Consolidated Planning Corp Buys Shares of 26,459 Corning Incorporated (NYSE:GLW)

Consolidated Planning Corp bought a new stake in Corning Incorporated (NYSE:GLW - Free Report) in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 26,459 shares of the electronics maker's stock, valued at approximately $1,211,000.

A number of other institutional investors also recently modified their holdings of the company. Vanguard Group Inc. lifted its holdings in shares of Corning by 0.9% in the fourth quarter. Vanguard Group Inc. now owns 99,903,247 shares of the electronics maker's stock valued at $4,747,402,000 after purchasing an additional 916,528 shares in the last quarter. Geode Capital Management LLC lifted its holdings in shares of Corning by 3.0% in the fourth quarter. Geode Capital Management LLC now owns 18,470,610 shares of the electronics maker's stock valued at $875,633,000 after purchasing an additional 533,686 shares in the last quarter. Northern Trust Corp lifted its holdings in shares of Corning by 2.0% in the fourth quarter. Northern Trust Corp now owns 10,870,375 shares of the electronics maker's stock valued at $516,560,000 after purchasing an additional 208,826 shares in the last quarter. Norges Bank bought a new stake in shares of Corning in the fourth quarter valued at about $490,933,000. Finally, Dimensional Fund Advisors LP lifted its holdings in shares of Corning by 0.8% in the fourth quarter. Dimensional Fund Advisors LP now owns 9,800,573 shares of the electronics maker's stock valued at $465,723,000 after purchasing an additional 78,497 shares in the last quarter. 69.80% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on GLW shares. Oppenheimer dropped their target price on Corning from $58.00 to $55.00 and set an "outperform" rating on the stock in a report on Wednesday, April 30th. Bank of America upped their target price on Corning from $65.00 to $68.00 and gave the stock a "buy" rating in a report on Wednesday, March 19th. Mizuho set a $52.00 target price on Corning in a report on Tuesday, April 15th. JPMorgan Chase & Co. dropped their target price on Corning from $62.00 to $50.00 and set an "overweight" rating on the stock in a report on Thursday, April 17th. Finally, Citigroup dropped their target price on Corning from $58.00 to $50.00 and set a "buy" rating on the stock in a report on Monday, April 14th. Four research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Corning has a consensus rating of "Moderate Buy" and an average target price of $53.75.

Insider Transactions at Corning

In related news, SVP Michael Alan Bell sold 20,262 shares of the stock in a transaction that occurred on Wednesday, April 30th. The stock was sold at an average price of $44.06, for a total transaction of $892,743.72. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, SVP Stefan Becker sold 17,106 shares of the stock in a transaction that occurred on Thursday, May 29th. The stock was sold at an average price of $49.68, for a total value of $849,826.08. Following the sale, the senior vice president now directly owns 16,117 shares in the company, valued at $800,692.56. This represents a 51.49% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 75,796 shares of company stock worth $3,632,635. Company insiders own 0.32% of the company's stock.

Corning Stock Performance

NYSE GLW traded down $0.34 during trading on Tuesday, reaching $51.46. 4,998,057 shares of the company's stock were exchanged, compared to its average volume of 5,739,369. The business has a 50 day moving average price of $47.47 and a 200-day moving average price of $47.84. The stock has a market capitalization of $44.08 billion, a P/E ratio of 98.97, a PEG ratio of 1.40 and a beta of 1.11. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.69 and a quick ratio of 1.05. Corning Incorporated has a fifty-two week low of $37.18 and a fifty-two week high of $55.33.

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

Corning Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, June 27th. Stockholders of record on Friday, May 30th will be paid a dividend of $0.28 per share. The ex-dividend date of this dividend is Friday, May 30th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.18%. Corning's dividend payout ratio (DPR) is currently 215.38%.

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.