10,072 Shares in Corning Incorporated (NYSE:GLW) Bought by Lecap Asset Management Ltd.

Lecap Asset Management Ltd. acquired a new stake in Corning Incorporated (NYSE:GLW - Free Report) in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 10,072 shares of the electronics maker's stock, valued at approximately $461,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Vermillion Wealth Management Inc. purchased a new stake in shares of Corning in the 4th quarter worth approximately $29,000. Putney Financial Group LLC purchased a new stake in Corning during the fourth quarter worth $30,000. Mainstream Capital Management LLC bought a new stake in Corning during the 4th quarter valued at $35,000. Transce3nd LLC bought a new stake in Corning during the 4th quarter valued at $39,000. Finally, ORG Partners LLC raised its position in shares of Corning by 115.8% in the 1st quarter. ORG Partners LLC now owns 887 shares of the electronics maker's stock worth $40,000 after acquiring an additional 476 shares in the last quarter. 69.80% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other Corning news, VP John Z. Zhang sold 8,000 shares of Corning stock in a transaction dated Monday, May 12th. The stock was sold at an average price of $46.91, for a total transaction of $375,280.00. Following the completion of the transaction, the vice president owned 9,610 shares in the company, valued at approximately $450,805.10. This trade represents a 45.43% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, VP John Z. Zhang sold 9,610 shares of the business's stock in a transaction dated Wednesday, May 28th. The shares were sold at an average price of $49.29, for a total value of $473,676.90. The disclosure for this sale can be found here. Over the last three months, insiders sold 75,796 shares of company stock worth $3,632,635. Company insiders own 0.32% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on GLW. Oppenheimer dropped their price objective on Corning from $58.00 to $55.00 and set an "outperform" rating on the stock in a research report on Wednesday, April 30th. Bank of America lifted their price objective on shares of Corning from $65.00 to $68.00 and gave the stock a "buy" rating in a research report on Wednesday, March 19th. Mizuho set a $52.00 price objective on shares of Corning in a research note on Tuesday, April 15th. JPMorgan Chase & Co. lowered their target price on shares of Corning from $62.00 to $50.00 and set an "overweight" rating for the company in a research note on Thursday, April 17th. Finally, Citigroup reduced their price target on Corning from $58.00 to $50.00 and set a "buy" rating on the stock in a research report on Monday, April 14th. Four investment analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat.com, Corning has a consensus rating of "Moderate Buy" and an average price target of $53.75.

Corning Stock Performance

Shares of NYSE GLW traded up $0.92 during mid-day trading on Monday, hitting $52.74. The stock had a trading volume of 5,413,880 shares, compared to its average volume of 5,646,077. The firm has a market cap of $45.17 billion, a PE ratio of 101.42, a PEG ratio of 1.40 and a beta of 1.11. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.05 and a current ratio of 1.69. The company has a 50 day moving average of $48.33 and a two-hundred day moving average of $47.95. Corning Incorporated has a twelve month low of $37.18 and a twelve month high of $55.33.

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, beating analysts' consensus estimates of $0.51 by $0.03. Corning had a return on equity of 16.47% and a net margin of 3.34%. The business had revenue of $3.68 billion for the quarter, compared to analyst estimates of $3.63 billion. During the same period in the prior year, the company earned $0.38 earnings per share. The company's revenue was up 12.9% on a year-over-year basis. Research analysts predict that Corning Incorporated will post 2.33 EPS for the current fiscal year.

Corning Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 29th. Shareholders of record on Friday, August 29th will be paid a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a yield of 2.12%. The ex-dividend date of this dividend is Friday, August 29th. Corning's payout ratio is 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.