DAVENPORT & Co LLC Acquires 4,723 Shares of Corning Incorporated (NYSE:GLW)

DAVENPORT & Co LLC raised its stake in Corning Incorporated (NYSE:GLW - Free Report) by 30.6% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 20,139 shares of the electronics maker's stock after acquiring an additional 4,723 shares during the quarter. DAVENPORT & Co LLC's holdings in Corning were worth $922,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently made changes to their positions in GLW. LMR Partners LLP grew its holdings in shares of Corning by 140.1% during the fourth quarter. LMR Partners LLP now owns 1,200,442 shares of the electronics maker's stock worth $57,045,000 after purchasing an additional 700,442 shares during the last quarter. Assetmark Inc. grew its holdings in Corning by 101.5% during the 4th quarter. Assetmark Inc. now owns 1,076 shares of the electronics maker's stock worth $51,000 after acquiring an additional 542 shares during the last quarter. Gotham Asset Management LLC bought a new stake in Corning during the 4th quarter worth approximately $306,000. GAMMA Investing LLC grew its holdings in Corning by 29.2% during the 1st quarter. GAMMA Investing LLC now owns 11,358 shares of the electronics maker's stock worth $520,000 after acquiring an additional 2,567 shares during the last quarter. Finally, Dynamic Advisor Solutions LLC grew its holdings in Corning by 1.3% during the 1st quarter. Dynamic Advisor Solutions LLC now owns 22,379 shares of the electronics maker's stock worth $1,024,000 after acquiring an additional 297 shares during the last quarter. Institutional investors own 69.80% of the company's stock.

Corning Stock Up 0.6%

Shares of NYSE:GLW traded up $0.34 during trading on Tuesday, reaching $52.72. 4,314,283 shares of the stock were exchanged, compared to its average volume of 5,630,749. Corning Incorporated has a 1-year low of $37.18 and a 1-year high of $55.33. The stock has a fifty day moving average of $49.27 and a two-hundred day moving average of $48.13. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.69 and a quick ratio of 1.05. The firm has a market cap of $45.15 billion, a price-to-earnings ratio of 101.38, a price-to-earnings-growth ratio of 1.43 and a beta of 1.11.

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 for the quarter, topping the consensus estimate of $0.51 by $0.03. The firm had revenue of $3.68 billion for the quarter, compared to the consensus estimate 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 quarter in the prior year, the company posted $0.38 earnings per share. Research analysts anticipate that Corning Incorporated will post 2.33 earnings per share 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 paid a dividend of $0.28 per share. The ex-dividend date is Friday, August 29th. This represents a $1.12 dividend on an annualized basis and a yield of 2.12%. Corning's dividend payout ratio (DPR) is currently 215.38%.

Insider Buying and Selling at Corning

In other Corning news, SVP Stefan Becker sold 17,106 shares of the firm's stock in a transaction 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 transaction, the senior vice president directly owned 16,117 shares in the company, valued at approximately $800,692.56. This trade represents a 51.49% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP John Z. Zhang sold 9,610 shares of the firm's stock in a transaction on Wednesday, May 28th. The shares were sold at an average price of $49.29, for a total value of $473,676.90. The disclosure for this sale can be found here. In the last three months, insiders have sold 75,796 shares of company stock worth $3,632,635. 0.32% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

GLW has been the topic of a number of research reports. Oppenheimer reduced their target price on shares of Corning from $58.00 to $55.00 and set an "outperform" rating on the stock in a report on Wednesday, April 30th. Mizuho set a $52.00 target price on shares of Corning in a research report on Tuesday, April 15th. Bank of America boosted their price target 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. Morgan Stanley increased their price objective on shares of Corning from $44.00 to $50.00 and gave the stock an "equal weight" rating in a research report on Tuesday. Finally, Wolfe Research began coverage on shares of Corning in a report on Tuesday. They issued an "outperform" rating on the stock. Four research 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 company. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $53.92.

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.