D.A. Davidson & CO. Acquires 6,365 Shares of Corning Incorporated (NYSE:GLW)

D.A. Davidson & CO. grew its stake in shares of Corning Incorporated (NYSE:GLW - Free Report) by 7.3% in the first quarter, according to its most recent filing with the SEC. The fund owned 93,487 shares of the electronics maker's stock after acquiring an additional 6,365 shares during the period. D.A. Davidson & CO.'s holdings in Corning were worth $4,280,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently modified their holdings of GLW. Vermillion Wealth Management Inc. purchased a new stake in shares of Corning during the fourth quarter worth $29,000. Putney Financial Group LLC purchased a new stake in shares of Corning during the fourth quarter worth $30,000. Transce3nd LLC purchased a new stake in shares of Corning during the fourth quarter worth $39,000. ORG Partners LLC raised its holdings in shares of Corning by 115.8% during the first quarter. ORG Partners LLC now owns 887 shares of the electronics maker's stock worth $40,000 after acquiring an additional 476 shares in the last quarter. Finally, VSM Wealth Advisory LLC purchased a new stake in shares of Corning during the fourth quarter worth $43,000. Institutional investors and hedge funds own 69.80% of the company's stock.

Insider Transactions at Corning

In other Corning news, VP John Z. Zhang sold 8,000 shares of the stock in a transaction dated Monday, May 12th. The shares were sold at an average price of $46.91, for a total value of $375,280.00. Following the transaction, the vice president directly owned 9,610 shares of the company's stock, valued at $450,805.10. This represents a 45.43% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP John Z. Zhang sold 9,610 shares of the firm's 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 disclosure for this sale can be found here. Over the last 90 days, insiders sold 75,796 shares of company stock worth $3,632,635. 0.40% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

Several equities analysts have commented on GLW shares. JPMorgan Chase & Co. lowered their target price on shares of Corning from $62.00 to $50.00 and set an "overweight" rating on the stock in a research report on Thursday, April 17th. Citigroup lowered their target price on shares of Corning from $58.00 to $50.00 and set a "buy" rating on the stock in a research report on Monday, April 14th. Mizuho set a $52.00 target price on shares of Corning in a research report on Tuesday, April 15th. Oppenheimer lowered their target price 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 increased their target price 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 data from MarketBeat, Corning presently has an average rating of "Moderate Buy" and an average target price of $53.75.

Corning Stock Performance

Shares of GLW stock traded up $0.37 on Friday, reaching $53.09. The stock had a trading volume of 2,066,077 shares, compared to its average volume of 5,645,663. The company has a quick ratio of 1.05, a current ratio of 1.69 and a debt-to-equity ratio of 0.62. The firm's 50-day moving average is $49.10 and its two-hundred day moving average is $48.09. The firm has a market capitalization of $45.47 billion, a price-to-earnings ratio of 102.10, a P/E/G ratio of 1.43 and a beta of 1.11. Corning Incorporated has a 12 month low of $37.18 and a 12 month high of $55.33.

Corning (NYSE:GLW - Get Free Report) last released its quarterly earnings results on Tuesday, April 29th. The electronics maker reported $0.54 earnings per share for the quarter, beating the consensus estimate of $0.51 by $0.03. The firm had revenue of $3.68 billion for the quarter, compared to analysts' expectations of $3.63 billion. Corning had a net margin of 3.34% and a return on equity of 16.47%. The business's revenue was up 12.9% on a year-over-year basis. During the same period in the prior year, the firm earned $0.38 EPS. On average, research analysts expect that Corning Incorporated will post 2.33 EPS for the current fiscal year.

Corning Announces Dividend

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 issued a $0.28 dividend. The ex-dividend date of this dividend is Friday, August 29th. This represents a $1.12 annualized dividend and a yield of 2.11%. Corning's dividend payout ratio is currently 215.38%.

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.