Corning Incorporated (NYSE:GLW) Shares Acquired by Davis R M Inc.

Key Points

• Davis R M Inc. raised its stake in Corning Incorporated by 36.3%, owning 17,795 shares valued at approximately $815,000 as of the latest SEC filing.
• Corning recently reported earnings with an EPS of $0.60, exceeding analysts' expectations of $0.57, while also declaring a quarterly dividend of $0.28 per share.
• Several analysts have increased their price targets for Corning, with Barclays raising it to $65.00, indicating a positive outlook from multiple research firms.

Davis R M Inc. lifted its holdings in shares of Corning Incorporated (NYSE:GLW - Free Report) by 36.3% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 17,795 shares of the electronics maker's stock after buying an additional 4,738 shares during the period. Davis R M Inc.'s holdings in Corning were worth $815,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. University of Texas Texas AM Investment Management Co. increased its stake in Corning by 9.7% in the 4th quarter. University of Texas Texas AM Investment Management Co. now owns 2,422 shares of the electronics maker's stock valued at $115,000 after purchasing an additional 214 shares in the last quarter. Seeds Investor LLC increased its stake in Corning by 3.0% in the 4th quarter. Seeds Investor LLC now owns 7,708 shares of the electronics maker's stock valued at $366,000 after purchasing an additional 221 shares in the last quarter. CreativeOne Wealth LLC increased its stake in Corning by 2.4% in the 4th quarter. CreativeOne Wealth LLC now owns 10,182 shares of the electronics maker's stock valued at $484,000 after purchasing an additional 238 shares in the last quarter. Old North State Wealth Management LLC increased its stake in Corning by 0.6% in the 1st quarter. Old North State Wealth Management LLC now owns 40,107 shares of the electronics maker's stock valued at $1,836,000 after purchasing an additional 239 shares in the last quarter. Finally, Colonial Trust Co SC increased its stake in Corning by 3.8% in the 4th quarter. Colonial Trust Co SC now owns 7,138 shares of the electronics maker's stock valued at $339,000 after purchasing an additional 258 shares in the last quarter. 69.80% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Corning news, EVP Lewis A. Steverson sold 16,646 shares of the firm's stock in a transaction dated Wednesday, July 30th. The stock was sold at an average price of $62.22, for a total value of $1,035,714.12. Following the transaction, the executive vice president directly owned 39,759 shares of the company's stock, valued at $2,473,804.98. This trade represents a 29.51% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, SVP Stefan Becker sold 17,106 shares of Corning stock in a transaction dated Thursday, May 29th. The stock was sold at an average price of $49.68, for a total value of $849,826.08. Following the sale, the senior vice president directly owned 16,117 shares in the company, valued at approximately $800,692.56. The trade was a 51.49% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 137,381 shares of company stock valued at $7,836,789 over the last ninety days. Insiders own 0.40% of the company's stock.

Analysts Set New Price Targets

A number of brokerages have commented on GLW. Mizuho increased their target price on Corning from $52.00 to $59.00 and gave the company an "outperform" rating in a report on Tuesday, July 15th. Morgan Stanley set a $56.00 target price on Corning and gave the company an "equal weight" rating in a report on Wednesday, July 30th. JPMorgan Chase & Co. increased their target price on Corning from $62.00 to $65.00 and gave the company an "overweight" rating in a report on Friday, July 25th. Citigroup increased their target price on Corning from $52.00 to $60.00 and gave the company a "buy" rating in a report on Friday, July 11th. Finally, Oppenheimer reiterated an "outperform" rating and set a $72.00 target price (up previously from $55.00) on shares of Corning in a report on Wednesday, July 30th. Three research analysts have rated the stock with a hold rating, ten have issued a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $63.25.

Corning Trading Up 2.2%

Shares of GLW traded up $1.39 during trading hours on Monday, hitting $63.44. The stock had a trading volume of 5,043,278 shares, compared to its average volume of 5,670,498. The company has a debt-to-equity ratio of 0.58, a quick ratio of 0.93 and a current ratio of 1.50. The firm has a market cap of $54.33 billion, a P/E ratio of 67.49, a P/E/G ratio of 1.59 and a beta of 1.08. The company's fifty day simple moving average is $52.73 and its 200 day simple moving average is $49.18. Corning Incorporated has a 12-month low of $37.18 and a 12-month high of $63.91.

Corning (NYSE:GLW - Get Free Report) last issued its earnings results on Tuesday, July 29th. The electronics maker reported $0.60 earnings per share for the quarter, topping the consensus estimate of $0.57 by $0.03. The business had revenue of $3.86 billion for the quarter, compared to analyst estimates of $3.84 billion. Corning had a return on equity of 17.27% and a net margin of 5.77%. During the same period last year, the company posted $0.47 EPS. Equities research analysts forecast that Corning Incorporated will post 2.33 EPS for the current fiscal year.

Corning Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 29th. Shareholders of record on Friday, August 29th will be given 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 1.8%. Corning's dividend payout ratio (DPR) is 119.15%.

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.