Corning Incorporated (NYSE:GLW) Shares Acquired by Oppenheimer Asset Management Inc.

Oppenheimer Asset Management Inc. boosted its position in shares of Corning Incorporated (NYSE:GLW - Free Report) by 3.2% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 633,052 shares of the electronics maker's stock after purchasing an additional 19,858 shares during the period. Oppenheimer Asset Management Inc. owned about 0.07% of Corning worth $28,981,000 as of its most recent SEC filing.

Several other hedge funds also recently added to or reduced their stakes in the company. Consolidated Planning Corp bought a new position in shares of Corning during the first quarter valued at approximately $1,211,000. JFS Wealth Advisors LLC lifted its stake in shares of Corning by 66.4% during the 1st quarter. JFS Wealth Advisors LLC now owns 1,348 shares of the electronics maker's stock worth $62,000 after acquiring an additional 538 shares during the last quarter. Stonegate Investment Group LLC boosted its holdings in Corning by 33.6% during the 1st quarter. Stonegate Investment Group LLC now owns 5,840 shares of the electronics maker's stock valued at $267,000 after acquiring an additional 1,469 shares during the period. Jamison Private Wealth Management Inc. grew its position in Corning by 1.5% in the 1st quarter. Jamison Private Wealth Management Inc. now owns 76,895 shares of the electronics maker's stock valued at $3,520,000 after acquiring an additional 1,140 shares during the last quarter. Finally, Cantor Fitzgerald Investment Advisors L.P. purchased a new stake in Corning in the first quarter worth $7,143,000. 69.80% of the stock is currently owned by institutional investors.

Insider Transactions at Corning

In other Corning news, SVP Stefan Becker sold 17,106 shares of Corning stock in a transaction that occurred on Thursday, May 29th. The shares were sold at an average price of $49.68, for a total transaction of $849,826.08. Following the completion of the sale, the senior vice president now directly owns 16,117 shares in the company, valued at approximately $800,692.56. The trade was a 51.49% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, SVP Michael Alan Bell sold 20,262 shares of the business's stock in a transaction on Wednesday, April 30th. The shares were sold at an average price of $44.06, for a total transaction of $892,743.72. The disclosure for this sale can be found here. Insiders sold 75,796 shares of company stock valued at $3,632,635 in the last quarter. 0.40% of the stock is currently owned by corporate insiders.

Corning Stock Up 0.7%

Corning stock traded up $0.36 during mid-day trading on Thursday, reaching $51.75. 2,828,526 shares of the company were exchanged, compared to its average volume of 5,683,168. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.05 and a current ratio of 1.69. The firm has a market cap of $44.32 billion, a P/E ratio of 99.51, a PEG ratio of 1.39 and a beta of 1.11. The business has a fifty day moving average of $47.88 and a 200 day moving average of $47.89. Corning Incorporated has a 12-month low of $37.18 and a 12-month high of $55.33.

Corning (NYSE:GLW - Get Free Report) last announced its earnings results on Tuesday, April 29th. The electronics maker reported $0.54 EPS for the quarter, topping 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 firm's revenue was up 12.9% on a year-over-year basis. During the same period in the previous year, the company posted $0.38 earnings per share. Research analysts anticipate that Corning Incorporated will post 2.33 earnings per share for the current fiscal 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 is Friday, August 29th. This represents a $1.12 annualized dividend and a dividend yield of 2.16%. Corning's dividend payout ratio is presently 215.38%.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on the stock. Mizuho set a $52.00 target price on shares of Corning in a research note on Tuesday, April 15th. JPMorgan Chase & Co. lowered their price objective on shares of Corning from $62.00 to $50.00 and set an "overweight" rating for the company in a research report on Thursday, April 17th. Bank of America upped their target price on shares of Corning from $65.00 to $68.00 and gave the stock a "buy" rating in a research note on Wednesday, March 19th. Oppenheimer reduced their target price on shares of Corning from $58.00 to $55.00 and set an "outperform" rating on the stock in a research report on Wednesday, April 30th. Finally, Citigroup lowered their price target on Corning from $58.00 to $50.00 and set a "buy" rating for the company in a report on Monday, April 14th. Four equities research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, Corning presently has a consensus rating of "Moderate Buy" and a consensus target price of $53.75.

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.