Hussman Strategic Advisors Inc. Makes New $2.40 Million Investment in Corning Incorporated (NYSE:GLW)

Hussman Strategic Advisors Inc. purchased a new position in shares of Corning Incorporated (NYSE:GLW - Free Report) during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 52,500 shares of the electronics maker's stock, valued at approximately $2,403,000.

Several other large investors also recently bought and sold shares of GLW. Vermillion Wealth Management Inc. acquired a new stake in shares of Corning in the 4th quarter valued at about $29,000. Putney Financial Group LLC purchased a new position in shares of Corning during the 4th quarter worth approximately $30,000. Transce3nd LLC purchased a new position in shares of Corning during the 4th quarter worth approximately $39,000. ORG Partners LLC increased its stake in Corning by 115.8% in the 1st quarter. ORG Partners LLC now owns 887 shares of the electronics maker's stock valued at $40,000 after purchasing an additional 476 shares in the last quarter. Finally, VSM Wealth Advisory LLC purchased a new position in Corning in the 4th quarter valued at approximately $43,000. Hedge funds and other institutional investors own 69.80% of the company's stock.

Insider Activity

In other news, VP John Z. Zhang sold 9,610 shares of the stock in a transaction that occurred on Wednesday, May 28th. The stock was sold at an average price of $49.29, for a total transaction of $473,676.90. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, VP John Z. Zhang sold 8,000 shares of the firm's stock in a transaction dated Monday, May 12th. The stock was sold at an average price of $46.91, for a total value 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. The trade was a 45.43% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 75,796 shares of company stock valued at $3,632,635 in the last three months. Corporate insiders own 0.40% of the company's stock.

Corning Stock Performance

Shares of NYSE:GLW traded down $0.16 during trading on Friday, hitting $54.04. The company's stock had a trading volume of 2,502,221 shares, compared to its average volume of 5,269,092. Corning Incorporated has a 12 month low of $37.18 and a 12 month high of $55.33. The firm has a market cap of $46.28 billion, a price-to-earnings ratio of 103.92, a P/E/G ratio of 1.46 and a beta of 1.11. The company has a 50-day moving average of $50.70 and a 200-day moving average of $48.46. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.69 and a quick ratio of 1.05.

Corning (NYSE:GLW - Get Free Report) last posted its earnings results on Tuesday, April 29th. The electronics maker reported $0.54 earnings per share for the quarter, beating analysts' consensus estimates of $0.51 by $0.03. The firm had revenue of $3.68 billion during the quarter, compared to analyst estimates of $3.63 billion. Corning had a net margin of 3.34% and a return on equity of 16.47%. Corning's revenue for the quarter was up 12.9% compared to the same quarter last year. During the same period last year, the firm posted $0.38 earnings per share. On average, sell-side analysts expect that Corning Incorporated will post 2.33 earnings per share for the current year.

Corning Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, September 29th. Stockholders of record on Friday, August 29th will be issued a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a dividend yield of 2.07%. The ex-dividend date is Friday, August 29th. Corning's dividend payout ratio (DPR) is 215.38%.

Analyst Ratings Changes

Several analysts recently weighed in on GLW shares. Mizuho set a $59.00 price objective on Corning and gave the company an "outperform" rating in a report on Tuesday, July 15th. Citigroup increased their price target on Corning from $52.00 to $60.00 and gave the company a "buy" rating in a research report on Friday, July 11th. Wolfe Research initiated coverage on shares of Corning in a research note on Tuesday, July 8th. They set an "outperform" rating on the stock. Morgan Stanley upped their price target on shares of Corning from $44.00 to $50.00 and gave the stock an "equal weight" rating in a research note on Tuesday, July 8th. Finally, Oppenheimer lowered their target price on shares of Corning from $58.00 to $55.00 and set an "outperform" rating on the stock in a research report on Wednesday, April 30th. Four investment analysts have rated the stock with a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $57.45.

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.