Alpha Cubed Investments LLC Makes New Investment in Corning Incorporated (NYSE:GLW)

Alpha Cubed Investments LLC bought a new position in shares of Corning Incorporated (NYSE:GLW - Free Report) during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 8,128 shares of the electronics maker's stock, valued at approximately $372,000.

A number of other institutional investors also recently modified their holdings of GLW. Brighton Jones LLC raised its position 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. Assetmark Inc. raised its position in shares of Corning by 101.5% during the fourth quarter. Assetmark Inc. now owns 1,076 shares of the electronics maker's stock worth $51,000 after purchasing an additional 542 shares during the period. Proficio Capital Partners LLC acquired a new position in shares of Corning during the fourth quarter worth approximately $8,996,000. Raymond James Financial Inc. acquired a new position in shares of Corning during the fourth quarter worth approximately $92,522,000. Finally, PNC Financial Services Group Inc. raised its position in shares of Corning by 0.3% during the fourth quarter. PNC Financial Services Group Inc. now owns 626,131 shares of the electronics maker's stock worth $29,754,000 after purchasing an additional 1,587 shares during the period. 69.80% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Corning

In other news, VP John Z. Zhang sold 8,000 shares of the stock in a transaction on Monday, May 12th. The stock was sold at an average price of $46.91, for a total transaction of $375,280.00. Following the completion of the transaction, the vice president owned 9,610 shares in the company, valued at approximately $450,805.10. This represents a 45.43% 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, SVP Stefan Becker sold 17,106 shares of the stock in a transaction on Thursday, May 29th. The stock was sold at an average price of $49.68, for a total value of $849,826.08. Following the transaction, the senior vice president owned 16,117 shares of the company's stock, valued at $800,692.56. The trade was a 51.49% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 75,796 shares of company stock worth $3,632,635 in the last three months. Corporate insiders own 0.40% of the company's stock.

Corning Stock Performance

Shares of Corning stock traded down $0.68 during trading hours on Friday, hitting $51.58. 4,098,107 shares of the company's stock traded hands, compared to its average volume of 5,374,598. Corning Incorporated has a 12-month low of $37.18 and a 12-month high of $55.33. The stock has a market capitalization of $44.17 billion, a price-to-earnings ratio of 99.19, a PEG ratio of 1.41 and a beta of 1.11. The company has a fifty day simple moving average of $49.87 and a 200-day simple moving average of $48.26. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.69 and a quick ratio of 1.05.

Corning (NYSE:GLW - Get Free Report) last announced its earnings results on Tuesday, April 29th. The electronics maker reported $0.54 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.51 by $0.03. The firm had revenue of $3.68 billion during the quarter, compared to analyst estimates of $3.63 billion. Corning had a return on equity of 16.47% and a net margin of 3.34%. The business's revenue was up 12.9% compared to the same quarter last year. During the same period last year, the firm posted $0.38 EPS. Equities research analysts anticipate that Corning Incorporated will post 2.33 EPS for the current fiscal year.

Corning Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, September 29th. Stockholders of record on Friday, August 29th will be paid a dividend of $0.28 per share. The ex-dividend date is Friday, August 29th. This represents a $1.12 annualized dividend and a dividend yield of 2.17%. Corning's payout ratio is 215.38%.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on the company. JPMorgan Chase & Co. lowered their target price on Corning from $62.00 to $50.00 and set an "overweight" rating on the stock in a research report on Thursday, April 17th. Citigroup raised their price objective on Corning from $52.00 to $60.00 and gave the company a "buy" rating in a research note on Friday. Wolfe Research began coverage on Corning in a research note on Tuesday. They set an "outperform" rating on the stock. Oppenheimer dropped their price objective on Corning from $58.00 to $55.00 and set an "outperform" rating on the stock in a research note on Wednesday, April 30th. Finally, Bank of America raised their price objective on Corning from $65.00 to $68.00 and gave the company a "buy" rating in a research note on Wednesday, March 19th. Four research analysts have rated the stock with a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $55.73.

Corning Company 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.