10,367 Shares in Corning Incorporated (NYSE:GLW) Acquired by Milestone Asset Management LLC

Milestone Asset Management LLC purchased a new stake in Corning Incorporated (NYSE:GLW - Free Report) in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm purchased 10,367 shares of the electronics maker's stock, valued at approximately $475,000.

Several other institutional investors have also modified their holdings of the company. Vanguard Group Inc. lifted its position in Corning by 0.9% in the fourth quarter. Vanguard Group Inc. now owns 99,903,247 shares of the electronics maker's stock valued at $4,747,402,000 after acquiring an additional 916,528 shares during the last quarter. Geode Capital Management LLC raised its holdings in shares of Corning by 3.0% in the fourth quarter. Geode Capital Management LLC now owns 18,470,610 shares of the electronics maker's stock valued at $875,633,000 after buying an additional 533,686 shares during the last quarter. Northern Trust Corp raised its holdings in shares of Corning by 2.0% in the fourth quarter. Northern Trust Corp now owns 10,870,375 shares of the electronics maker's stock valued at $516,560,000 after buying an additional 208,826 shares during the last quarter. Norges Bank purchased a new stake in shares of Corning in the fourth quarter valued at about $490,933,000. Finally, Dimensional Fund Advisors LP raised its holdings in shares of Corning by 0.8% in the fourth quarter. Dimensional Fund Advisors LP now owns 9,800,573 shares of the electronics maker's stock valued at $465,723,000 after buying an additional 78,497 shares during the last quarter. 69.80% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In related news, SVP Michael Alan Bell sold 20,262 shares of the firm's stock in a transaction that occurred on Wednesday, April 30th. The shares were sold at an average price of $44.06, for a total transaction of $892,743.72. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, 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 sale, the senior vice president now owns 16,117 shares in the company, valued at approximately $800,692.56. This trade represents a 51.49% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 75,796 shares of company stock worth $3,632,635 over the last ninety days. 0.40% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on the stock. Citigroup lowered their price objective on shares of Corning from $58.00 to $50.00 and set a "buy" rating on the stock in a research report on Monday, April 14th. Wall Street Zen cut shares of Corning from a "buy" rating to a "hold" rating in a report on Tuesday, February 25th. JPMorgan Chase & Co. cut their price target on shares of Corning from $62.00 to $50.00 and set an "overweight" rating for the company in a report on Thursday, April 17th. Oppenheimer cut their price target on shares of Corning from $58.00 to $55.00 and set an "outperform" rating for the company in a report on Wednesday, April 30th. Finally, Mizuho set a $52.00 price target on shares of Corning in a report on Tuesday, April 15th. Four analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $53.08.

Corning Price Performance

GLW traded up $0.01 on Wednesday, hitting $50.79. 4,505,232 shares of the company were exchanged, compared to its average volume of 5,970,079. The business's fifty day moving average is $44.98 and its 200 day moving average is $47.60. The firm has a market capitalization of $43.50 billion, a P/E ratio of 87.57, a price-to-earnings-growth ratio of 1.50 and a beta of 1.09. Corning Incorporated has a fifty-two week low of $36.58 and a fifty-two week high of $55.33. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.07 and a current ratio of 1.62.

Corning (NYSE:GLW - Get Free Report) last released its quarterly earnings results on Tuesday, April 29th. The electronics maker reported $0.54 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 analyst estimates of $3.63 billion. Corning had a net margin of 3.86% and a return on equity of 15.10%. The company's quarterly 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. As a group, sell-side analysts anticipate that Corning Incorporated will post 2.33 EPS for the current year.

Corning Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 27th. Stockholders of record on Friday, May 30th will be given a $0.28 dividend. The ex-dividend date is Friday, May 30th. This represents a $1.12 annualized dividend and a dividend yield of 2.21%. Corning's dividend payout ratio is presently 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.