Cutter & CO Brokerage Inc. Makes New $413,000 Investment in Corning Incorporated (NYSE:GLW)

Cutter & CO Brokerage Inc. acquired a new position in shares of Corning Incorporated (NYSE:GLW - Free Report) during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm acquired 9,021 shares of the electronics maker's stock, valued at approximately $413,000.

Other large investors have also recently bought and sold shares of the company. Vanguard Group Inc. boosted its holdings in shares of Corning by 0.9% during the fourth quarter. Vanguard Group Inc. now owns 99,903,247 shares of the electronics maker's stock worth $4,747,402,000 after acquiring an additional 916,528 shares during the period. Geode Capital Management LLC boosted its position in shares of Corning by 3.0% during the 4th quarter. Geode Capital Management LLC now owns 18,470,610 shares of the electronics maker's stock worth $875,633,000 after purchasing an additional 533,686 shares in the last quarter. Northern Trust Corp lifted its position in Corning by 2.0% in the 4th quarter. Northern Trust Corp now owns 10,870,375 shares of the electronics maker's stock valued at $516,560,000 after acquiring an additional 208,826 shares in the last quarter. Norges Bank purchased a new stake in Corning in the 4th quarter valued at about $490,933,000. Finally, Dimensional Fund Advisors LP lifted its holdings in Corning by 0.8% during the fourth quarter. Dimensional Fund Advisors LP now owns 9,800,573 shares of the electronics maker's stock valued at $465,723,000 after purchasing an additional 78,497 shares during the last quarter. Institutional investors and hedge funds own 69.80% of the company's stock.

Insider Buying and Selling at Corning

In other news, SVP Michael Alan Bell sold 20,262 shares of the firm's stock in a transaction that occurred on Wednesday, April 30th. The shares were sold at an average price of $44.06, for a total value of $892,743.72. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Stefan Becker sold 17,106 shares of Corning stock in a transaction that occurred on Thursday, May 29th. The stock was sold at an average price of $49.68, for a total transaction of $849,826.08. Following the completion of the transaction, the senior vice president owned 16,117 shares of the company's stock, valued at $800,692.56. This represents a 51.49% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 75,796 shares of company stock valued at $3,632,635. 0.40% of the stock is currently owned by company insiders.

Corning Price Performance

Shares of NYSE GLW traded up $0.99 during mid-day trading on Thursday, reaching $53.96. The company's stock had a trading volume of 730,354 shares, compared to its average volume of 5,285,262. The stock has a market capitalization of $46.21 billion, a P/E ratio of 103.74, a P/E/G ratio of 1.42 and a beta of 1.11. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.05 and a current ratio of 1.69. Corning Incorporated has a 1-year low of $37.18 and a 1-year high of $55.33. The stock has a 50-day moving average of $50.34 and a two-hundred day moving average of $48.36.

Corning (NYSE:GLW - Get Free Report) last released 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. Corning had a net margin of 3.34% and a return on equity of 16.47%. The firm had revenue of $3.68 billion during the quarter, compared to analysts' expectations of $3.63 billion. During the same period last year, the business earned $0.38 earnings per share. Corning's revenue was up 12.9% compared to the same quarter last year. On average, equities research analysts anticipate that Corning Incorporated will post 2.33 EPS for the current fiscal year.

Corning Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, September 29th. Shareholders of record on Friday, August 29th will be given a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.08%. The ex-dividend date is Friday, August 29th. Corning's dividend payout ratio is presently 215.38%.

Analysts Set New Price Targets

Several research firms have weighed in on GLW. Oppenheimer lowered their price target on Corning from $58.00 to $55.00 and set an "outperform" rating on the stock in a report on Wednesday, April 30th. UBS Group boosted their price target on shares of Corning from $54.00 to $57.00 and gave the stock a "neutral" rating in a research note on Wednesday, July 9th. Citigroup increased their price target on shares of Corning from $52.00 to $60.00 and gave the stock a "buy" rating in a research note on Friday, July 11th. Bank of America upped their price objective on shares of Corning from $65.00 to $68.00 and gave the stock a "buy" rating in a report on Wednesday, March 19th. Finally, Mizuho set a $59.00 target price on shares of Corning and gave the company an "outperform" rating in a research note on Tuesday. Four equities 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 stock. Based on data from MarketBeat, Corning presently has an average rating of "Moderate Buy" and an average target price of $56.36.

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.