Silverberg Bernstein Capital Management LLC Acquires 8,040 Shares of Corning Incorporated (NYSE:GLW)

Silverberg Bernstein Capital Management LLC boosted its stake in Corning Incorporated (NYSE:GLW - Free Report) by 184.8% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 12,390 shares of the electronics maker's stock after purchasing an additional 8,040 shares during the period. Silverberg Bernstein Capital Management LLC's holdings in Corning were worth $567,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Sierra Ocean LLC acquired a new stake in shares of Corning during the fourth quarter worth $25,000. Asset Planning Inc acquired a new stake in shares of Corning during the 4th quarter worth approximately $29,000. Vermillion Wealth Management Inc. bought a new stake in shares of Corning in the 4th quarter valued at $29,000. Putney Financial Group LLC acquired a new position in shares of Corning during the 4th quarter valued at $30,000. Finally, Mainstream Capital Management LLC bought a new position in Corning during the fourth quarter worth $35,000. Institutional investors own 69.80% of the company's stock.

Insider Activity

In other Corning news, SVP Stefan Becker sold 17,106 shares of the business's stock in a transaction 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 sale, the senior vice president now owns 16,117 shares of the company's stock, valued at $800,692.56. The trade was a 51.49% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, VP John Z. Zhang sold 8,000 shares of the firm's stock in a transaction 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 completion of the transaction, the vice president now directly owns 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 disclosure for this sale can be found here. Insiders have sold a total of 75,796 shares of company stock valued at $3,632,635 over the last quarter. Company insiders own 0.40% of the company's stock.

Analyst Ratings Changes

Several research firms have weighed in on GLW. Citigroup decreased their price target on shares of Corning from $58.00 to $50.00 and set a "buy" rating for the company in a research note on Monday, April 14th. Bank of America raised their price objective on Corning from $65.00 to $68.00 and gave the company a "buy" rating in a research note on Wednesday, March 19th. Oppenheimer lowered their target price on Corning from $58.00 to $55.00 and set an "outperform" rating on the stock in a research report on Wednesday, April 30th. Wall Street Zen downgraded shares of Corning from a "buy" rating to a "hold" rating in a research report on Tuesday, February 25th. Finally, JPMorgan Chase & Co. lowered their price objective on shares of Corning from $62.00 to $50.00 and set an "overweight" rating on the stock in a report on Thursday, April 17th. Four equities research analysts have rated the stock with a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Corning currently has an average rating of "Moderate Buy" and a consensus target price of $53.08.

Corning Stock Performance

GLW traded up $0.01 during trading on Wednesday, hitting $50.79. 4,505,232 shares of the company traded hands, compared to its average volume of 5,970,079. The stock's fifty day moving average is $44.98 and its 200 day moving average is $47.60. Corning Incorporated has a one year low of $36.58 and a one year high of $55.33. The firm has a market cap of $43.50 billion, a P/E ratio of 87.57, a price-to-earnings-growth ratio of 1.50 and a beta of 1.09. The company has a quick ratio of 1.07, a current ratio of 1.62 and a debt-to-equity ratio of 0.62.

Corning (NYSE:GLW - Get Free Report) last posted its quarterly earnings results on Tuesday, April 29th. The electronics maker reported $0.54 earnings per share for the quarter, topping the consensus estimate of $0.51 by $0.03. Corning had a return on equity of 15.10% and a net margin of 3.86%. The company had revenue of $3.68 billion during the quarter, compared to the consensus estimate of $3.63 billion. During the same quarter in the prior year, the company earned $0.38 EPS. The firm's quarterly revenue was up 12.9% compared to the same quarter last year. As a group, equities analysts predict that Corning Incorporated will post 2.33 EPS for the current fiscal year.

Corning Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 27th. Stockholders of record on Friday, May 30th will be paid a $0.28 dividend. The ex-dividend date of this dividend is Friday, May 30th. This represents a $1.12 annualized dividend and a dividend yield of 2.21%. Corning's payout ratio is 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.