Concurrent Investment Advisors LLC Buys 28,899 Shares of Corning Incorporated (NYSE:GLW)

Concurrent Investment Advisors LLC grew its holdings in Corning Incorporated (NYSE:GLW - Free Report) by 472.1% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 35,020 shares of the electronics maker's stock after purchasing an additional 28,899 shares during the quarter. Concurrent Investment Advisors LLC's holdings in Corning were worth $1,603,000 at the end of the most recent reporting period.

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

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on the stock. Bank of America increased their price target on shares of Corning from $65.00 to $68.00 and gave the company a "buy" rating in a research report on Wednesday, March 19th. JPMorgan Chase & Co. cut their price target on shares of Corning from $62.00 to $50.00 and set an "overweight" rating on the stock in a research report on Thursday, April 17th. Oppenheimer cut their price target on shares of Corning from $58.00 to $55.00 and set an "outperform" rating on the stock in a research report on Wednesday, April 30th. Wolfe Research assumed coverage on shares of Corning in a research report on Tuesday. They issued an "outperform" rating on the stock. Finally, Citigroup cut their price target on shares of Corning from $58.00 to $50.00 and set a "buy" rating on the stock in a research report on Monday, April 14th. Four analysts have rated the stock with a hold rating, ten have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $53.92.

Corning Stock Up 0.6%

Shares of NYSE:GLW traded up $0.34 during midday trading on Tuesday, hitting $52.72. The stock had a trading volume of 4,314,283 shares, compared to its average volume of 5,630,749. Corning Incorporated has a 12 month low of $37.18 and a 12 month high of $55.33. 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 50-day simple moving average is $49.27 and its 200-day simple moving average is $48.13. The company has a market cap of $45.15 billion, a P/E ratio of 101.38, a PEG ratio of 1.43 and a beta of 1.11.

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 business 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%. Corning's revenue was up 12.9% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.38 EPS. On average, sell-side analysts forecast that Corning Incorporated will post 2.33 earnings per share for the current fiscal year.

Corning Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, September 29th. Stockholders of record on Friday, August 29th will be given a $0.28 dividend. This represents a $1.12 annualized dividend and a dividend yield of 2.12%. The ex-dividend date is Friday, August 29th. Corning's payout ratio is presently 215.38%.

Insider Buying and Selling

In other news, SVP Soumya Seetharam sold 14,313 shares of the business's stock in a transaction that occurred on Wednesday, May 28th. The shares were sold at an average price of $50.01, for a total value of $715,793.13. Following the completion of the transaction, the senior vice president directly owned 31,505 shares in the company, valued at approximately $1,575,565.05. The trade was a 31.24% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP John Z. Zhang sold 9,610 shares of the business's stock in a transaction that occurred on Wednesday, May 28th. The shares were sold at an average price of $49.29, for a total transaction of $473,676.90. The disclosure for this sale can be found here. In the last ninety days, insiders sold 75,796 shares of company stock worth $3,632,635. 0.32% of the stock is owned by company insiders.

Corning Company 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.