Azzad Asset Management Inc. ADV Takes Position in Corning Incorporated (NYSE:GLW)

Azzad Asset Management Inc. ADV purchased a new position in Corning Incorporated (NYSE:GLW - Free Report) in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 80,557 shares of the electronics maker's stock, valued at approximately $3,688,000.

A number of other institutional investors also recently added to or reduced their stakes in the company. Sierra Ocean LLC acquired a new position in shares of Corning during the 4th quarter worth $25,000. Asset Planning Inc acquired a new position in shares of Corning during the 4th quarter valued at about $29,000. Vermillion Wealth Management Inc. acquired a new stake in Corning during the 4th quarter worth approximately $29,000. Putney Financial Group LLC acquired a new stake in Corning in the fourth quarter valued at approximately $30,000. Finally, Mainstream Capital Management LLC bought a new position in Corning during the fourth quarter worth $35,000. Hedge funds and other institutional investors own 69.80% of the company's stock.

Corning Stock Up 2.4%

Shares of NYSE GLW traded up $1.18 during trading hours on Monday, hitting $50.78. 2,021,427 shares of the stock were exchanged, compared to its average volume of 5,902,211. The company has a quick ratio of 1.07, a current ratio of 1.62 and a debt-to-equity ratio of 0.62. Corning Incorporated has a 12 month low of $37.18 and a 12 month high of $55.33. The company has a market cap of $43.49 billion, a PE ratio of 87.59, a PEG ratio of 1.50 and a beta of 1.11. The firm has a fifty day moving average price of $46.19 and a 200-day moving average price of $47.76.

Corning (NYSE:GLW - Get Free Report) last posted its quarterly earnings data 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. Corning had a net margin of 3.86% and a return on equity of 15.10%. The business had revenue of $3.68 billion for the quarter, compared to the consensus estimate of $3.63 billion. During the same period last year, the firm posted $0.38 earnings per share. The company's revenue was up 12.9% compared to the same quarter last year. On average, sell-side analysts expect that Corning Incorporated will post 2.33 EPS for the current year.

Corning Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, June 27th. Stockholders of record on Friday, May 30th will be issued a dividend of $0.28 per share. The ex-dividend date of this dividend is Friday, May 30th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.21%. Corning's dividend payout ratio (DPR) is presently 215.38%.

Wall Street Analysts Forecast Growth

GLW has been the topic of a number of research analyst reports. 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 report on Thursday, April 17th. Citigroup dropped their target price on Corning from $58.00 to $50.00 and set a "buy" rating for the company in a research report on Monday, April 14th. Mizuho set a $52.00 price target on Corning in a research report on Tuesday, April 15th. Oppenheimer cut their price objective on Corning from $58.00 to $55.00 and set an "outperform" rating for the company in a research report on Wednesday, April 30th. Finally, Bank of America increased their target price on Corning from $65.00 to $68.00 and gave the stock a "buy" rating in a research note on Wednesday, March 19th. Four equities research analysts have rated the stock with a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $53.08.

Insider Activity at Corning

In other Corning news, SVP Stefan Becker sold 17,106 shares of the company's stock in a transaction that occurred on Thursday, May 29th. The shares were sold at an average price of $49.68, for a total value of $849,826.08. Following the completion of the transaction, the senior vice president now directly owns 16,117 shares in the company, valued at approximately $800,692.56. This represents a 51.49% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, SVP Soumya Seetharam sold 6,505 shares of the firm's stock in a transaction on Thursday, May 29th. The shares were sold at an average price of $50.01, for a total transaction of $325,315.05. Following the completion of the transaction, the senior vice president now directly owns 25,000 shares in the company, valued at $1,250,250. This trade represents a 20.65% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 75,796 shares of company stock worth $3,632,635. 0.40% of the stock is owned by company 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.