Corning Incorporated (NYSE:GLW) Shares Bought by Cerity Partners LLC

Cerity Partners LLC grew its holdings in Corning Incorporated (NYSE:GLW - Free Report) by 1.2% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 528,368 shares of the electronics maker's stock after purchasing an additional 6,439 shares during the quarter. Cerity Partners LLC owned 0.06% of Corning worth $24,189,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Hunter Associates Investment Management LLC boosted its position in Corning by 5.3% in the 1st quarter. Hunter Associates Investment Management LLC now owns 78,824 shares of the electronics maker's stock valued at $3,608,000 after buying an additional 3,979 shares during the period. tru Independence LLC raised its stake in shares of Corning by 2.0% in the first quarter. tru Independence LLC now owns 143,352 shares of the electronics maker's stock valued at $6,563,000 after acquiring an additional 2,755 shares in the last quarter. Leavell Investment Management Inc. boosted its holdings in Corning by 10.2% in the first quarter. Leavell Investment Management Inc. now owns 12,880 shares of the electronics maker's stock valued at $590,000 after purchasing an additional 1,191 shares during the period. Moloney Securities Asset Management LLC grew its stake in Corning by 3.2% during the 1st quarter. Moloney Securities Asset Management LLC now owns 77,081 shares of the electronics maker's stock worth $3,529,000 after purchasing an additional 2,387 shares in the last quarter. Finally, Cornerstone Planning Group LLC increased its holdings in Corning by 742.9% during the 1st quarter. Cornerstone Planning Group LLC now owns 1,180 shares of the electronics maker's stock worth $51,000 after purchasing an additional 1,040 shares during the period. Institutional investors and hedge funds own 69.80% of the company's stock.

Insiders Place Their Bets

In related news, SVP Soumya Seetharam sold 14,313 shares of the stock in a transaction 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 sale, the senior vice president owned 31,505 shares in the company, valued at $1,575,565.05. This represents a 31.24% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Michael Alan Bell sold 20,262 shares of the company's stock in a transaction dated Wednesday, April 30th. The shares were sold at an average price of $44.06, for a total transaction of $892,743.72. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 75,796 shares of company stock worth $3,632,635. Corporate insiders own 0.40% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on GLW shares. UBS Group increased their price target on Corning from $54.00 to $57.00 and gave the company a "neutral" rating in a research report on Wednesday. Mizuho set a $52.00 target price on shares of Corning in a report on Tuesday, April 15th. JPMorgan Chase & Co. lowered their price target on shares of Corning from $62.00 to $50.00 and set an "overweight" rating for the company in a report on Thursday, April 17th. Oppenheimer dropped their price objective on shares of Corning from $58.00 to $55.00 and set an "outperform" rating on the stock in a research report on Wednesday, April 30th. Finally, Bank of America lifted 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. 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 company. According to MarketBeat, Corning presently has an average rating of "Moderate Buy" and a consensus price target of $55.73.

Corning Price Performance

Shares of NYSE:GLW opened at $51.58 on Friday. Corning Incorporated has a 12 month low of $37.18 and a 12 month high of $55.33. The firm has a market capitalization of $44.17 billion, a P/E ratio of 99.19, a P/E/G ratio of 1.39 and a beta of 1.11. 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 company's fifty day moving average price is $49.87 and its 200 day moving average price is $48.26.

Corning (NYSE:GLW - Get Free Report) last posted its earnings results on Tuesday, April 29th. The electronics maker reported $0.54 EPS for the quarter, topping analysts' consensus estimates of $0.51 by $0.03. The business had revenue of $3.68 billion for 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% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.38 earnings per share. As a group, sell-side analysts predict that Corning Incorporated will post 2.33 earnings per share for the current fiscal year.

Corning Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 29th. Stockholders of record on Friday, August 29th will be given a dividend of $0.28 per share. The ex-dividend date of this dividend is Friday, August 29th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.17%. Corning's dividend payout ratio (DPR) is presently 215.38%.

Corning Company 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.

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