Pallas Capital Advisors LLC Takes Position in Corning Incorporated (NYSE:GLW)

Pallas Capital Advisors LLC purchased a new stake in shares of Corning Incorporated (NYSE:GLW - Free Report) during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 6,258 shares of the electronics maker's stock, valued at approximately $286,000.

A number of other institutional investors also recently made changes to their positions in GLW. City Holding Co. increased its holdings in Corning by 86.6% during the 1st quarter. City Holding Co. now owns 4,040 shares of the electronics maker's stock valued at $185,000 after purchasing an additional 1,875 shares during the period. Portside Wealth Group LLC increased its stake in shares of Corning by 7.0% during the first quarter. Portside Wealth Group LLC now owns 24,506 shares of the electronics maker's stock valued at $1,122,000 after buying an additional 1,604 shares during the period. First Citizens Bank & Trust Co. raised its holdings in shares of Corning by 5.6% during the first quarter. First Citizens Bank & Trust Co. now owns 7,591 shares of the electronics maker's stock valued at $348,000 after acquiring an additional 402 shares in the last quarter. KMG Fiduciary Partners LLC boosted its holdings in Corning by 7.0% in the first quarter. KMG Fiduciary Partners LLC now owns 51,773 shares of the electronics maker's stock valued at $2,370,000 after acquiring an additional 3,397 shares in the last quarter. Finally, Miracle Mile Advisors LLC raised its holdings in Corning by 1.7% in the 1st quarter. Miracle Mile Advisors LLC now owns 22,735 shares of the electronics maker's stock worth $1,041,000 after purchasing an additional 391 shares in the last quarter. Hedge funds and other institutional investors own 69.80% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on GLW. Wall Street Zen lowered Corning from a "buy" rating to a "hold" rating in a research report on Tuesday, February 25th. JPMorgan Chase & Co. reduced their target price on Corning from $62.00 to $50.00 and set an "overweight" rating for the company in a report on Thursday, April 17th. Citigroup decreased their target price on shares of Corning from $58.00 to $50.00 and set a "buy" rating for the company in a research note on Monday, April 14th. Oppenheimer reduced 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. Finally, Mizuho set a $52.00 target price on shares of Corning in a research note on Tuesday, April 15th. Four analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat, Corning currently has an average rating of "Moderate Buy" and an average target price of $53.08.

Insider Activity

In related news, SVP Stefan Becker sold 17,106 shares of the company's stock in a transaction on Thursday, May 29th. The stock was sold at an average price of $49.68, for a total value of $849,826.08. Following the transaction, the senior vice president now directly owns 16,117 shares of the company's stock, valued at $800,692.56. This represents a 51.49% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Michael Alan Bell sold 20,262 shares of Corning stock in a transaction dated Wednesday, April 30th. The stock was sold at an average price of $44.06, for a total value of $892,743.72. 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. 0.40% of the stock is currently owned by company insiders.

Corning Trading Up 2.1%

GLW stock traded up $1.02 during mid-day trading on Monday, reaching $50.62. 1,587,659 shares of the stock traded hands, compared to its average volume of 5,900,822. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.07 and a current ratio of 1.62. The stock has a market capitalization of $43.36 billion, a PE ratio of 87.15, a PEG ratio of 1.50 and a beta of 1.11. Corning Incorporated has a one year low of $37.18 and a one year high of $55.33. The business has a 50-day moving average price of $46.19 and a two-hundred day moving average price of $47.76.

Corning (NYSE:GLW - Get Free Report) last issued its quarterly earnings results on Tuesday, April 29th. The electronics maker reported $0.54 earnings per share for the quarter, topping the consensus estimate of $0.51 by $0.03. Corning had a return on equity of 15.10% and a net margin of 3.86%. The firm had revenue of $3.68 billion for the quarter, compared to the consensus estimate of $3.63 billion. During the same period in the prior year, the business posted $0.38 earnings per share. The company's revenue for the quarter was up 12.9% on a year-over-year basis. Equities research analysts expect that Corning Incorporated will post 2.33 EPS for the current year.

Corning Announces Dividend

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 issued a $0.28 dividend. The ex-dividend date of this dividend is Friday, May 30th. This represents a $1.12 annualized dividend and a dividend yield of 2.21%. Corning's dividend payout ratio is currently 215.38%.

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.