Corning Incorporated (NYSE:GLW) Shares Acquired by Bard Financial Services Inc.

Bard Financial Services Inc. lifted its position in Corning Incorporated (NYSE:GLW - Free Report) by 33.2% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 56,125 shares of the electronics maker's stock after purchasing an additional 14,000 shares during the quarter. Bard Financial Services Inc.'s holdings in Corning were worth $2,569,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of GLW. Tallon Kerry Patrick purchased a new position in Corning during the fourth quarter worth about $302,000. Brighton Jones LLC raised its holdings in Corning by 46.0% in the fourth quarter. Brighton Jones LLC now owns 6,705 shares of the electronics maker's stock valued at $319,000 after acquiring an additional 2,114 shares in the last quarter. Empowered Funds LLC raised its holdings in Corning by 752.8% in the fourth quarter. Empowered Funds LLC now owns 151,610 shares of the electronics maker's stock valued at $7,205,000 after acquiring an additional 133,833 shares in the last quarter. Stephens Inc. AR increased its stake in Corning by 8.5% in the fourth quarter. Stephens Inc. AR now owns 16,191 shares of the electronics maker's stock valued at $769,000 after purchasing an additional 1,263 shares during the last quarter. Finally, Kestra Private Wealth Services LLC increased its stake in Corning by 12.7% in the fourth quarter. Kestra Private Wealth Services LLC now owns 59,525 shares of the electronics maker's stock valued at $2,829,000 after purchasing an additional 6,708 shares during the last quarter. Hedge funds and other institutional investors own 69.80% of the company's stock.

Insider Transactions at Corning

In other Corning news, SVP Michael Alan Bell sold 20,262 shares of the company's stock in a transaction that occurred on Wednesday, April 30th. The stock was sold at an average price of $44.06, for a total value of $892,743.72. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Stefan Becker sold 17,106 shares of the company's stock in a transaction that occurred 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 completion of the transaction, the senior vice president now owns 16,117 shares of the company's stock, valued at approximately $800,692.56. This represents a 51.49% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 75,796 shares of company stock worth $3,632,635. 0.40% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several equities analysts have commented on the stock. Wall Street Zen lowered shares of Corning from a "buy" rating to a "hold" rating in a research note on Tuesday, February 25th. JPMorgan Chase & Co. lowered their price objective on shares of Corning from $62.00 to $50.00 and set an "overweight" rating on the stock in a research report on Thursday, April 17th. Bank of America boosted their target price on shares of Corning from $65.00 to $68.00 and gave the stock a "buy" rating in a research report on Wednesday, March 19th. Oppenheimer decreased their target price on shares of Corning from $58.00 to $55.00 and set an "outperform" rating on the stock in a research report on Wednesday, April 30th. Finally, Citigroup cut their price target on Corning from $58.00 to $50.00 and set a "buy" rating for the company in a research note on Monday, April 14th. Four research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $53.08.

Corning Trading Down 2.5%

Shares of NYSE GLW traded down $1.28 on Friday, reaching $49.54. 3,573,448 shares of the company traded hands, compared to its average volume of 5,917,446. Corning Incorporated has a fifty-two week low of $37.18 and a fifty-two week high of $55.33. The company has a 50 day moving average of $46.19 and a 200 day moving average of $47.76. The company has a current ratio of 1.62, a quick ratio of 1.07 and a debt-to-equity ratio of 0.62. The stock has a market capitalization of $42.43 billion, a PE ratio of 85.42, a P/E/G ratio of 1.50 and a beta of 1.11.

Corning (NYSE:GLW - Get Free Report) last posted its quarterly earnings data on Tuesday, April 29th. The electronics maker reported $0.54 EPS for the quarter, beating analysts' consensus estimates of $0.51 by $0.03. Corning had a net margin of 3.86% and a return on equity of 15.10%. The company had revenue of $3.68 billion during the quarter, compared to the consensus estimate of $3.63 billion. During the same quarter in the prior year, the company posted $0.38 EPS. The company's quarterly revenue was up 12.9% compared to the same quarter last year. On average, equities research analysts forecast that Corning Incorporated will post 2.33 earnings per share for the current fiscal year.

Corning Announces Dividend

The company also recently announced 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. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.26%. The ex-dividend date of this dividend is Friday, May 30th. Corning's payout ratio is currently 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.