Nuveen LLC Purchases New Position in Corning Incorporated (NYSE:GLW)

Key Points

• Nuveen LLC purchased a new stake in Corning Incorporated, acquiring approximately 2.29 million shares valued at $104.8 million, increasing its ownership to 0.27% as of the latest SEC filing.
• Corning recently reported earnings that exceeded expectations, with an EPS of $0.60 for the quarter, surpassing the consensus estimate of $0.57.
• The company declared a quarterly dividend of $0.28 per share, reflecting a 1.7% yield, with a payout ratio currently at 119.15%.

Nuveen LLC purchased a new stake in Corning Incorporated (NYSE:GLW - Free Report) during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund purchased 2,288,979 shares of the electronics maker's stock, valued at approximately $104,789,000. Nuveen LLC owned approximately 0.27% of Corning at the end of the most recent reporting period.

Several other institutional investors have also bought and sold shares of GLW. LMR Partners LLP grew its stake in shares of Corning by 140.1% during the fourth quarter. LMR Partners LLP now owns 1,200,442 shares of the electronics maker's stock worth $57,045,000 after purchasing an additional 700,442 shares during the period. Gotham Asset Management LLC acquired a new position in shares of Corning in the fourth quarter valued at approximately $306,000. GAMMA Investing LLC grew its position in Corning by 29.2% during the first quarter. GAMMA Investing LLC now owns 11,358 shares of the electronics maker's stock worth $520,000 after buying an additional 2,567 shares in the last quarter. Dynamic Advisor Solutions LLC grew its position in Corning by 1.3% during the first quarter. Dynamic Advisor Solutions LLC now owns 22,379 shares of the electronics maker's stock worth $1,024,000 after buying an additional 297 shares in the last quarter. Finally, Wealth Enhancement Advisory Services LLC grew its position in Corning by 1.9% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 1,300,954 shares of the electronics maker's stock worth $59,558,000 after buying an additional 23,781 shares in the last quarter. Institutional investors and hedge funds own 69.80% of the company's stock.

Analysts Set New Price Targets

GLW has been the subject of several recent analyst reports. Mizuho upped their target price on Corning from $63.00 to $74.00 and gave the stock an "outperform" rating in a research note on Friday, August 8th. Susquehanna restated a "positive" rating and set a $75.00 target price (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 target price on shares of Corning in a research note on Wednesday, July 30th. Oppenheimer reiterated an "outperform" rating and issued a $72.00 price target (up from $55.00) on shares of Corning in a research note on Wednesday, July 30th. Finally, Wolfe Research assumed coverage on Corning in a research note on Tuesday, July 8th. They issued an "outperform" rating for the company. Three research analysts have rated the stock with a hold rating, ten have issued a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $65.17.

Corning Trading Down 0.5%

Corning stock traded down $0.34 during trading hours on Friday, reaching $65.42. 3,054,273 shares of the company's stock were exchanged, compared to its average volume of 6,067,293. The company has a quick ratio of 0.93, a current ratio of 1.50 and a debt-to-equity ratio of 0.58. The firm's 50 day simple moving average is $55.70 and its 200 day simple moving average is $50.12. Corning Incorporated has a twelve month low of $37.31 and a twelve month high of $66.50. The firm has a market capitalization of $56.04 billion, a PE ratio of 69.60, a PEG ratio of 1.48 and a beta of 1.08.

Corning (NYSE:GLW - Get Free Report) last issued its quarterly earnings results on Tuesday, July 29th. The electronics maker reported $0.60 earnings per share for the quarter, topping analysts' consensus estimates of $0.57 by $0.03. Corning had a return on equity of 17.27% and a net margin of 5.77%. The firm had revenue of $3.86 billion during the quarter, compared to the consensus estimate of $3.84 billion. During the same period last year, the business posted $0.47 EPS. Research analysts predict that Corning Incorporated will post 2.33 earnings per share for the current year.

Corning Announces Dividend

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

Insider Buying and Selling

In other Corning news, SVP Michael Paul O'day sold 14,879 shares of Corning stock in a transaction dated Wednesday, July 30th. The stock was sold at an average price of $62.36, for a total transaction of $927,854.44. Following the completion of the transaction, the senior vice president owned 35,743 shares in the company, valued at approximately $2,228,933.48. The trade was a 29.39% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible 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 stock was sold at an average price of $62.26, for a total transaction of $2,256,302.40. Following the transaction, the chief operating officer directly owned 64,838 shares in the company, valued at approximately $4,036,813.88. This represents a 35.85% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 211,484 shares of company stock worth $12,813,804 over the last 90 days. 0.40% of the stock is owned by company insiders.

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.