Corning Incorporated (NYSE:GLW) Shares Bought by Czech National Bank

Czech National Bank boosted its stake in Corning Incorporated (NYSE:GLW - Free Report) by 6.0% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 177,065 shares of the electronics maker's stock after acquiring an additional 9,986 shares during the quarter. Czech National Bank's holdings in Corning were worth $8,106,000 at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. 180 Wealth Advisors LLC raised its stake in shares of Corning by 1.7% during the first quarter. 180 Wealth Advisors LLC now owns 15,492 shares of the electronics maker's stock valued at $709,000 after purchasing an additional 262 shares during the period. Rhumbline Advisers grew its holdings in Corning by 6.1% during the 1st quarter. Rhumbline Advisers now owns 1,353,596 shares of the electronics maker's stock valued at $61,968,000 after purchasing an additional 77,568 shares in the last quarter. Fifth Third Wealth Advisors LLC purchased a new stake in Corning during the 1st quarter worth $230,000. Parallel Advisors LLC lifted its holdings in Corning by 2.0% in the 1st quarter. Parallel Advisors LLC now owns 21,031 shares of the electronics maker's stock worth $963,000 after buying an additional 414 shares in the last quarter. Finally, Summit Global Investments boosted its position in Corning by 965.8% in the 1st quarter. Summit Global Investments now owns 208,926 shares of the electronics maker's stock valued at $9,565,000 after buying an additional 189,324 shares during the last quarter. Institutional investors and hedge funds own 69.80% of the company's stock.

Corning Stock Performance

Corning stock traded up $0.01 during mid-day trading on Wednesday, reaching $50.79. The company's stock had a trading volume of 4,505,232 shares, compared to its average volume of 5,970,079. The company has a current ratio of 1.62, a quick ratio of 1.07 and a debt-to-equity ratio of 0.62. Corning Incorporated has a twelve month low of $36.58 and a twelve month high of $55.33. The business has a 50 day moving average price of $44.98 and a 200-day moving average price of $47.60. The firm has a market cap of $43.50 billion, a price-to-earnings ratio of 87.57, a PEG ratio of 1.50 and a beta of 1.09.

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

Corning Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, June 27th. Stockholders of record on Friday, May 30th will be issued a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a dividend yield of 2.21%. The ex-dividend date of this dividend is Friday, May 30th. Corning's dividend payout ratio (DPR) is presently 215.38%.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on GLW. Bank of America lifted their target price on Corning from $65.00 to $68.00 and gave the stock a "buy" rating in a research report on Wednesday, March 19th. Mizuho set a $52.00 price objective on Corning in a report on Tuesday, April 15th. JPMorgan Chase & Co. reduced their target price on Corning from $62.00 to $50.00 and set an "overweight" rating for the company in a research note on Thursday, April 17th. Oppenheimer dropped their price target on shares of Corning from $58.00 to $55.00 and set an "outperform" rating for the company in a research note on Wednesday, April 30th. Finally, Wall Street Zen downgraded shares of Corning from a "buy" rating to a "hold" rating in a research note on Tuesday, February 25th. Four investment analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, Corning currently has an average rating of "Moderate Buy" and an average price target of $53.08.

Insider Activity

In other news, SVP Soumya Seetharam sold 14,313 shares of the company's stock in a transaction dated 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 transaction, the senior vice president now owns 31,505 shares in the company, valued at approximately $1,575,565.05. This represents a 31.24% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Michael Alan Bell sold 20,262 shares of Corning 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 valued at $3,632,635. 0.40% of the stock is currently owned by insiders.

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.