The company declared a quarterly dividend of $0.28, representing a 1.7% yield, with an annualized payout expected to be $1.12.

Entropy Technologies LP purchased a new stake in shares of Corning Incorporated (NYSE:GLW - Free Report) in the 1st quarter, according to the company in its most recent disclosure with the SEC. The institutional investor purchased 74,798 shares of the electronics maker's stock, valued at approximately $3,424,000.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Vermillion Wealth Management Inc. purchased a new stake in shares of Corning during the 4th quarter valued at about $29,000. Putney Financial Group LLC purchased a new stake in shares of Corning during the 4th quarter valued at about $30,000. Investment Management Corp VA ADV increased its position in shares of Corning by 165.9% during the 1st quarter. Investment Management Corp VA ADV now owns 742 shares of the electronics maker's stock valued at $34,000 after purchasing an additional 463 shares during the last quarter. Annis Gardner Whiting Capital Advisors LLC increased its holdings in Corning by 90.1% in the 1st quarter. Annis Gardner Whiting Capital Advisors LLC now owns 745 shares of the electronics maker's stock worth $34,000 after acquiring an additional 353 shares in the last quarter. Finally, Transce3nd LLC purchased a new stake in Corning in the 4th quarter worth approximately $39,000. Hedge funds and other institutional investors own 69.80% of the company's stock.

Analysts Set New Price Targets

Several research firms recently issued reports on GLW. Wall Street Zen raised shares of Corning from a "buy" rating to a "strong-buy" rating in a report on Saturday, August 2nd. Mizuho increased their target price on shares of Corning from $63.00 to $74.00 and gave the stock an "outperform" rating in a report on Friday. Barclays increased their target price on shares of Corning from $52.00 to $65.00 and gave the stock an "equal weight" rating in a report on Wednesday, July 30th. UBS Group increased their target price on shares of Corning from $57.00 to $65.00 and gave the stock a "neutral" rating in a report on Wednesday, August 6th. Finally, Morgan Stanley set a $56.00 target price on shares of Corning and gave the stock an "equal weight" rating in a report on Wednesday, July 30th. Three research analysts have rated the stock with a hold rating, ten have given a buy rating and two have given a strong buy rating to the company's stock. Based on data from MarketBeat, Corning currently has an average rating of "Moderate Buy" and an average target price of $65.17.

Insider Activity

In other news, SVP Michael Paul O'day sold 14,879 shares of the stock in a transaction that occurred on Wednesday, July 30th. The stock was sold at an average price of $62.36, for a total transaction of $927,854.44. Following the completion of the transaction, the senior vice president directly owned 35,743 shares in the company, valued at approximately $2,228,933.48. This represents a 29.39% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Avery H. Nelson III sold 36,240 shares of the stock in a transaction that occurred on Wednesday, July 30th. The shares were sold at an average price of $62.26, for a total value of $2,256,302.40. Following the transaction, the chief operating officer owned 64,838 shares of the company's stock, valued at $4,036,813.88. This represents a 35.85% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 211,484 shares of company stock worth $12,813,804. 0.32% of the stock is owned by corporate insiders.

Corning Price Performance

Shares of NYSE GLW traded up $0.86 during midday trading on Tuesday, reaching $65.84. 56,558 shares of the stock traded hands, compared to its average volume of 5,661,907. The company has a debt-to-equity ratio of 0.58, a current ratio of 1.50 and a quick ratio of 0.93. The stock has a market capitalization of $56.40 billion, a PE ratio of 70.00, a P/E/G ratio of 1.48 and a beta of 1.08. Corning Incorporated has a one year low of $37.31 and a one year high of $66.50. The company's 50 day moving average is $54.51 and its 200 day moving average is $49.69.

Corning (NYSE:GLW - Get Free Report) last posted its earnings results on Tuesday, July 29th. The electronics maker reported $0.60 EPS for the quarter, beating analysts' consensus estimates of $0.57 by $0.03. The firm 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 17.27% and a net margin of 5.77%. During the same period in the prior year, the company earned $0.47 EPS. On average, equities research analysts anticipate that Corning Incorporated will post 2.33 earnings per share for the current year.

Corning Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, September 29th. Stockholders of record on Friday, August 29th will be given a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a dividend yield of 1.7%. The ex-dividend date is Friday, August 29th. Corning's dividend payout ratio is currently 119.15%.

Corning 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.