Hager Investment Management Services LLC Increases Stock Position in Corning Incorporated (NYSE:GLW)

Hager Investment Management Services LLC boosted its position in shares of Corning Incorporated (NYSE:GLW - Free Report) by 159.4% in the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 22,903 shares of the electronics maker's stock after purchasing an additional 14,075 shares during the quarter. Hager Investment Management Services LLC's holdings in Corning were worth $1,048,000 as of its most recent SEC filing.

A number of other institutional investors have also recently bought and sold shares of the stock. Norges Bank bought a new stake in shares of Corning in the fourth quarter worth $490,933,000. Polar Capital Holdings Plc acquired a new position in shares of Corning in the fourth quarter valued at $124,253,000. Mariner LLC increased its holdings in shares of Corning by 134.0% in the fourth 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 last quarter. Assenagon Asset Management S.A. grew its stake in shares of Corning by 101.0% in the first quarter. Assenagon Asset Management S.A. now owns 2,951,938 shares of the electronics maker's stock valued at $135,140,000 after acquiring an additional 1,483,151 shares in the last quarter. Finally, SG Americas Securities LLC grew its stake in shares of Corning by 3,441.4% in the first quarter. SG Americas Securities LLC now owns 1,190,359 shares of the electronics maker's stock valued at $54,495,000 after acquiring an additional 1,156,746 shares in the last quarter. Institutional investors own 69.80% of the company's stock.

Insider Buying and Selling at Corning

In other Corning news, VP John Z. Zhang sold 8,000 shares of the company's stock in a transaction dated Monday, May 12th. The shares were sold at an average price of $46.91, for a total transaction of $375,280.00. Following the sale, 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 ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, SVP Stefan Becker sold 17,106 shares of the company's stock in a transaction dated Thursday, May 29th. The shares were sold at an average price of $49.68, for a total transaction 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. This trade represents a 51.49% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 75,796 shares of company stock valued at $3,632,635. Insiders own 0.40% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on GLW shares. Mizuho set a $59.00 price target on shares of Corning and gave the stock an "outperform" rating in a report on Tuesday. Oppenheimer reduced their price target on shares of Corning from $58.00 to $55.00 and set an "outperform" rating on the stock in a research note on Wednesday, April 30th. Morgan Stanley raised their price target on shares of Corning from $44.00 to $50.00 and gave the company an "equal weight" rating in a research note on Tuesday, July 8th. UBS Group raised their price target on shares of Corning from $54.00 to $57.00 and gave the company a "neutral" rating in a research note on Wednesday, July 9th. Finally, Citigroup lifted their target price on shares of Corning from $52.00 to $60.00 and gave the stock a "buy" rating in a research report on Friday, July 11th. Four equities research analysts have rated the stock with a hold rating, nine have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $57.45.

Corning Stock Down 0.3%

Shares of NYSE GLW traded down $0.19 during trading on Friday, hitting $54.02. The stock had a trading volume of 1,334,385 shares, compared to its average volume of 5,273,572. Corning Incorporated has a 12 month low of $37.18 and a 12 month high of $55.33. 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 company has a market capitalization of $46.26 billion, a PE ratio of 103.91, a PEG ratio of 1.43 and a beta of 1.11. The firm has a fifty day moving average of $50.52 and a two-hundred day moving average of $48.41.

Corning (NYSE:GLW - Get Free Report) last issued its quarterly earnings results 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 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 firm's quarterly revenue was up 12.9% on a year-over-year basis. During the same period in the previous year, the firm earned $0.38 EPS. As a group, equities research analysts forecast 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. Investors of record on Friday, August 29th will be issued a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.07%. The ex-dividend date is Friday, August 29th. Corning's dividend payout ratio (DPR) 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.