Aigen Investment Management LP Has $1.66 Million Holdings in Corning Incorporated (NYSE:GLW)

Key Points

• Aigen Investment Management LP increased its stake in Corning Incorporated by 17.0% to $1.66 million, owning 36,200 shares following the purchase of an additional 5,265 shares.
• Multiple institutional investors have enhanced their holdings in Corning, with Brighton Jones LLC and Federated Hermes Inc. raising their stakes by 46.0% and 56.5%, respectively, during the fourth quarter.
• Analysts have updated their price targets for Corning, with recommendations ranging from an "equal weight" rating with a target of $65.00 to a "strong-buy" rating with a target of $74.00, reflecting a positive outlook on the stock.

Aigen Investment Management LP increased its stake in shares of Corning Incorporated (NYSE:GLW - Free Report) by 17.0% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 36,200 shares of the electronics maker's stock after purchasing an additional 5,265 shares during the period. Aigen Investment Management LP's holdings in Corning were worth $1,657,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in GLW. Brighton Jones LLC grew its stake in shares of Corning by 46.0% during the fourth quarter. Brighton Jones LLC now owns 6,705 shares of the electronics maker's stock worth $319,000 after purchasing an additional 2,114 shares during the period. Federated Hermes Inc. grew its stake in shares of Corning by 56.5% during the fourth quarter. Federated Hermes Inc. now owns 58,162 shares of the electronics maker's stock worth $2,764,000 after purchasing an additional 20,994 shares during the period. Renaissance Technologies LLC acquired a new stake in shares of Corning during the fourth quarter worth $14,722,000. Treasurer of the State of North Carolina grew its stake in shares of Corning by 0.5% during the fourth quarter. Treasurer of the State of North Carolina now owns 346,270 shares of the electronics maker's stock worth $16,455,000 after purchasing an additional 1,580 shares during the period. Finally, Sterling Capital Management LLC grew its stake in shares of Corning by 56.1% during the fourth quarter. Sterling Capital Management LLC now owns 45,818 shares of the electronics maker's stock worth $2,177,000 after purchasing an additional 16,463 shares during the period. 69.80% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research analysts have weighed in on the company. Barclays lifted their target price on Corning from $52.00 to $65.00 and gave the stock an "equal weight" rating in a report on Wednesday, July 30th. Oppenheimer reiterated an "outperform" rating and set a $72.00 target price (up from $55.00) on shares of Corning in a report on Wednesday, July 30th. UBS Group lifted their target price on Corning from $57.00 to $65.00 and gave the stock a "neutral" rating in a report on Wednesday. Mizuho lifted their target price on Corning from $63.00 to $74.00 and gave the stock an "outperform" rating in a report on Friday. Finally, Wall Street Zen upgraded Corning from a "buy" rating to a "strong-buy" rating in a report on Saturday, August 2nd. Three investment analysts have rated the stock with a hold rating, ten have given a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, Corning presently has an average rating of "Moderate Buy" and a consensus price target of $65.17.

Corning Stock Performance

Shares of Corning stock opened at $65.84 on Friday. The firm has a market cap of $56.40 billion, a price-to-earnings ratio of 70.04, a price-to-earnings-growth ratio of 1.48 and a beta of 1.08. The stock's 50-day moving average is $54.21 and its 200-day moving average is $49.65. Corning Incorporated has a one year low of $37.31 and a one year high of $66.50. The company has a debt-to-equity ratio of 0.58, a current ratio of 1.50 and a quick ratio of 0.93.

Corning (NYSE:GLW - Get Free Report) last issued its quarterly 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 company had revenue of $3.86 billion for the quarter, compared to analyst estimates 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 previous year, the company posted $0.47 earnings per share. Equities analysts predict that Corning Incorporated will post 2.33 earnings per share for the current fiscal year.

Corning Announces Dividend

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 given 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 dividend yield of 1.7%. Corning's payout ratio is currently 119.15%.

Insiders Place Their Bets

In related news, COO Avery H. Nelson III sold 36,240 shares of Corning stock in a transaction dated Wednesday, July 30th. The stock was sold at an average price of $62.26, for a total value of $2,256,302.40. Following the sale, the chief operating officer owned 64,838 shares of the company's stock, valued at approximately $4,036,813.88. The trade was a 35.85% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Lewis A. Steverson sold 16,646 shares of Corning stock in a transaction dated Wednesday, July 30th. The shares were sold at an average price of $62.22, for a total value of $1,035,714.12. Following the completion of the sale, the executive vice president directly owned 39,759 shares in the company, valued at approximately $2,473,804.98. This represents a 29.51% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 219,484 shares of company stock valued at $13,189,084 in the last quarter. 0.40% of the stock is currently owned by corporate insiders.

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.

Want to see what other hedge funds are holding GLW? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Corning Incorporated (NYSE:GLW - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.