Bridgewater Advisors Inc. Invests $253,000 in Corning Incorporated (NYSE:GLW)

Bridgewater Advisors Inc. purchased a new stake in Corning Incorporated (NYSE:GLW - Free Report) during the first quarter, according to the company in its most recent filing with the SEC. The firm purchased 5,681 shares of the electronics maker's stock, valued at approximately $253,000.

A number of other hedge funds have also made changes to their positions in the business. Norges Bank acquired a new stake in shares of Corning during the fourth quarter valued at approximately $490,933,000. Polar Capital Holdings Plc acquired a new position in shares of Corning in the 4th quarter valued at $124,253,000. Mariner LLC increased its position in shares of Corning by 134.0% during the 4th quarter. Mariner LLC now owns 3,869,358 shares of the electronics maker's stock worth $183,867,000 after purchasing an additional 2,215,840 shares in the last quarter. Assenagon Asset Management S.A. increased its position in Corning by 101.0% in the 1st quarter. Assenagon Asset Management S.A. now owns 2,951,938 shares of the electronics maker's stock valued at $135,140,000 after acquiring an additional 1,483,151 shares in the last quarter. Finally, SG Americas Securities LLC grew its position in shares of Corning by 3,441.4% during the 1st quarter. SG Americas Securities LLC now owns 1,190,359 shares of the electronics maker's stock worth $54,495,000 after buying an additional 1,156,746 shares during the period. Hedge funds and other institutional investors own 69.80% of the company's stock.

Analysts Set New Price Targets

A number of research analysts have weighed in on the stock. JPMorgan Chase & Co. lifted their price target on shares of Corning from $52.00 to $62.00 and gave the company an "overweight" rating in a research note on Thursday. UBS Group raised their price target on shares of Corning from $54.00 to $57.00 and gave the stock a "neutral" rating in a report on Wednesday, July 9th. Mizuho set a $59.00 price target on shares of Corning and gave the company an "outperform" rating in a research note on Tuesday. Oppenheimer lowered 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, Morgan Stanley upped their price objective on shares of Corning from $44.00 to $50.00 and gave the stock an "equal weight" rating in a research report on Tuesday, July 8th. Four investment analysts have rated the stock with a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $57.45.

Insiders Place Their Bets

In other news, SVP Soumya Seetharam sold 6,505 shares of Corning 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 transaction, the senior vice president owned 25,000 shares in the company, valued at approximately $1,250,250. The trade was a 20.65% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Michael Alan Bell sold 20,262 shares of the business's stock in a transaction dated 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 75,796 shares of company stock worth $3,632,635 over the last 90 days. 0.40% of the stock is currently owned by corporate insiders.

Corning Trading Up 2.4%

Shares of Corning stock opened at $54.22 on Friday. Corning Incorporated has a fifty-two week low of $37.18 and a fifty-two week high of $55.33. The firm has a market cap of $46.43 billion, a PE ratio of 104.26, a P/E/G ratio of 1.43 and a beta of 1.11. The company has a quick ratio of 1.05, a current ratio of 1.69 and a debt-to-equity ratio of 0.62. The business's fifty day moving average is $50.52 and its two-hundred day moving average is $48.41.

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

Corning Announces Dividend

The business 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 2.07%. Corning's dividend payout ratio (DPR) is currently 215.38%.

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.

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