Rational Advisors Inc. Buys 6,241 Shares of Corning Incorporated (NYSE:GLW)

Rational Advisors Inc. lifted its position in shares of Corning Incorporated (NYSE:GLW - Free Report) by 123.3% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 11,304 shares of the electronics maker's stock after acquiring an additional 6,241 shares during the quarter. Rational Advisors Inc.'s holdings in Corning were worth $517,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Vermillion Wealth Management Inc. acquired a new stake in Corning in the 4th quarter valued at $29,000. Putney Financial Group LLC acquired a new stake in Corning in the 4th quarter valued at $30,000. Transce3nd LLC acquired a new stake in Corning in the 4th quarter valued at $39,000. ORG Partners LLC grew its stake in Corning by 115.8% in the 1st quarter. ORG Partners LLC now owns 887 shares of the electronics maker's stock valued at $40,000 after acquiring an additional 476 shares during the period. Finally, VSM Wealth Advisory LLC acquired a new stake in Corning in the 4th quarter valued at $43,000. Hedge funds and other institutional investors own 69.80% of the company's stock.

Insider Activity

In related news, VP John Z. Zhang sold 8,000 shares of Corning stock in a transaction dated Monday, May 12th. The stock was sold at an average price of $46.91, for a total transaction of $375,280.00. Following the transaction, the vice president directly owned 9,610 shares of the company's stock, valued at $450,805.10. The trade was a 45.43% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Soumya Seetharam sold 14,313 shares of Corning stock in a transaction dated Wednesday, May 28th. The stock was 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 $1,575,565.05. This 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 valued at $3,632,635 over the last quarter. Insiders own 0.32% of the company's stock.

Corning Stock Down 1.1%

Corning stock traded down $0.60 during midday trading on Tuesday, hitting $52.53. 3,780,146 shares of the company were exchanged, compared to its average volume of 5,347,726. The company has a market cap of $44.99 billion, a PE ratio of 101.01, a price-to-earnings-growth ratio of 1.39 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's fifty day moving average price is $50.02 and its 200-day moving average price is $48.30. 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 (NYSE:GLW - Get Free Report) last released its earnings results on Tuesday, April 29th. The electronics maker reported $0.54 EPS for the quarter, beating the consensus estimate of $0.51 by $0.03. The company had revenue of $3.68 billion during the quarter, compared to analysts' expectations of $3.63 billion. Corning had a return on equity of 16.47% and a net margin of 3.34%. The business's revenue was up 12.9% on a year-over-year basis. During the same period in the prior year, the business posted $0.38 EPS. On average, research analysts predict that Corning Incorporated will post 2.33 EPS for the current fiscal year.

Corning Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 29th. Investors of record on Friday, August 29th will be paid a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.13%. The ex-dividend date is Friday, August 29th. Corning's dividend payout ratio is currently 215.38%.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on the stock. Wolfe Research assumed coverage on shares of Corning in a research note on Tuesday, July 8th. They issued an "outperform" rating on the stock. UBS Group lifted their target price on shares of Corning from $54.00 to $57.00 and gave the stock a "neutral" rating in a research note on Wednesday, July 9th. Citigroup lifted their target price on shares of Corning from $52.00 to $60.00 and gave the stock a "buy" rating in a research note on Friday. 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, Bank of America lifted their target price on shares of Corning from $65.00 to $68.00 and gave the stock a "buy" rating in a research note on Wednesday, March 19th. Four equities 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 stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $56.36.

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.