Nwam LLC Takes Position in Corning Incorporated (NYSE:GLW)

Nwam LLC purchased a new position in Corning Incorporated (NYSE:GLW - Free Report) in the first quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor purchased 72,654 shares of the electronics maker's stock, valued at approximately $3,326,000.

A number of other institutional investors and hedge funds have also recently bought and sold shares of GLW. LMR Partners LLP grew its holdings in 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 acquiring an additional 700,442 shares during the period. Gotham Asset Management LLC purchased a new stake in shares of Corning during the 4th quarter worth about $306,000. GAMMA Investing LLC raised its stake in shares of Corning by 29.2% during the 1st quarter. GAMMA Investing LLC now owns 11,358 shares of the electronics maker's stock worth $520,000 after purchasing an additional 2,567 shares in the last quarter. Dynamic Advisor Solutions LLC raised its stake in shares of Corning by 1.3% in the 1st quarter. Dynamic Advisor Solutions LLC now owns 22,379 shares of the electronics maker's stock valued at $1,024,000 after acquiring an additional 297 shares in the last quarter. Finally, Wealth Enhancement Advisory Services LLC increased its position in Corning by 1.9% in the 1st 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 during the period. Hedge funds and other institutional investors own 69.80% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts recently commented on the company. Wolfe Research initiated coverage on Corning in a report on Tuesday, July 8th. They issued an "outperform" rating for the company. Citigroup raised their price objective on Corning from $52.00 to $60.00 and gave the company a "buy" rating in a research report on Friday, July 11th. JPMorgan Chase & Co. raised their price objective on Corning from $52.00 to $62.00 and gave the company an "overweight" rating in a research report on Thursday. UBS Group increased their target price on Corning from $54.00 to $57.00 and gave the stock a "neutral" rating in a research note on Wednesday, July 9th. Finally, Oppenheimer lowered their price objective on Corning from $58.00 to $55.00 and set an "outperform" rating on the stock in a research note on Wednesday, April 30th. Four investment analysts have rated the stock with a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat.com, Corning currently has a consensus rating of "Moderate Buy" and a consensus target price of $57.45.

Corning Price Performance

Shares of GLW stock traded down $0.16 on Friday, reaching $54.04. The company's stock had a trading volume of 2,502,221 shares, compared to its average volume of 5,269,092. The company has a quick ratio of 1.05, a current ratio of 1.69 and a debt-to-equity ratio of 0.62. Corning Incorporated has a 12-month low of $37.18 and a 12-month high of $55.33. The company has a market capitalization of $46.28 billion, a P/E ratio of 103.92, a PEG ratio of 1.46 and a beta of 1.11. The stock's 50 day simple moving average is $50.70 and its 200-day simple moving average is $48.46.

Corning (NYSE:GLW - Get Free Report) last released its earnings results on Tuesday, April 29th. The electronics maker reported $0.54 EPS for the quarter, beating analysts' consensus estimates of $0.51 by $0.03. The business had revenue of $3.68 billion for the quarter, compared to analysts' expectations of $3.63 billion. Corning had a return on equity of 16.47% and a net margin of 3.34%. The firm's revenue was up 12.9% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.38 earnings per share. As a group, equities analysts predict that Corning Incorporated will post 2.33 earnings per share for the current fiscal year.

Corning Dividend Announcement

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 issued a dividend of $0.28 per share. The ex-dividend date is Friday, August 29th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.07%. Corning's dividend payout ratio is currently 215.38%.

Insider Activity at Corning

In other Corning news, SVP Michael Alan Bell sold 20,262 shares of Corning stock in a transaction that occurred on Wednesday, April 30th. The stock was sold at an average price of $44.06, for a total transaction of $892,743.72. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, SVP Soumya Seetharam sold 6,505 shares of Corning stock in a transaction that occurred on Thursday, May 29th. The shares were sold at an average price of $50.01, for a total value of $325,315.05. Following the sale, the senior vice president directly owned 25,000 shares in the company, valued at approximately $1,250,250. The trade was a 20.65% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 75,796 shares of company stock valued at $3,632,635 in the last quarter. 0.40% of the stock is currently owned by company insiders.

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.