Maxi Investments CY Ltd Purchases 25,454 Shares of Corning Incorporated (NYSE:GLW)

Key Points

• Maxi Investments CY Ltd increased its stake in Corning Incorporated (NYSE:GLW) by 48.8%, acquiring an additional 25,454 shares to reach a total of 77,582 shares valued at $3,552,000.
• Corning's recent quarterly earnings report exceeded expectations, with an EPS of $0.60 and revenue of $3.86 billion, surpassing analyst predictions.
• The firm announced a quarterly dividend of $0.28 per share, with a payout ratio of 119.15%, indicating robust returns for its shareholders.

Maxi Investments CY Ltd raised its stake in shares of Corning Incorporated (NYSE:GLW - Free Report) by 48.8% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 77,582 shares of the electronics maker's stock after acquiring an additional 25,454 shares during the period. Maxi Investments CY Ltd's holdings in Corning were worth $3,552,000 as of its most recent SEC filing.

Other hedge funds have also recently bought and sold shares of the company. Vermillion Wealth Management Inc. bought a new position in Corning in the 4th quarter valued at $29,000. Putney Financial Group LLC purchased a new stake in Corning during the fourth quarter worth about $30,000. Investment Management Corp VA ADV raised its position in Corning by 165.9% in the first quarter. Investment Management Corp VA ADV now owns 742 shares of the electronics maker's stock worth $34,000 after acquiring an additional 463 shares during the period. Transce3nd LLC purchased a new position in Corning in the fourth quarter valued at about $39,000. Finally, ORG Partners LLC grew its position in shares of Corning by 115.8% during the 1st 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. 69.80% of the stock is owned by hedge funds and other institutional investors.

Corning Price Performance

Corning stock traded up $0.78 during midday trading on Thursday, reaching $64.76. 9,613,315 shares of the stock were exchanged, compared to its average volume of 5,645,645. Corning Incorporated has a 52 week low of $37.31 and a 52 week high of $66.50. The company has a debt-to-equity ratio of 0.58, a quick ratio of 0.93 and a current ratio of 1.50. The firm has a market cap of $55.47 billion, a PE ratio of 68.89, a PEG ratio of 1.44 and a beta of 1.08. The company's fifty day moving average is $53.59 and its 200-day moving average is $49.48.

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 for the quarter, topping the consensus estimate of $0.57 by $0.03. The firm had revenue of $3.86 billion for the quarter, compared to analysts' expectations of $3.84 billion. Corning had a net margin of 5.77% and a return on equity of 17.27%. During the same quarter in the prior year, the firm posted $0.47 earnings per share. On average, sell-side analysts forecast that Corning Incorporated will post 2.33 EPS for the current year.

Corning Dividend Announcement

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. The ex-dividend date of this dividend is Friday, August 29th. This represents a $1.12 annualized dividend and a dividend yield of 1.7%. Corning's payout ratio is presently 119.15%.

Insider Activity at Corning

In related news, SVP Soumya Seetharam sold 14,313 shares of the firm's stock in a transaction that occurred on Wednesday, May 28th. The shares were sold at an average price of $50.01, for a total value of $715,793.13. Following the sale, the senior vice president directly owned 31,505 shares of the company's stock, valued at $1,575,565.05. This trade represents a 31.24% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, COO Avery H. Nelson III sold 36,240 shares of Corning stock in a transaction that occurred on Wednesday, July 30th. The shares were sold at an average price of $62.26, for a total transaction of $2,256,302.40. Following the sale, the chief operating officer owned 64,838 shares of the company's stock, valued at approximately $4,036,813.88. The trade was a 35.85% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 137,381 shares of company stock valued at $7,836,789 in the last ninety days. Insiders own 0.40% of the company's stock.

Analyst Upgrades and Downgrades

GLW has been the topic of a number of research reports. Wolfe Research initiated coverage on shares of Corning in a report on Tuesday, July 8th. They issued an "outperform" rating on the stock. Morgan Stanley set a $56.00 price target on Corning and gave the company an "equal weight" rating in a research report on Wednesday, July 30th. Barclays lifted their price objective on Corning from $52.00 to $65.00 and gave the stock an "equal weight" rating in a report on Wednesday, July 30th. Wall Street Zen upgraded Corning from a "buy" rating to a "strong-buy" rating in a research note on Saturday, August 2nd. Finally, Argus reaffirmed a "buy" rating and set a $68.00 price objective on shares of Corning in a report on Wednesday, July 30th. Three analysts have rated the stock with a hold rating, ten have assigned a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat, Corning presently has a consensus rating of "Moderate Buy" and a consensus price target of $63.92.

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.