GAMMA Investing LLC Has $23.80 Million Holdings in Corning Incorporated (NYSE:GLW)

GAMMA Investing LLC lifted its stake in Corning Incorporated (NYSE:GLW - Free Report) by 5,814.8% during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 519,969 shares of the electronics maker's stock after acquiring an additional 511,178 shares during the period. GAMMA Investing LLC owned 0.06% of Corning worth $23,804,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Tallon Kerry Patrick bought a new position in shares of Corning in the fourth quarter valued at approximately $302,000. Van ECK Associates Corp grew its stake in Corning by 343.6% in the 4th quarter. Van ECK Associates Corp now owns 114,330 shares of the electronics maker's stock valued at $5,433,000 after buying an additional 88,558 shares during the last quarter. LMR Partners LLP raised its holdings in Corning by 140.1% in the 4th quarter. LMR Partners LLP now owns 1,200,442 shares of the electronics maker's stock worth $57,045,000 after acquiring an additional 700,442 shares during the period. Assetmark Inc. raised its holdings in Corning by 101.5% in the 4th quarter. Assetmark Inc. now owns 1,076 shares of the electronics maker's stock worth $51,000 after acquiring an additional 542 shares during the period. Finally, Gotham Asset Management LLC bought a new position in Corning in the 4th quarter worth $306,000. 69.80% of the stock is currently owned by institutional investors and hedge funds.

Corning Stock Performance

Corning stock traded down $0.12 on Friday, hitting $50.74. The company's stock had a trading volume of 3,638,968 shares, compared to its average volume of 5,971,147. Corning Incorporated has a one year low of $36.58 and a one year high of $55.33. The firm has a market cap of $43.46 billion, a P/E ratio of 87.48, a price-to-earnings-growth ratio of 1.50 and a beta of 1.09. The company has a quick ratio of 1.07, a current ratio of 1.62 and a debt-to-equity ratio of 0.62. The company has a fifty day moving average price of $45.18 and a 200-day moving average price of $47.65.

Corning (NYSE:GLW - Get Free Report) last issued its earnings results on Tuesday, April 29th. The electronics maker reported $0.54 earnings per share for the quarter, beating the consensus estimate of $0.51 by $0.03. Corning had a net margin of 3.86% and a return on equity of 15.10%. The business had revenue of $3.68 billion for the quarter, compared to analyst estimates of $3.63 billion. During the same period in the previous year, the business earned $0.38 EPS. The firm's revenue was up 12.9% on a year-over-year basis. On average, equities analysts anticipate that Corning Incorporated will post 2.33 earnings per share for the current year.

Corning Announces Dividend

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

Analyst Ratings Changes

GLW has been the topic of several research analyst reports. Bank of America raised their price target on Corning from $65.00 to $68.00 and gave the company a "buy" rating in a research report on Wednesday, March 19th. Wall Street Zen lowered Corning from a "buy" rating to a "hold" rating in a report on Tuesday, February 25th. Mizuho set a $52.00 price target on Corning in a research report on Tuesday, April 15th. Citigroup reduced their price objective on Corning from $58.00 to $50.00 and set a "buy" rating for the company in a research report on Monday, April 14th. Finally, Oppenheimer lowered their price objective 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. Four investment 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. According to data from MarketBeat, Corning has a consensus rating of "Moderate Buy" and a consensus target price of $53.08.

Insider Buying and Selling

In other news, SVP Michael Alan Bell sold 20,262 shares of the firm'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 transaction of $892,743.72. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP Soumya Seetharam sold 14,313 shares of Corning stock in a transaction that occurred on 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 now owns 31,505 shares of the company's stock, valued at $1,575,565.05. This trade represents a 31.24% decrease in their position. The disclosure for this sale can be found here. Insiders sold 75,796 shares of company stock worth $3,632,635 in the last 90 days. 0.40% of the stock is owned by company 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.