Aigen Investment Management LP Acquires 5,265 Shares of 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 boosted its stake in shares of Corning Incorporated (NYSE:GLW - Free Report) by 17.0% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The firm owned 36,200 shares of the electronics maker's stock after buying an additional 5,265 shares during the quarter. Aigen Investment Management LP's holdings in Corning were worth $1,657,000 as of its most recent SEC filing.

Other institutional investors also recently added to or reduced their stakes in the company. Vermillion Wealth Management Inc. bought a new position in Corning during the fourth quarter worth about $29,000. Putney Financial Group LLC bought a new position in Corning during the fourth quarter worth about $30,000. Investment Management Corp VA ADV boosted its position in Corning by 165.9% during the first quarter. Investment Management Corp VA ADV now owns 742 shares of the electronics maker's stock worth $34,000 after purchasing an additional 463 shares during the period. Annis Gardner Whiting Capital Advisors LLC boosted its position in Corning by 90.1% during the first quarter. Annis Gardner Whiting Capital Advisors LLC now owns 745 shares of the electronics maker's stock worth $34,000 after purchasing an additional 353 shares during the period. Finally, Transce3nd LLC bought a new position in Corning during the fourth quarter worth about $39,000. Institutional investors own 69.80% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on GLW. 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 research report on Wednesday, August 6th. Mizuho set a $74.00 target price on shares of Corning and gave the stock an "outperform" rating in a research report on Friday, August 8th. Wolfe Research started coverage on shares of Corning in a research report on Tuesday, July 8th. They set an "outperform" rating for the company. Argus restated a "buy" rating and issued a $68.00 price objective on shares of Corning in a research report on Wednesday, July 30th. Finally, JPMorgan Chase & Co. raised their price objective on shares of Corning from $62.00 to $65.00 and gave the company an "overweight" rating in a research report on Friday, July 25th. Three equities 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 stock. According to data from MarketBeat.com, Corning presently has a consensus rating of "Moderate Buy" and a consensus target price of $65.17.

Insider Buying and Selling

In related news, COO Avery H. Nelson III sold 36,240 shares of Corning stock in a transaction 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 sale, the chief operating officer owned 64,838 shares in the company, valued at $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 SEC, which is available at this link. Also, EVP Lewis A. Steverson sold 16,646 shares of Corning stock in a transaction on Wednesday, July 30th. The shares were sold at an average price of $62.22, for a total transaction of $1,035,714.12. Following the completion of the sale, the executive vice president owned 39,759 shares in the company, valued at approximately $2,473,804.98. This trade represents a 29.51% decrease in their position. The disclosure for this sale can be found here. Insiders sold 211,484 shares of company stock valued at $12,813,804 over the last quarter. Company insiders own 0.40% of the company's stock.

Corning Price Performance

GLW traded up $0.05 on Thursday, reaching $65.79. The company had a trading volume of 3,607,342 shares, compared to its average volume of 6,081,778. The business has a 50 day simple moving average of $55.41 and a 200 day simple moving average of $50.03. The company has a market cap of $56.35 billion, a price-to-earnings ratio of 69.98, a P/E/G ratio of 1.48 and a beta of 1.08. The company has a debt-to-equity ratio of 0.58, a quick ratio of 0.93 and a current ratio of 1.50. Corning Incorporated has a 52-week low of $37.31 and a 52-week high of $66.50.

Corning (NYSE:GLW - Get Free Report) last posted its quarterly earnings results on Tuesday, July 29th. The electronics maker reported $0.60 EPS for the quarter, topping the consensus estimate of $0.57 by $0.03. The firm had revenue of $3.86 billion for the quarter, compared to the consensus estimate of $3.84 billion. Corning had a net margin of 5.77% and a return on equity of 17.27%. During the same period last year, the firm posted $0.47 earnings per share. As a group, sell-side analysts anticipate that Corning Incorporated will post 2.33 EPS for the current year.

Corning Announces Dividend

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

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.