Fifth Third Wealth Advisors LLC Buys Shares of 5,034 Corning Incorporated (NYSE:GLW)

Fifth Third Wealth Advisors LLC bought a new stake in shares of Corning Incorporated (NYSE:GLW - Free Report) during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund bought 5,034 shares of the electronics maker's stock, valued at approximately $230,000.

A number of other large investors have also recently modified their holdings of GLW. Norges Bank purchased a new stake in Corning in the fourth quarter worth about $490,933,000. Polar Capital Holdings Plc bought a new position in shares of Corning in the 4th quarter worth approximately $124,253,000. Amundi raised its position in shares of Corning by 139.0% in the 4th quarter. Amundi now owns 3,900,808 shares of the electronics maker's stock worth $186,186,000 after acquiring an additional 2,268,436 shares in the last quarter. Mariner LLC lifted its stake in shares of Corning by 134.0% in the 4th quarter. Mariner LLC now owns 3,869,358 shares of the electronics maker's stock valued at $183,867,000 after purchasing an additional 2,215,840 shares during the period. Finally, Raymond James Financial Inc. bought a new stake in shares of Corning during the fourth quarter valued at approximately $92,522,000. Institutional investors own 69.80% of the company's stock.

Analyst Upgrades and Downgrades

GLW has been the topic of several recent research reports. Bank of America upped their price target on Corning from $65.00 to $68.00 and gave the stock a "buy" rating in a research note on Wednesday, March 19th. Wall Street Zen cut shares of Corning from a "buy" rating to a "hold" rating in a report on Tuesday, February 25th. Oppenheimer decreased 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. JPMorgan Chase & Co. dropped their price objective on shares of Corning from $62.00 to $50.00 and set an "overweight" rating on the stock in a research note on Thursday, April 17th. Finally, Citigroup cut their price objective on shares of Corning from $58.00 to $50.00 and set a "buy" rating on the stock in a report on Monday, April 14th. Four 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 stock. According to data from MarketBeat, Corning currently has an average rating of "Moderate Buy" and a consensus target price of $53.08.

Corning Stock Down 0.2%

Corning stock traded down $0.12 during trading hours on Friday, hitting $50.74. The stock had a trading volume of 3,638,968 shares, compared to its average volume of 5,971,147. The stock's 50-day moving average price is $45.18 and its 200-day moving average price is $47.65. Corning Incorporated has a 12-month low of $36.58 and a 12-month high of $55.33. The company has a quick ratio of 1.07, a current ratio of 1.62 and a debt-to-equity ratio of 0.62. The stock has a market capitalization of $43.46 billion, a P/E ratio of 87.48, a price-to-earnings-growth ratio of 1.50 and a beta of 1.09.

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

Corning Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 27th. Stockholders of record on Friday, May 30th will be paid a $0.28 dividend. 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 is currently 215.38%.

Insider Transactions at Corning

In other news, SVP Stefan Becker sold 17,106 shares of Corning stock in a transaction that occurred on Thursday, May 29th. The shares were sold at an average price of $49.68, for a total value of $849,826.08. Following the completion of the sale, the senior vice president now directly owns 16,117 shares in the company, valued at $800,692.56. The trade was a 51.49% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, SVP Soumya Seetharam sold 6,505 shares of the business's stock in a transaction that occurred on Thursday, May 29th. The shares were sold at an average price of $50.01, for a total transaction of $325,315.05. Following the transaction, the senior vice president now directly owns 25,000 shares of the company's stock, valued at $1,250,250. The trade was a 20.65% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 75,796 shares of company stock worth $3,632,635 over the last quarter. 0.40% of the stock is currently owned by insiders.

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.