Balboa Wealth Partners Grows Holdings in Corning Incorporated (NYSE:GLW)

Balboa Wealth Partners grew its stake in Corning Incorporated (NYSE:GLW - Free Report) by 53.0% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 14,557 shares of the electronics maker's stock after buying an additional 5,042 shares during the period. Balboa Wealth Partners' holdings in Corning were worth $666,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. Oregon Public Employees Retirement Fund grew its stake in Corning by 0.3% in the 4th quarter. Oregon Public Employees Retirement Fund now owns 66,063 shares of the electronics maker's stock worth $3,139,000 after buying an additional 204 shares in the last quarter. Principal Securities Inc. grew its stake in Corning by 3.5% in the 4th quarter. Principal Securities Inc. now owns 6,170 shares of the electronics maker's stock worth $293,000 after buying an additional 211 shares in the last quarter. University of Texas Texas AM Investment Management Co. grew its stake in Corning by 9.7% in the 4th quarter. University of Texas Texas AM Investment Management Co. now owns 2,422 shares of the electronics maker's stock worth $115,000 after buying an additional 214 shares in the last quarter. Seeds Investor LLC grew its stake in Corning by 3.0% in the 4th quarter. Seeds Investor LLC now owns 7,708 shares of the electronics maker's stock worth $366,000 after buying an additional 221 shares in the last quarter. Finally, CreativeOne Wealth LLC grew its stake in Corning by 2.4% in the 4th quarter. CreativeOne Wealth LLC now owns 10,182 shares of the electronics maker's stock worth $484,000 after buying an additional 238 shares in the last quarter. Hedge funds and other institutional investors own 69.80% of the company's stock.

Insider Buying and Selling

In other news, SVP Michael Alan Bell sold 20,262 shares of Corning stock in a transaction that occurred on Wednesday, April 30th. The shares were sold at an average price of $44.06, for a total value of $892,743.72. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, VP John Z. Zhang sold 8,000 shares of Corning stock in a transaction that occurred 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 sale, the vice president now owns 9,610 shares of the company's stock, valued at $450,805.10. This represents a 45.43% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 75,796 shares of company stock worth $3,632,635 in the last three months. 0.32% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on the stock. Citigroup cut their price objective on shares of Corning from $58.00 to $50.00 and set a "buy" rating for the company in a research note on Monday, April 14th. Mizuho set a $52.00 price objective on shares of Corning in a research note on Tuesday, April 15th. Oppenheimer cut their price objective on shares of Corning from $58.00 to $55.00 and set an "outperform" rating for the company in a research note on Wednesday, April 30th. JPMorgan Chase & Co. cut their price objective on shares of Corning from $62.00 to $50.00 and set an "overweight" rating for the company in a research note on Thursday, April 17th. Finally, Wall Street Zen cut shares of Corning from a "buy" rating to a "hold" rating in a research note on Tuesday, February 25th. Four analysts have rated the stock with a hold rating, nine have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $53.75.

Corning Stock Up 2.7%

Shares of Corning stock opened at $51.80 on Tuesday. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.69 and a quick ratio of 1.05. The company has a 50-day moving average of $47.28 and a 200 day moving average of $47.83. The firm has a market cap of $44.37 billion, a price-to-earnings ratio of 99.62, a PEG ratio of 1.36 and a beta of 1.11. Corning Incorporated has a 1 year low of $37.18 and a 1 year high of $55.33.

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

Corning Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 27th. Investors of record on Friday, May 30th will be paid a $0.28 dividend. The ex-dividend date is Friday, May 30th. This represents a $1.12 annualized dividend and a dividend yield of 2.16%. Corning's payout ratio is 215.38%.

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.

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