Corning Incorporated (NYSE:GLW) Shares Purchased by GSA Capital Partners LLP

Key Points

• GSA Capital Partners LLP increased its stake in Corning Incorporated by 212.2%, acquiring an additional 13,521 shares, bringing their total holdings to 19,893 shares valued at $911,000.
• Corning also announced a quarterly dividend of $0.28, with a payout ratio of 119.15%, to be paid on September 29th.
• Analyst ratings for Corning have been positive, with Barclays raising their price target from $52 to $65 and multiple other firms issuing buy ratings, indicating a consensus rating of "Moderate Buy."

GSA Capital Partners LLP increased its holdings in shares of Corning Incorporated (NYSE:GLW - Free Report) by 212.2% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 19,893 shares of the electronics maker's stock after buying an additional 13,521 shares during the quarter. GSA Capital Partners LLP's holdings in Corning were worth $911,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in GLW. Geode Capital Management LLC raised its holdings in shares of Corning by 3.0% in the fourth quarter. Geode Capital Management LLC now owns 18,470,610 shares of the electronics maker's stock worth $875,633,000 after buying an additional 533,686 shares during the last quarter. Northern Trust Corp raised its stake in shares of Corning by 2.0% in the fourth quarter. Northern Trust Corp now owns 10,870,375 shares of the electronics maker's stock worth $516,560,000 after purchasing an additional 208,826 shares during the last quarter. Dimensional Fund Advisors LP lifted its holdings in shares of Corning by 0.8% during the fourth quarter. Dimensional Fund Advisors LP now owns 9,800,573 shares of the electronics maker's stock worth $465,723,000 after purchasing an additional 78,497 shares during the period. Bank of New York Mellon Corp boosted its position in Corning by 1.3% in the first quarter. Bank of New York Mellon Corp now owns 6,347,977 shares of the electronics maker's stock valued at $290,610,000 after buying an additional 80,872 shares during the last quarter. Finally, Invesco Ltd. increased its holdings in Corning by 5.1% in the 4th quarter. Invesco Ltd. now owns 6,048,735 shares of the electronics maker's stock worth $287,436,000 after buying an additional 293,713 shares during the period. 69.80% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

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

Corning Price Performance

GLW traded up $1.33 on Monday, hitting $63.38. 3,238,522 shares of the company's stock were exchanged, compared to its average volume of 5,668,857. Corning Incorporated has a fifty-two week low of $37.18 and a fifty-two week high of $63.91. The stock has a market cap of $54.28 billion, a price-to-earnings ratio of 67.37, a P/E/G ratio of 1.59 and a beta of 1.08. The firm has a 50-day moving average price of $52.73 and a 200-day moving average price of $49.18. The company has a current ratio of 1.50, a quick ratio of 0.93 and a debt-to-equity ratio of 0.58.

Corning (NYSE:GLW - Get Free Report) last issued its earnings results on Tuesday, July 29th. The electronics maker reported $0.60 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.57 by $0.03. Corning had a return on equity of 17.27% and a net margin of 5.77%. The company had revenue of $3.86 billion during the quarter, compared to analysts' expectations of $3.84 billion. During the same period in the prior year, the business earned $0.47 EPS. As a group, equities analysts anticipate that Corning Incorporated will post 2.33 earnings per share for the current year.

Corning Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 29th. Investors of record on Friday, August 29th will be given a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a dividend yield of 1.8%. The ex-dividend date of this dividend is Friday, August 29th. Corning's dividend payout ratio (DPR) is presently 119.15%.

Wall Street Analysts Forecast Growth

GLW has been the subject of several research reports. Argus restated a "buy" rating and set a $68.00 price objective on shares of Corning in a research note on Wednesday, July 30th. UBS Group increased their price target on Corning from $54.00 to $57.00 and gave the stock a "neutral" rating in a research report on Wednesday, July 9th. Morgan Stanley set a $56.00 target price on Corning and gave the stock an "equal weight" rating in a research note on Wednesday, July 30th. Mizuho lifted their price target on Corning from $52.00 to $59.00 and gave the company an "outperform" rating in a research report on Tuesday, July 15th. Finally, JPMorgan Chase & Co. raised their price objective on shares of Corning from $62.00 to $65.00 and gave the stock an "overweight" rating in a research note on Friday, July 25th. Three 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, Corning currently has a consensus rating of "Moderate Buy" and an average target price of $63.25.

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.