Patton Fund Management Inc. Acquires Shares of 109,664 Corning Incorporated (NYSE:GLW)

Patton Fund Management Inc. acquired a new stake in Corning Incorporated (NYSE:GLW - Free Report) in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm acquired 109,664 shares of the electronics maker's stock, valued at approximately $5,020,000. Corning makes up 1.2% of Patton Fund Management Inc.'s investment portfolio, making the stock its 22nd largest position.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Oregon Public Employees Retirement Fund grew its position in Corning by 0.3% during the fourth quarter. Oregon Public Employees Retirement Fund now owns 66,063 shares of the electronics maker's stock valued at $3,139,000 after purchasing an additional 204 shares in the last quarter. Principal Securities Inc. grew its holdings in shares of Corning by 3.5% during the 4th quarter. Principal Securities Inc. now owns 6,170 shares of the electronics maker's stock valued at $293,000 after acquiring an additional 211 shares in the last quarter. University of Texas Texas AM Investment Management Co. increased its stake in shares of Corning by 9.7% in the fourth quarter. University of Texas Texas AM Investment Management Co. now owns 2,422 shares of the electronics maker's stock worth $115,000 after acquiring an additional 214 shares during the last quarter. Allworth Financial LP raised its holdings in shares of Corning by 1.1% during the fourth quarter. Allworth Financial LP now owns 19,581 shares of the electronics maker's stock worth $930,000 after acquiring an additional 220 shares in the last quarter. Finally, Deseret Mutual Benefit Administrators boosted its position in Corning by 3.7% during the fourth quarter. Deseret Mutual Benefit Administrators now owns 6,226 shares of the electronics maker's stock valued at $296,000 after purchasing an additional 221 shares during the last quarter. Institutional investors and hedge funds own 69.80% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on the company. Bank of America raised their price target on Corning from $65.00 to $68.00 and gave the stock a "buy" rating in a research note on Wednesday, March 19th. Oppenheimer cut their price objective 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. JPMorgan Chase & Co. decreased their price objective on shares of Corning from $62.00 to $50.00 and set an "overweight" rating for the company in a report on Thursday, April 17th. Mizuho set a $52.00 price objective on shares of Corning in a research note on Tuesday, April 15th. Finally, Wall Street Zen cut shares of Corning from a "buy" rating to a "hold" rating in a research report on Tuesday, February 25th. Four research analysts have rated the stock with a hold rating, nine have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $53.75.

Insider Transactions at Corning

In other news, SVP Michael Alan Bell sold 20,262 shares of the company's 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 sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, SVP Soumya Seetharam sold 6,505 shares of Corning stock in a transaction on Thursday, May 29th. The stock was sold at an average price of $50.01, for a total transaction of $325,315.05. Following the transaction, the senior vice president now directly owns 25,000 shares of the company's stock, valued at approximately $1,250,250. This trade represents a 20.65% decrease in their ownership of the stock. 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 ninety days. 0.40% of the stock is currently owned by corporate insiders.

Corning Stock Down 0.1%

Shares of GLW traded down $0.05 on Wednesday, hitting $50.43. The company's stock had a trading volume of 3,129,890 shares, compared to its average volume of 5,818,244. The firm's fifty day moving average price is $46.57 and its 200-day moving average price is $47.79. Corning Incorporated has a fifty-two week low of $37.18 and a fifty-two week high of $55.33. The company has a quick ratio of 1.05, a current ratio of 1.69 and a debt-to-equity ratio of 0.62. The firm has a market capitalization of $43.19 billion, a price-to-earnings ratio of 96.98, a P/E/G ratio of 1.36 and a beta of 1.11.

Corning (NYSE:GLW - Get Free Report) last issued its quarterly 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 company had revenue of $3.68 billion for the quarter, compared to analyst estimates of $3.63 billion. Corning had a return on equity of 16.47% and a net margin of 3.34%. The company's quarterly revenue was up 12.9% compared to the same quarter last year. During the same period in the previous year, the company posted $0.38 earnings per share. On average, equities research analysts expect that Corning Incorporated will post 2.33 EPS for the current year.

Corning Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, June 27th. Shareholders of record on Friday, May 30th will be given a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a yield of 2.22%. The ex-dividend date is Friday, May 30th. Corning's dividend payout ratio (DPR) 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.