Longfellow Investment Management Co. LLC Boosts Position in Corning Incorporated (NYSE:GLW)

Key Points

• Longfellow Investment Management Co. LLC increased its holdings in Corning Incorporated by 117.7%, acquiring an additional 14,788 shares, bringing its total to 27,351 shares valued at approximately $1.25 million.
• Several institutional investors, including Motley Fool Asset Management and Nuveen LLC, also adjusted their positions in Corning, with institutional ownership now at 69.80%.
• Corning recently announced a quarterly dividend of $0.28 per share, with an ex-dividend date of August 29th, representing an annualized dividend yield of 1.7%.

Longfellow Investment Management Co. LLC increased its position in shares of Corning Incorporated (NYSE:GLW - Free Report) by 117.7% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 27,351 shares of the electronics maker's stock after purchasing an additional 14,788 shares during the quarter. Longfellow Investment Management Co. LLC's holdings in Corning were worth $1,252,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the company. University of Texas Texas AM Investment Management Co. lifted its position in Corning by 9.7% during the 4th quarter. University of Texas Texas AM Investment Management Co. now owns 2,422 shares of the electronics maker's stock valued at $115,000 after acquiring an additional 214 shares during the period. Seeds Investor LLC lifted its position in Corning by 3.0% during the 4th quarter. Seeds Investor LLC now owns 7,708 shares of the electronics maker's stock valued at $366,000 after acquiring an additional 221 shares during the period. Harbour Investments Inc. lifted its position in Corning by 2.4% during the 1st quarter. Harbour Investments Inc. now owns 9,489 shares of the electronics maker's stock valued at $434,000 after acquiring an additional 224 shares during the period. CreativeOne Wealth LLC lifted its position in Corning by 2.4% during the 4th quarter. CreativeOne Wealth LLC now owns 10,182 shares of the electronics maker's stock valued at $484,000 after acquiring an additional 238 shares during the period. Finally, Old North State Wealth Management LLC lifted its position in Corning by 0.6% during the 1st quarter. Old North State Wealth Management LLC now owns 40,107 shares of the electronics maker's stock valued at $1,836,000 after acquiring an additional 239 shares during the period. 69.80% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Corning news, EVP Lewis A. Steverson sold 16,646 shares of the firm's stock in a transaction on Wednesday, July 30th. The stock was 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 in the company, valued at approximately $2,473,804.98. This trade represents a 29.51% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, SVP Michael Paul O'day sold 14,879 shares of the firm's stock in a transaction on Wednesday, July 30th. The shares were sold at an average price of $62.36, for a total value of $927,854.44. Following the completion of the transaction, the senior vice president owned 35,743 shares in the company, valued at $2,228,933.48. The trade was a 29.39% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 211,484 shares of company stock worth $12,813,804 in the last ninety days. Company insiders own 0.40% of the company's stock.

Corning Stock Performance

Shares of NYSE GLW traded up $0.05 during midday trading on Thursday, reaching $65.79. 3,607,189 shares of the stock were exchanged, compared to its average volume of 5,671,959. The firm has a market cap of $56.35 billion, a price-to-earnings ratio of 69.98, a PEG ratio of 1.48 and a beta of 1.08. Corning Incorporated has a twelve month low of $37.31 and a twelve month high of $66.50. The firm has a 50-day simple moving average of $55.11 and a two-hundred day simple moving average of $49.91. The company has a quick ratio of 0.93, a current ratio of 1.50 and a debt-to-equity ratio of 0.58.

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

Corning Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 29th. Shareholders of record on Friday, August 29th will be issued a $0.28 dividend. The ex-dividend date is Friday, August 29th. This represents a $1.12 dividend on an annualized basis and a yield of 1.7%. Corning's dividend payout ratio (DPR) is presently 119.15%.

Analyst Ratings Changes

A number of analysts have weighed in on the stock. Oppenheimer restated an "outperform" rating and set a $72.00 price objective (up from $55.00) on shares of Corning in a research note on Wednesday, July 30th. Susquehanna restated a "positive" rating and set a $75.00 price objective (up from $60.00) on shares of Corning in a research note on Wednesday, July 30th. Argus restated a "buy" rating and set a $68.00 price objective on shares of Corning in a research note on Wednesday, July 30th. Wolfe Research started coverage on shares of Corning in a research note on Tuesday, July 8th. They issued an "outperform" rating for the company. Finally, Barclays lifted their price target on shares of Corning from $52.00 to $65.00 and gave the stock an "equal weight" rating in a research note on Wednesday, July 30th. Three research analysts have rated the stock with a hold rating, ten have assigned a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $65.17.

Corning Company 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.