Generali Investments Management Co LLC Purchases 31,440 Shares of Corning Incorporated (NYSE:GLW)

Generali Investments Management Co LLC lifted its position in shares of Corning Incorporated (NYSE:GLW - Free Report) by 157.6% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 51,394 shares of the electronics maker's stock after acquiring an additional 31,440 shares during the quarter. Generali Investments Management Co LLC's holdings in Corning were worth $2,353,000 at the end of the most recent quarter.

Several other institutional investors have also modified their holdings of GLW. Sierra Ocean LLC purchased a new stake in shares of Corning during the 4th quarter worth approximately $25,000. Asset Planning Inc purchased a new stake in Corning in the 4th quarter valued at approximately $29,000. Vermillion Wealth Management Inc. purchased a new stake in Corning in the 4th quarter valued at approximately $29,000. Putney Financial Group LLC purchased a new stake in Corning in the 4th quarter valued at approximately $30,000. Finally, Mainstream Capital Management LLC purchased a new stake in Corning in the 4th quarter valued at approximately $35,000. Hedge funds and other institutional investors own 69.80% of the company's stock.

Corning Stock Up 0.4%

NYSE:GLW traded up $0.22 during mid-day trading on Monday, reaching $50.93. The stock had a trading volume of 4,037,455 shares, compared to its average volume of 5,978,876. The company has a market capitalization of $43.62 billion, a price-to-earnings ratio of 87.81, a price-to-earnings-growth ratio of 1.50 and a beta of 1.11. Corning Incorporated has a 1-year low of $36.58 and a 1-year high of $55.33. The stock's 50 day simple moving average is $45.28 and its two-hundred day simple moving average is $47.68. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.62 and a quick ratio of 1.07.

Corning (NYSE:GLW - Get Free Report) last issued its earnings results on Tuesday, April 29th. The electronics maker reported $0.54 EPS for the quarter, beating analysts' consensus estimates of $0.51 by $0.03. The company 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 15.10% and a net margin of 3.86%. Corning'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 earnings per share. Equities analysts anticipate that Corning Incorporated will post 2.33 EPS for the current year.

Corning Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, June 27th. Investors of record on Friday, May 30th will be paid 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 yield of 2.20%. Corning's dividend payout ratio is currently 215.38%.

Insider Activity

In other Corning news, VP John Z. Zhang sold 9,610 shares of Corning 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 transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, SVP Soumya Seetharam sold 6,505 shares of Corning stock in a transaction on Thursday, May 29th. The shares were sold at an average price of $50.01, for a total value of $325,315.05. Following the completion of the transaction, the senior vice president now owns 25,000 shares of the company's stock, valued at approximately $1,250,250. The trade was a 20.65% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 75,796 shares of company stock worth $3,632,635. Insiders own 0.40% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on the stock. JPMorgan Chase & Co. cut their target price on shares of Corning from $62.00 to $50.00 and set an "overweight" rating for the company in a research note on Thursday, April 17th. Wall Street Zen downgraded shares of Corning from a "buy" rating to a "hold" rating in a research note on Tuesday, February 25th. Bank of America increased their price target on Corning from $65.00 to $68.00 and gave the stock a "buy" rating in a research note on Wednesday, March 19th. Citigroup reduced their price target on Corning from $58.00 to $50.00 and set a "buy" rating on the stock in a research note on Monday, April 14th. Finally, Oppenheimer reduced their price target on 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 assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Corning has an average rating of "Moderate Buy" and an average price target of $53.08.

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.