Corning Incorporated (NYSE:GLW) Shares Bought by Fiduciary Alliance LLC

Fiduciary Alliance LLC grew its position in shares of Corning Incorporated (NYSE:GLW - Free Report) by 399.1% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 72,935 shares of the electronics maker's stock after purchasing an additional 58,321 shares during the period. Fiduciary Alliance LLC's holdings in Corning were worth $3,339,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of the company. Vanguard Group Inc. boosted its position 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 worth $4,747,402,000 after acquiring an additional 916,528 shares during the last quarter. Geode Capital Management LLC raised its stake in Corning by 3.0% during the fourth quarter. Geode Capital Management LLC now owns 18,470,610 shares of the electronics maker's stock worth $875,633,000 after purchasing an additional 533,686 shares during the period. Northern Trust Corp boosted its holdings in shares of Corning by 2.0% in the 4th 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 during the last quarter. Norges Bank purchased a new stake in shares of Corning during the 4th quarter valued at $490,933,000. Finally, Dimensional Fund Advisors LP increased its holdings in shares of Corning by 0.8% during the 4th quarter. Dimensional Fund Advisors LP now owns 9,800,573 shares of the electronics maker's stock worth $465,723,000 after buying an additional 78,497 shares during the last quarter. 69.80% of the stock is owned by institutional investors and hedge funds.

Corning Stock Up 1.5%

Shares of GLW stock traded up $0.75 during mid-day trading on Tuesday, reaching $50.79. 5,171,048 shares of the company were exchanged, compared to its average volume of 5,974,411. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.07 and a current ratio of 1.62. The business's 50 day simple moving average is $44.89 and its 200 day simple moving average is $47.57. The company has a market capitalization of $43.50 billion, a P/E ratio of 87.57, a P/E/G ratio of 1.50 and a beta of 1.09. Corning Incorporated has a fifty-two week low of $36.58 and a fifty-two week high of $55.33.

Corning (NYSE:GLW - Get Free Report) last announced its quarterly earnings data on Tuesday, April 29th. The electronics maker reported $0.54 earnings per share for the quarter, topping the consensus estimate of $0.51 by $0.03. The company had revenue of $3.68 billion during the quarter, compared to analyst estimates of $3.63 billion. Corning had a net margin of 3.86% and a return on equity of 15.10%. 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 business earned $0.38 EPS. Research analysts predict that Corning Incorporated will post 2.33 earnings per share for the current year.

Corning Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, June 27th. Investors of record on Friday, May 30th will be paid a $0.28 dividend. The ex-dividend date of this dividend is Friday, May 30th. This represents a $1.12 dividend on an annualized basis and a yield of 2.21%. Corning's dividend payout ratio (DPR) is 215.38%.

Insider Activity at Corning

In other news, SVP Soumya Seetharam sold 6,505 shares of Corning stock in a transaction that occurred on Thursday, May 29th. The stock was sold at an average price of $50.01, for a total value of $325,315.05. Following the completion of the transaction, the senior vice president now owns 25,000 shares in the company, valued at approximately $1,250,250. This trade represents a 20.65% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Michael Alan Bell sold 20,262 shares of the company's stock in a transaction that occurred on Wednesday, April 30th. The shares were sold at an average price of $44.06, for a total value of $892,743.72. The disclosure for this sale can be found here. Insiders sold a total of 75,796 shares of company stock valued at $3,632,635 over the last three months. 0.40% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on GLW shares. Oppenheimer reduced 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 increased their price objective on shares of Corning from $65.00 to $68.00 and gave the stock a "buy" rating in a research report on Wednesday, March 19th. Citigroup lowered their price target on Corning from $58.00 to $50.00 and set a "buy" rating for the company in a report on Monday, April 14th. JPMorgan Chase & Co. reduced their price objective on Corning from $62.00 to $50.00 and set an "overweight" rating on the stock in a research note on Thursday, April 17th. Finally, Mizuho set a $52.00 target price on Corning in a research report on Tuesday, April 15th. Four research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, Corning currently has an average rating of "Moderate Buy" and an average price target of $53.08.

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.