Conning Inc. Purchases 14,410 Shares of Corning Incorporated (NYSE:GLW)

Conning Inc. lifted its holdings in shares of Corning Incorporated (NYSE:GLW - Free Report) by 2.0% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 750,394 shares of the electronics maker's stock after purchasing an additional 14,410 shares during the quarter. Conning Inc. owned approximately 0.09% of Corning worth $34,353,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of the business. University of Texas Texas AM Investment Management Co. increased its stake in shares of Corning by 9.7% during the 4th quarter. University of Texas Texas AM Investment Management Co. now owns 2,422 shares of the electronics maker's stock worth $115,000 after purchasing an additional 214 shares during the last quarter. Seeds Investor LLC grew its stake in Corning by 3.0% in the 4th quarter. Seeds Investor LLC now owns 7,708 shares of the electronics maker's stock valued at $366,000 after buying an additional 221 shares during the last quarter. CreativeOne Wealth LLC grew its stake in Corning by 2.4% in the 4th quarter. CreativeOne Wealth LLC now owns 10,182 shares of the electronics maker's stock valued at $484,000 after buying an additional 238 shares during the last quarter. Old North State Wealth Management LLC grew its stake in Corning by 0.6% in the 1st quarter. Old North State Wealth Management LLC now owns 40,107 shares of the electronics maker's stock valued at $1,836,000 after buying an additional 239 shares during the last quarter. Finally, Colonial Trust Co SC grew its stake in Corning by 3.8% in the 4th quarter. Colonial Trust Co SC now owns 7,138 shares of the electronics maker's stock valued at $339,000 after buying an additional 258 shares during the last quarter. Institutional investors and hedge funds own 69.80% of the company's stock.

Insider Activity at Corning

In other news, SVP Soumya Seetharam sold 14,313 shares of the firm's stock in a transaction dated Wednesday, May 28th. The shares were sold at an average price of $50.01, for a total transaction of $715,793.13. Following the completion of the transaction, the senior vice president directly owned 31,505 shares of the company's stock, valued at approximately $1,575,565.05. This trade represents a 31.24% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Michael Alan Bell sold 20,262 shares of the firm'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 sold 75,796 shares of company stock worth $3,632,635 in the last ninety days. Company insiders own 0.40% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on the stock. JPMorgan Chase & Co. lowered their target price on shares of Corning from $62.00 to $50.00 and set an "overweight" rating on the stock in a research note on Thursday, April 17th. Mizuho set a $52.00 target price on shares of Corning in a research note on Tuesday, April 15th. Bank of America raised their target price on shares of Corning from $65.00 to $68.00 and gave the company a "buy" rating in a research note on Wednesday, March 19th. Oppenheimer lowered their target price on shares of Corning from $58.00 to $55.00 and set an "outperform" rating on the stock in a research note on Wednesday, April 30th. Finally, Citigroup lowered their target price on shares of Corning from $58.00 to $50.00 and set a "buy" rating on the stock in a research note on Monday, April 14th. Four research 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. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $53.75.

Corning Stock Performance

NYSE GLW traded up $0.37 during midday trading on Friday, hitting $53.09. The company had a trading volume of 2,066,077 shares, compared to its average volume of 5,636,227. The firm has a fifty day simple moving average of $48.92 and a two-hundred day simple moving average of $48.04. The stock has a market cap of $45.47 billion, a price-to-earnings ratio of 25.02, a P/E/G ratio of 1.43 and a beta of 1.11. Corning Incorporated has a fifty-two week low of $37.18 and a fifty-two week 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.

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. Equities analysts forecast that Corning Incorporated will post 2.33 earnings per share for the current fiscal year.

Corning Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 29th. Stockholders of record on Friday, August 29th will be issued a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.11%. The ex-dividend date of this dividend is Friday, August 29th. Corning's payout ratio is 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.