Mutual Advisors LLC Invests $227,000 in Corning Incorporated (NYSE:GLW)

Mutual Advisors LLC acquired a new position in shares of Corning Incorporated (NYSE:GLW - Free Report) in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 5,137 shares of the electronics maker's stock, valued at approximately $227,000.

Other institutional investors and hedge funds have also bought and sold shares of the company. Vermillion Wealth Management Inc. bought a new stake in Corning during the fourth quarter worth about $29,000. Putney Financial Group LLC bought a new position in shares of Corning in the fourth quarter worth about $30,000. Transce3nd LLC bought a new position in shares of Corning in the fourth quarter worth about $39,000. ORG Partners LLC lifted its holdings in shares of Corning by 115.8% in the first quarter. ORG Partners LLC now owns 887 shares of the electronics maker's stock worth $40,000 after acquiring an additional 476 shares during the last quarter. Finally, VSM Wealth Advisory LLC bought a new position in shares of Corning in the fourth quarter worth about $43,000. Institutional investors own 69.80% of the company's stock.

Analysts Set New Price Targets

A number of research analysts have recently commented on GLW shares. Citigroup increased their target price on shares of Corning from $52.00 to $60.00 and gave the stock a "buy" rating in a report on Friday. Morgan Stanley increased their target price on shares of Corning from $44.00 to $50.00 and gave the stock an "equal weight" rating in a report on Tuesday. Oppenheimer dropped their target price 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. UBS Group upped their price objective on Corning from $54.00 to $57.00 and gave the company a "neutral" rating in a research note on Wednesday. Finally, Bank of America upped their price objective on Corning from $65.00 to $68.00 and gave the company a "buy" rating in a research note on Wednesday, March 19th. Four equities research 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 stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $55.73.

Insider Buying and Selling at Corning

In other news, VP John Z. Zhang sold 9,610 shares of the firm's stock in a transaction that occurred on Wednesday, May 28th. The shares were sold at an average price of $49.29, for a total transaction of $473,676.90. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP John Z. Zhang sold 8,000 shares of the firm's stock in a transaction that occurred on Monday, May 12th. The stock was sold at an average price of $46.91, for a total transaction of $375,280.00. Following the sale, the vice president directly owned 9,610 shares of the company's stock, valued at approximately $450,805.10. This trade represents a 45.43% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 75,796 shares of company stock worth $3,632,635. Company insiders own 0.40% of the company's stock.

Corning Trading Down 1.3%

NYSE:GLW traded down $0.68 on Friday, reaching $51.58. 4,098,107 shares of the stock traded hands, compared to its average volume of 5,374,598. The firm has a market capitalization of $44.17 billion, a price-to-earnings ratio of 99.19, a price-to-earnings-growth ratio of 1.41 and a beta of 1.11. The company's 50 day moving average is $49.87 and its 200-day moving average is $48.26. The company has a current ratio of 1.69, a quick ratio of 1.05 and a debt-to-equity ratio of 0.62. Corning Incorporated has a 1-year low of $37.18 and a 1-year high of $55.33.

Corning (NYSE:GLW - Get Free Report) last released its earnings results 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. The business had revenue of $3.68 billion during the quarter, compared to the consensus estimate of $3.63 billion. Corning had a net margin of 3.34% and a return on equity of 16.47%. The company's revenue for the quarter was up 12.9% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.38 EPS. Equities research analysts anticipate that Corning Incorporated will post 2.33 EPS for the current fiscal year.

Corning Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, September 29th. Shareholders of record on Friday, August 29th will be given a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a yield of 2.17%. The ex-dividend date is Friday, August 29th. Corning's dividend payout ratio is presently 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.