Machina Capital S.A.S. Purchases Shares of 62,526 Corning Incorporated (NYSE:GLW)

Machina Capital S.A.S. bought a new position in shares of Corning Incorporated (NYSE:GLW - Free Report) in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 62,526 shares of the electronics maker's stock, valued at approximately $2,862,000. Corning makes up about 0.8% of Machina Capital S.A.S.'s investment portfolio, making the stock its 24th largest holding.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. AE Wealth Management LLC increased its stake in Corning by 32.2% in the first quarter. AE Wealth Management LLC now owns 6,476 shares of the electronics maker's stock valued at $296,000 after purchasing an additional 1,576 shares during the last quarter. Wedbush Securities Inc. grew its position in shares of Corning by 2.2% in the 1st quarter. Wedbush Securities Inc. now owns 26,016 shares of the electronics maker's stock valued at $1,191,000 after buying an additional 569 shares during the last quarter. J. W. Coons Advisors LLC raised its stake in Corning by 1.6% during the 1st quarter. J. W. Coons Advisors LLC now owns 63,578 shares of the electronics maker's stock worth $2,911,000 after acquiring an additional 1,028 shares in the last quarter. Bank Julius Baer & Co. Ltd Zurich lifted its position in Corning by 36.7% in the first quarter. Bank Julius Baer & Co. Ltd Zurich now owns 8,258 shares of the electronics maker's stock valued at $378,000 after acquiring an additional 2,217 shares during the last quarter. Finally, Universal Beteiligungs und Servicegesellschaft mbH grew its holdings in shares of Corning by 19.1% during the first quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 360,164 shares of the electronics maker's stock worth $16,488,000 after purchasing an additional 57,780 shares during the last quarter. 69.80% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Corning

In other Corning news, SVP Stefan Becker sold 17,106 shares of the firm's stock in a transaction that occurred on Thursday, May 29th. The stock was sold at an average price of $49.68, for a total transaction of $849,826.08. Following the completion of the sale, the senior vice president owned 16,117 shares in the company, valued at $800,692.56. This trade represents a 51.49% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Michael Alan Bell sold 20,262 shares of the business's stock in a transaction dated Wednesday, April 30th. The shares were sold at an average price of $44.06, for a total transaction of $892,743.72. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 75,796 shares of company stock worth $3,632,635. 0.40% of the stock is currently owned by insiders.

Analyst Ratings Changes

Several research analysts have commented on the company. Morgan Stanley lifted their price target on Corning from $44.00 to $50.00 and gave the stock an "equal weight" rating in a research report on Tuesday, July 8th. Citigroup upped their price target on shares of Corning from $52.00 to $60.00 and gave the company a "buy" rating in a research report on Friday, July 11th. Wolfe Research began coverage on shares of Corning in a research note on Tuesday, July 8th. They issued an "outperform" rating on the stock. UBS Group increased their target price on shares of Corning from $54.00 to $57.00 and gave the stock a "neutral" rating in a research note on Wednesday, July 9th. Finally, Oppenheimer decreased their price objective on Corning from $58.00 to $55.00 and set an "outperform" rating for the company in a research report on Wednesday, April 30th. 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. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $57.73.

Corning Price Performance

NYSE GLW traded down $0.36 during trading hours on Friday, reaching $55.37. The company's stock had a trading volume of 4,717,798 shares, compared to its average volume of 3,971,845. 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 stock has a market cap of $47.42 billion, a PE ratio of 106.47, a PEG ratio of 1.49 and a beta of 1.11. The company's 50-day moving average is $51.45 and its two-hundred day moving average is $48.71. Corning Incorporated has a fifty-two week low of $37.18 and a fifty-two week high of $56.25.

Corning (NYSE:GLW - Get Free Report) last issued its quarterly earnings data on Tuesday, April 29th. The electronics maker reported $0.54 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.51 by $0.03. The business had revenue of $3.68 billion for 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 business's revenue was up 12.9% on a year-over-year basis. During the same period in the prior year, the business earned $0.38 earnings per share. Analysts forecast that Corning Incorporated will post 2.33 EPS for the current year.

Corning Announces Dividend

The firm also recently disclosed 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 2.02%. The ex-dividend date of this dividend is Friday, August 29th. Corning's dividend payout ratio (DPR) is 215.38%.

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.