Burns Matteson Capital Management LLC Grows Position in Corning Incorporated (NYSE:GLW)

Burns Matteson Capital Management LLC grew its stake in shares of Corning Incorporated (NYSE:GLW - Free Report) by 9.2% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 801,637 shares of the electronics maker's stock after acquiring an additional 67,670 shares during the period. Corning comprises about 17.5% of Burns Matteson Capital Management LLC's holdings, making the stock its biggest position. Burns Matteson Capital Management LLC owned about 0.09% of Corning worth $36,699,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently modified their holdings of GLW. LMR Partners LLP grew its stake in Corning by 140.1% in the 4th quarter. LMR Partners LLP now owns 1,200,442 shares of the electronics maker's stock worth $57,045,000 after acquiring an additional 700,442 shares during the period. Gotham Asset Management LLC purchased a new stake in Corning in the 4th quarter worth approximately $306,000. GAMMA Investing LLC grew its stake in Corning by 29.2% in the 1st quarter. GAMMA Investing LLC now owns 11,358 shares of the electronics maker's stock worth $520,000 after acquiring an additional 2,567 shares during the period. Dynamic Advisor Solutions LLC grew its stake in Corning by 1.3% in the 1st quarter. Dynamic Advisor Solutions LLC now owns 22,379 shares of the electronics maker's stock worth $1,024,000 after acquiring an additional 297 shares during the period. Finally, Spire Wealth Management grew its stake in Corning by 8.7% in the 1st quarter. Spire Wealth Management now owns 14,456 shares of the electronics maker's stock worth $662,000 after acquiring an additional 1,154 shares during the period. 69.80% of the stock is currently owned by institutional investors and hedge funds.

Corning Stock Performance

Corning stock traded down $0.16 during mid-day trading on Friday, reaching $54.04. The company had a trading volume of 2,502,221 shares, compared to its average volume of 5,272,083. The company has a quick ratio of 1.05, a current ratio of 1.69 and a debt-to-equity ratio of 0.62. Corning Incorporated has a 52 week low of $37.18 and a 52 week high of $55.33. The company has a 50 day moving average of $50.70 and a 200-day moving average of $48.45. The firm has a market cap of $46.28 billion, a price-to-earnings ratio of 103.92, a PEG ratio of 1.46 and a beta of 1.11.

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

Corning Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 29th. Stockholders of record on Friday, August 29th will be given a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a dividend yield of 2.07%. The ex-dividend date of this dividend is Friday, August 29th. Corning's dividend payout ratio is 215.38%.

Insider Activity at Corning

In related news, VP John Z. Zhang sold 9,610 shares of the business's stock in a transaction on Wednesday, May 28th. The shares were sold at an average price of $49.29, for a total transaction of $473,676.90. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, SVP Stefan Becker sold 17,106 shares of the company's stock in a transaction on Thursday, May 29th. The shares were sold at an average price of $49.68, for a total transaction of $849,826.08. Following the completion of the transaction, the senior vice president owned 16,117 shares in the company, valued at approximately $800,692.56. This represents a 51.49% decrease in their ownership of the stock. 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. Insiders own 0.40% of the company's stock.

Analysts Set New Price Targets

Several research firms recently weighed in on GLW. Morgan Stanley lifted their target price on shares of Corning from $44.00 to $50.00 and gave the company an "equal weight" rating in a report on Tuesday, July 8th. Oppenheimer cut their price objective on shares of Corning from $58.00 to $55.00 and set an "outperform" rating on the stock in a report on Wednesday, April 30th. UBS Group boosted their price objective on shares of Corning from $54.00 to $57.00 and gave the stock a "neutral" rating in a report on Wednesday, July 9th. Citigroup boosted their price objective on shares of Corning from $52.00 to $60.00 and gave the stock a "buy" rating in a report on Friday, July 11th. Finally, Wolfe Research initiated coverage on shares of Corning in a report on Tuesday, July 8th. They issued an "outperform" rating on the stock. Four analysts have rated the stock with a hold rating, nine have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $57.45.

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.