Cary Street Partners Financial LLC Buys 71,063 Shares of Corning Incorporated (NYSE:GLW)

Key Points

• Cary Street Partners Financial LLC increased its stake in Corning Incorporated by 115.5% in Q1, holding 132,591 shares worth approximately $6.07 million.
• Analysts have also raised their price targets for Corning, with JPMorgan increasing its target to $65.00 and Oppenheimer setting a new target of $72.00, reflecting strong confidence in the company's performance.
• Corning announced a quarterly dividend of $0.28 per share, with a yield of 1.8%, and reported earnings of $0.60 per share, surpassing analysts' expectations.

Cary Street Partners Financial LLC grew its holdings in Corning Incorporated (NYSE:GLW - Free Report) by 115.5% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 132,591 shares of the electronics maker's stock after purchasing an additional 71,063 shares during the quarter. Cary Street Partners Financial LLC's holdings in Corning were worth $6,070,000 as of its most recent filing with the SEC.

Other large investors also recently made changes to their positions in the company. Northern Trust Corp raised its holdings in Corning by 2.0% during the 4th quarter. Northern Trust Corp now owns 10,870,375 shares of the electronics maker's stock worth $516,560,000 after purchasing an additional 208,826 shares during the last quarter. Dimensional Fund Advisors LP boosted its position in shares of Corning by 0.8% during the fourth quarter. Dimensional Fund Advisors LP now owns 9,800,573 shares of the electronics maker's stock worth $465,723,000 after purchasing an additional 78,497 shares in the last quarter. Bank of New York Mellon Corp lifted its holdings in Corning by 1.3% during the first quarter. Bank of New York Mellon Corp now owns 6,347,977 shares of the electronics maker's stock worth $290,610,000 after acquiring an additional 80,872 shares in the last quarter. Invesco Ltd. lifted its holdings in shares of Corning by 5.1% during the 4th quarter. Invesco Ltd. now owns 6,048,735 shares of the electronics maker's stock valued at $287,436,000 after purchasing an additional 293,713 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in shares of Corning by 6.1% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 5,285,990 shares of the electronics maker's stock valued at $251,190,000 after buying an additional 303,607 shares during the period. Institutional investors own 69.80% of the company's stock.

Corning Price Performance

Shares of GLW traded up $1.08 during mid-day trading on Friday, reaching $65.84. The company had a trading volume of 4,372,071 shares, compared to its average volume of 5,910,031. The company has a market capitalization of $56.40 billion, a price-to-earnings ratio of 28.78, a P/E/G ratio of 1.46 and a beta of 1.08. The company has a debt-to-equity ratio of 0.58, a quick ratio of 0.93 and a current ratio of 1.50. The company's 50 day simple moving average is $54.21 and its 200 day simple moving average is $49.68. Corning Incorporated has a 1-year low of $37.31 and a 1-year high of $66.50.

Corning (NYSE:GLW - Get Free Report) last issued its earnings results on Tuesday, July 29th. The electronics maker reported $0.60 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.57 by $0.03. The business had revenue of $3.86 billion during the quarter, compared to analysts' expectations of $3.84 billion. Corning had a return on equity of 17.27% and a net margin of 5.77%. During the same quarter in the prior year, the firm earned $0.47 EPS. Analysts expect that Corning Incorporated will post 2.33 EPS for the current year.

Corning Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 29th. Investors of record on Friday, August 29th will be paid a $0.28 dividend. The ex-dividend date of this dividend is Friday, August 29th. This represents a $1.12 annualized dividend and a dividend yield of 1.7%. Corning's payout ratio is currently 119.15%.

Insiders Place Their Bets

In related news, CFO Edward A. Schlesinger sold 14,082 shares of the company's stock in a transaction that occurred on Wednesday, July 30th. The stock was sold at an average price of $62.28, for a total value of $877,026.96. Following the sale, the chief financial officer directly owned 78,316 shares in the company, valued at $4,877,520.48. This represents a 15.24% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, COO Avery H. Nelson III sold 36,240 shares of the business's stock in a transaction dated Wednesday, July 30th. The shares were sold at an average price of $62.26, for a total value of $2,256,302.40. Following the completion of the transaction, the chief operating officer directly owned 64,838 shares in the company, valued at $4,036,813.88. This represents a 35.85% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 137,381 shares of company stock valued at $7,836,789 over the last ninety days. 0.40% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

GLW has been the subject of a number of research reports. Wall Street Zen upgraded Corning from a "buy" rating to a "strong-buy" rating in a report on Saturday, August 2nd. JPMorgan Chase & Co. raised their price objective on Corning from $62.00 to $65.00 and gave the company an "overweight" rating in a research report on Friday, July 25th. Wolfe Research assumed coverage on shares of Corning in a research note on Tuesday, July 8th. They issued an "outperform" rating on the stock. Citigroup increased their price objective on Corning from $52.00 to $60.00 and gave the stock a "buy" rating in a research report on Friday, July 11th. Finally, Morgan Stanley set a $56.00 price target on shares of Corning and gave the company an "equal weight" rating in a research report on Wednesday, July 30th. Three equities research analysts have rated the stock with a hold rating, ten have assigned a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $65.17.

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.