Corning Incorporated (NYSE:GLW) Shares Bought by Jennison Associates LLC

Jennison Associates LLC increased its position in Corning Incorporated (NYSE:GLW - Free Report) by 229.9% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 791,497 shares of the electronics maker's stock after purchasing an additional 551,608 shares during the period. Jennison Associates LLC owned 0.09% of Corning worth $36,235,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Vermillion Wealth Management Inc. bought a new position in shares of Corning during the fourth quarter valued at $29,000. Putney Financial Group LLC bought a new position in Corning in the fourth quarter valued at about $30,000. Transce3nd LLC bought a new position in Corning in the fourth quarter valued at about $39,000. ORG Partners LLC lifted its holdings in Corning by 115.8% in the first quarter. ORG Partners LLC now owns 887 shares of the electronics maker's stock valued at $40,000 after acquiring an additional 476 shares during the period. Finally, Dunhill Financial LLC lifted its holdings in Corning by 77.1% in the fourth quarter. Dunhill Financial LLC now owns 905 shares of the electronics maker's stock valued at $43,000 after acquiring an additional 394 shares during the period. 69.80% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, VP John Z. Zhang sold 9,610 shares of Corning stock in a transaction on Wednesday, May 28th. The stock was sold at an average price of $49.29, for a total value of $473,676.90. The sale was disclosed in a filing with the SEC, which is available through this link. Also, SVP Michael Alan Bell sold 20,262 shares of Corning stock in a transaction on Wednesday, April 30th. The shares were sold at an average price of $44.06, for a total value of $892,743.72. The disclosure for this sale can be found here. In the last three months, insiders sold 75,796 shares of company stock worth $3,632,635. Insiders own 0.32% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts have commented on GLW shares. Wolfe Research started coverage on Corning in a research report on Tuesday, July 8th. They issued an "outperform" rating for the company. JPMorgan Chase & Co. upped their price target on Corning from $52.00 to $62.00 and gave the stock an "overweight" rating in a research report on Thursday. Citigroup upped their price target on Corning from $52.00 to $60.00 and gave the stock a "buy" rating in a research report on Friday, July 11th. Mizuho set a $59.00 target price on Corning and gave the stock an "outperform" rating in a research report on Tuesday, July 15th. Finally, UBS Group increased their target price on Corning from $54.00 to $57.00 and gave the stock a "neutral" rating in a research report on Wednesday, July 9th. Four investment analysts have rated the stock with a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $57.45.

Corning Trading Down 0.1%

Shares of GLW stock traded down $0.06 on Monday, reaching $53.95. 2,993,407 shares of the company's stock were exchanged, compared to its average volume of 5,572,073. Corning Incorporated has a 52 week low of $37.18 and a 52 week high of $55.33. The company has a current ratio of 1.69, a quick ratio of 1.05 and a debt-to-equity ratio of 0.62. The stock has a market capitalization of $46.20 billion, a PE ratio of 103.75, a P/E/G ratio of 1.46 and a beta of 1.11. The company's fifty day simple moving average is $50.70 and its 200 day simple moving average is $48.47.

Corning (NYSE:GLW - Get Free Report) last released its quarterly earnings data on Tuesday, April 29th. The electronics maker reported $0.54 earnings per share for the quarter, beating the consensus estimate of $0.51 by $0.03. The firm had revenue of $3.68 billion during the quarter, compared to the consensus estimate of $3.63 billion. Corning had a return on equity of 16.47% and a net margin of 3.34%. The firm's quarterly revenue was up 12.9% on a year-over-year basis. During the same period in the previous year, the company posted $0.38 earnings per share. As a group, analysts forecast that Corning Incorporated will post 2.33 EPS for the current year.

Corning Announces Dividend

The company also recently disclosed 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. The ex-dividend date of this dividend is Friday, August 29th. This represents a $1.12 annualized dividend and a dividend yield of 2.08%. Corning's payout ratio is currently 215.38%.

About Corning

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.