Beverly Hills Private Wealth LLC Makes New $1.34 Million Investment in Corning Incorporated (NYSE:GLW)

Beverly Hills Private Wealth LLC acquired a new position in Corning Incorporated (NYSE:GLW - Free Report) during the first quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 29,362 shares of the electronics maker's stock, valued at approximately $1,344,000.

A number of other large investors have also modified their holdings of GLW. Norges Bank acquired a new stake in shares of Corning in the 4th quarter worth about $490,933,000. Polar Capital Holdings Plc acquired a new stake in shares of Corning in the 4th quarter worth about $124,253,000. Amundi increased its stake in Corning by 139.0% during the 4th quarter. Amundi now owns 3,900,808 shares of the electronics maker's stock valued at $186,186,000 after buying an additional 2,268,436 shares during the period. Mariner LLC increased its stake in Corning by 134.0% during the 4th quarter. Mariner LLC now owns 3,869,358 shares of the electronics maker's stock valued at $183,867,000 after buying an additional 2,215,840 shares during the period. Finally, Raymond James Financial Inc. acquired a new position in Corning during the 4th quarter valued at about $92,522,000. Institutional investors and hedge funds own 69.80% of the company's stock.

Insider Buying and Selling at Corning

In related news, SVP Soumya Seetharam sold 14,313 shares of the business's stock in a transaction on Wednesday, May 28th. The shares were sold at an average price of $50.01, for a total transaction of $715,793.13. Following the transaction, the senior vice president owned 31,505 shares of the company's stock, valued at approximately $1,575,565.05. The trade was a 31.24% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, SVP Michael Alan Bell sold 20,262 shares of Corning stock in a transaction on Wednesday, April 30th. The stock was sold at an average price of $44.06, for a total transaction of $892,743.72. The disclosure for this sale can be found here. Insiders have sold a total of 75,796 shares of company stock valued at $3,632,635 in the last three months. 0.40% of the stock is owned by insiders.

Corning Stock Down 0.6%

GLW traded down $0.30 during midday trading on Thursday, hitting $52.27. 4,345,063 shares of the company's stock traded hands, compared to its average volume of 5,429,254. The company has a market cap of $44.77 billion, a PE ratio of 100.52, a price-to-earnings-growth ratio of 1.42 and a beta of 1.11. The stock's fifty day simple moving average is $49.60 and its 200-day simple moving average is $48.20. 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 Incorporated has a one year low of $37.18 and a one year high of $55.33.

Corning (NYSE:GLW - Get Free Report) last released its quarterly earnings results 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 3.34% and a return on equity of 16.47%. The company had revenue of $3.68 billion for the quarter, compared to analyst estimates of $3.63 billion. During the same quarter last year, the firm posted $0.38 earnings per share. The company's quarterly revenue was up 12.9% compared to the same quarter last year. As a group, equities analysts anticipate that Corning Incorporated will post 2.33 earnings per share for the current fiscal year.

Corning Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, September 29th. Investors of record on Friday, August 29th will be given a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a yield of 2.14%. The ex-dividend date of this dividend is Friday, August 29th. Corning's dividend payout ratio (DPR) is currently 215.38%.

Wall Street Analyst Weigh In

GLW has been the topic of several research analyst reports. UBS Group raised their target price on shares of Corning from $54.00 to $57.00 and gave the company a "neutral" rating in a research note on Wednesday. Wolfe Research initiated coverage on shares of Corning in a research note on Tuesday. They set an "outperform" rating on the stock. Citigroup lowered their target price on shares of Corning from $58.00 to $50.00 and set a "buy" rating on the stock in a research note on Monday, April 14th. Mizuho set a $52.00 target price on shares of Corning in a research note on Tuesday, April 15th. Finally, JPMorgan Chase & Co. lowered their target price on shares of Corning from $62.00 to $50.00 and set an "overweight" rating on the stock in a research note on Thursday, April 17th. 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 stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $54.82.

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.