Corning Incorporated (NYSE:GLW) Shares Acquired by Rational Advisors Inc.

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

Several other large investors also recently bought and sold shares of the stock. Vermillion Wealth Management Inc. purchased a new position in shares of Corning in the 4th quarter valued at about $29,000. Putney Financial Group LLC acquired a new position in shares of Corning in the 4th quarter valued at $30,000. Transce3nd LLC acquired a new stake in Corning during the 4th quarter worth $39,000. ORG Partners LLC lifted its position in Corning by 115.8% in the first 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 last quarter. Finally, VSM Wealth Advisory LLC acquired a new position in Corning in the fourth quarter valued at $43,000. Hedge funds and other institutional investors own 69.80% of the company's stock.

Insider Buying and Selling

In related news, SVP Stefan Becker sold 17,106 shares of the company's stock in a transaction that occurred on Thursday, May 29th. The shares were sold at an average price of $49.68, for a total transaction of $849,826.08. Following the transaction, the senior vice president owned 16,117 shares of the company's stock, valued at approximately $800,692.56. This represents a 51.49% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, VP John Z. Zhang sold 9,610 shares of the firm's stock in a transaction on Wednesday, May 28th. The stock was sold at an average price of $49.29, for a total value of $473,676.90. 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 currently owned by corporate insiders.

Corning Trading Down 1.3%

NYSE:GLW opened at $51.58 on Friday. The company has a market capitalization of $44.17 billion, a PE ratio of 99.19, a price-to-earnings-growth ratio of 1.41 and a beta of 1.11. Corning Incorporated has a 52-week low of $37.18 and a 52-week high of $55.33. The stock has a fifty day simple moving average of $49.87 and a 200-day simple moving average of $48.26. 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 issued its quarterly earnings data on Tuesday, April 29th. The electronics maker reported $0.54 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.51 by $0.03. The firm had revenue of $3.68 billion during the quarter, compared to the consensus estimate of $3.63 billion. Corning had a return on equity of 16.47% and a net margin of 3.34%. The company's quarterly revenue was up 12.9% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.38 EPS. On average, equities research analysts expect 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 Monday, September 29th. Investors of record on Friday, August 29th will be paid a $0.28 dividend. This represents a $1.12 annualized dividend and a yield of 2.17%. The ex-dividend date of this dividend is Friday, August 29th. Corning's payout ratio is 215.38%.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on GLW. Bank of America upped their target price on Corning from $65.00 to $68.00 and gave the company a "buy" rating in a research report on Wednesday, March 19th. JPMorgan Chase & Co. lowered their target price on Corning from $62.00 to $50.00 and set an "overweight" rating on the stock in a research note on Thursday, April 17th. 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. Morgan Stanley boosted their price objective on shares of Corning from $44.00 to $50.00 and gave the company an "equal weight" rating in a research note on Tuesday. Finally, Mizuho set a $52.00 price objective on shares of Corning in a research report on Tuesday, April 15th. Four research analysts have rated the stock with a hold rating, nine have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Corning has an average rating of "Moderate Buy" and a consensus target price of $55.73.

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.

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