Apollon Wealth Management LLC Increases Position in Corning Incorporated (NYSE:GLW)

Apollon Wealth Management LLC grew its holdings in shares of Corning Incorporated (NYSE:GLW - Free Report) by 255.8% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 166,541 shares of the electronics maker's stock after acquiring an additional 119,728 shares during the period. Apollon Wealth Management LLC's holdings in Corning were worth $7,624,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

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

Insider Activity at Corning

In other Corning news, VP John Z. Zhang sold 9,610 shares of the business's stock in a transaction that occurred on Wednesday, May 28th. The stock was sold at an average price of $49.29, for a total transaction of $473,676.90. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, VP John Z. Zhang sold 8,000 shares of the business's stock in a transaction that occurred on Monday, May 12th. The stock was sold at an average price of $46.91, for a total value of $375,280.00. Following the sale, the vice president directly owned 9,610 shares in the company, valued at $450,805.10. The trade was a 45.43% decrease in their ownership of the stock. 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 ninety days. 0.32% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of research analysts recently weighed in on the stock. JPMorgan Chase & Co. lowered their target price on shares of Corning from $62.00 to $50.00 and set an "overweight" rating on the stock in a research note on Thursday, April 17th. Citigroup lifted their target price on shares of Corning from $52.00 to $60.00 and gave the company a "buy" rating in a research note on Friday. Mizuho set a $59.00 target price on shares of Corning and gave the company an "outperform" rating in a research note on Tuesday. Wolfe Research assumed coverage on shares of Corning in a research note on Tuesday, July 8th. They set an "outperform" rating on the stock. Finally, Bank of America lifted their target price on shares of Corning from $65.00 to $68.00 and gave the company 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 assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $56.36.

Corning Price Performance

Shares of GLW stock traded down $0.30 during trading hours on Tuesday, hitting $52.82. The stock had a trading volume of 832,053 shares, compared to its average volume of 5,336,497. Corning Incorporated has a one year low of $37.18 and a one year high of $55.33. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.69 and a quick ratio of 1.05. The stock's 50-day moving average price is $50.02 and its two-hundred day moving average price is $48.30. The stock has a market capitalization of $45.24 billion, a price-to-earnings ratio of 101.68, a PEG ratio of 1.39 and a beta of 1.11.

Corning (NYSE:GLW - Get Free Report) last issued its earnings results 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. Corning had a return on equity of 16.47% and a net margin of 3.34%. The firm had revenue of $3.68 billion for the quarter, compared to analysts' expectations of $3.63 billion. During the same period in the previous year, the firm posted $0.38 earnings per share. The business's revenue was up 12.9% compared to the same quarter last year. Equities analysts forecast that Corning Incorporated will post 2.33 EPS for the current year.

Corning Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 29th. Shareholders of record on Friday, August 29th will be paid a dividend of $0.28 per share. The ex-dividend date is Friday, August 29th. This represents a $1.12 annualized dividend and a yield of 2.12%. Corning's payout ratio is currently 215.38%.

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.