Cheviot Value Management LLC Makes New Investment in Corning Incorporated (NYSE:GLW)

Key Points

• Cheviot Value Management LLC has acquired 5,011 shares of Corning Incorporated (NYSE: GLW), valued at approximately $228,000, as part of their new position in the company during the first quarter.
• Corning reported a Q2 earnings per share (EPS) of $0.60, exceeding analysts' estimates of $0.57, with revenues reaching $3.86 billion for the quarter.
• The company is set to pay a quarterly dividend of $0.28 on September 29, which signifies a 1.8% annual yield and a current dividend payout ratio of 119.15%.

Cheviot Value Management LLC purchased a new stake in shares of Corning Incorporated (NYSE:GLW - Free Report) during the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 5,011 shares of the electronics maker's stock, valued at approximately $228,000.

A number of other institutional investors have also added to or reduced their stakes in the company. Brighton Jones LLC boosted 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 worth $319,000 after purchasing an additional 2,114 shares during the last quarter. Franklin Resources Inc. raised its stake in shares of Corning by 22.8% during the fourth quarter. Franklin Resources Inc. now owns 235,351 shares of the electronics maker's stock valued at $11,184,000 after acquiring an additional 43,703 shares in the last quarter. World Investment Advisors boosted its position in shares of Corning by 6.2% in the 4th quarter. World Investment Advisors now owns 25,572 shares of the electronics maker's stock worth $1,215,000 after purchasing an additional 1,485 shares in the last quarter. Resona Asset Management Co. Ltd. acquired a new position in Corning during the 4th quarter valued at about $11,204,000. Finally, KCM Investment Advisors LLC boosted its stake in Corning by 9.9% in the 4th quarter. KCM Investment Advisors LLC now owns 43,151 shares of the electronics maker's stock worth $2,051,000 after purchasing an additional 3,899 shares in the last quarter. 69.80% of the stock is owned by institutional investors.

Corning Stock Down 0.3%

Shares of NYSE GLW traded down $0.16 during mid-day trading on Tuesday, hitting $63.33. The company had a trading volume of 1,566,057 shares, compared to its average volume of 5,651,898. The company has a debt-to-equity ratio of 0.58, a current ratio of 1.50 and a quick ratio of 0.93. The company has a market capitalization of $54.24 billion, a PE ratio of 67.57, a price-to-earnings-growth ratio of 1.59 and a beta of 1.08. The business's 50-day simple moving average is $53.03 and its 200 day simple moving average is $49.28. Corning Incorporated has a 1-year low of $37.31 and a 1-year high of $64.41.

Corning (NYSE:GLW - Get Free Report) last posted its quarterly earnings data on Tuesday, July 29th. The electronics maker reported $0.60 earnings per share for the quarter, beating the consensus estimate of $0.57 by $0.03. The business had revenue of $3.86 billion during the quarter, compared to the consensus estimate of $3.84 billion. Corning had a return on equity of 17.27% and a net margin of 5.77%. During the same period in the prior year, the company earned $0.47 earnings per share. On average, analysts predict that Corning Incorporated will post 2.33 earnings per share for the current year.

Corning Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 29th. Shareholders of record on Friday, August 29th will be given a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a dividend yield of 1.8%. The ex-dividend date of this dividend is Friday, August 29th. Corning's dividend payout ratio is presently 119.15%.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on GLW shares. Barclays increased their price target on shares of Corning from $52.00 to $65.00 and gave the stock an "equal weight" rating in a report on Wednesday, July 30th. Mizuho increased their target price on shares of Corning from $52.00 to $59.00 and gave the stock an "outperform" rating in a report on Tuesday, July 15th. Morgan Stanley set a $56.00 target price on Corning and gave the company an "equal weight" rating in a report on Wednesday, July 30th. Citigroup upped their price target on Corning from $52.00 to $60.00 and gave the stock a "buy" rating in a research note on Friday, July 11th. Finally, Oppenheimer reissued an "outperform" rating and set a $72.00 target price (up from $55.00) on shares of Corning in a research note on Wednesday, July 30th. Three analysts have rated the stock with a hold rating, ten have assigned a buy rating and two have assigned a strong buy rating to the company's stock. Based on data from MarketBeat, Corning has a consensus rating of "Moderate Buy" and an average target price of $63.25.

Insider Buying and Selling

In other news, EVP Lewis A. Steverson sold 16,646 shares of the company's stock in a transaction on Wednesday, July 30th. The shares were sold at an average price of $62.22, for a total value of $1,035,714.12. Following the transaction, the executive vice president directly owned 39,759 shares of the company's stock, valued at approximately $2,473,804.98. This represents a 29.51% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, SVP Soumya Seetharam sold 14,313 shares of the firm's stock in a transaction that occurred on Wednesday, May 28th. The stock was sold at an average price of $50.01, for a total transaction of $715,793.13. Following the sale, the senior vice president directly 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 position. The disclosure for this sale can be found here. Insiders sold a total of 137,381 shares of company stock worth $7,836,789 over the last 90 days. 0.32% of the stock is currently owned by corporate insiders.

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.