PFG Investments LLC Has $2.82 Million Holdings in Corning Incorporated (NYSE:GLW)

PFG Investments LLC decreased its position in shares of Corning Incorporated (NYSE:GLW - Free Report) by 16.7% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 61,552 shares of the electronics maker's stock after selling 12,337 shares during the quarter. PFG Investments LLC's holdings in Corning were worth $2,818,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of the company. Vermillion Wealth Management Inc. bought a new position in Corning in the fourth quarter valued at approximately $29,000. Putney Financial Group LLC bought a new position in shares of Corning in the 4th quarter valued at $30,000. Mainstream Capital Management LLC acquired a new position in shares of Corning during the 4th quarter worth $35,000. Transce3nd LLC bought a new stake in shares of Corning during the 4th quarter worth $39,000. Finally, Union Bancaire Privee UBP SA bought a new position in Corning in the fourth quarter valued at about $40,000. 69.80% of the stock is owned by institutional investors.

Analysts Set New Price Targets

GLW has been the topic of a number of research analyst reports. Oppenheimer reduced their price target on shares of Corning from $58.00 to $55.00 and set an "outperform" rating on the stock in a research note on Wednesday, April 30th. Bank of America raised their target price on shares of Corning from $65.00 to $68.00 and gave the company a "buy" rating in a research report on Wednesday, March 19th. JPMorgan Chase & Co. lowered their price target 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. Wall Street Zen downgraded Corning from a "buy" rating to a "hold" rating in a report on Tuesday, February 25th. Finally, Citigroup dropped their target price on Corning from $58.00 to $50.00 and set a "buy" rating for the company in a research report on Monday, April 14th. Four research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat.com, Corning presently has a consensus rating of "Moderate Buy" and an average target price of $53.75.

Corning Trading Down 0.1%

Shares of Corning stock opened at $50.42 on Friday. The company has a market capitalization of $43.18 billion, a P/E ratio of 96.96, a price-to-earnings-growth ratio of 1.36 and a beta of 1.11. The stock has a fifty day simple moving average of $47.08 and a 200 day simple moving average of $47.84. Corning Incorporated has a 12-month low of $37.18 and a 12-month high of $55.33. The company has a current ratio of 1.69, a quick ratio of 1.05 and a debt-to-equity ratio of 0.62.

Corning (NYSE:GLW - Get Free Report) last posted its quarterly earnings data on Tuesday, April 29th. The electronics maker reported $0.54 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.51 by $0.03. The firm had revenue of $3.68 billion for 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 business's revenue for the quarter was up 12.9% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.38 EPS. On average, sell-side analysts anticipate that Corning Incorporated will post 2.33 earnings per share for the current fiscal year.

Corning Announces Dividend

The company also recently announced 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. The ex-dividend date is Friday, May 30th. This represents a $1.12 annualized dividend and a dividend yield of 2.22%. Corning's dividend payout ratio is currently 215.38%.

Insider Transactions at Corning

In related news, SVP Michael Alan Bell sold 20,262 shares of Corning stock in a transaction 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 document filed with the SEC, which is available through the SEC website. Also, SVP Stefan Becker sold 17,106 shares of the company's stock in a transaction on Thursday, May 29th. The shares were sold at an average price of $49.68, for a total value of $849,826.08. Following the completion of the transaction, the senior vice president now owns 16,117 shares of the company's stock, valued at $800,692.56. This trade represents a 51.49% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 75,796 shares of company stock worth $3,632,635 in the last 90 days. Insiders own 0.40% of the company's stock.

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.

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