Prudential PLC Buys 6,195 Shares of Corning Incorporated (NYSE:GLW)

Key Points

• Prudential PLC has increased its stake in Corning Incorporated by 62.6% during the 1st quarter, now owning 16,087 shares valued at $736,000 after purchasing an additional 6,195 shares.
• Corning reported $0.60 EPS for the last quarter, surpassing expectations and achieving a revenue of $3.86 billion.
• The company has declared a quarterly dividend of $0.28 per share, with an annualized dividend yield of 1.7% scheduled for payment on September 29th.

Prudential PLC increased its stake in shares of Corning Incorporated (NYSE:GLW - Free Report) by 62.6% during the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 16,087 shares of the electronics maker's stock after purchasing an additional 6,195 shares during the quarter. Prudential PLC's holdings in Corning were worth $736,000 at the end of the most recent quarter.

Other large investors have also recently modified their holdings of the company. Vermillion Wealth Management Inc. bought a new position in shares of Corning during the 4th quarter valued at approximately $29,000. Putney Financial Group LLC bought a new position in Corning in the 4th quarter valued at $30,000. Investment Management Corp VA ADV grew its position in Corning by 165.9% in the 1st quarter. Investment Management Corp VA ADV now owns 742 shares of the electronics maker's stock valued at $34,000 after acquiring an additional 463 shares during the last quarter. Annis Gardner Whiting Capital Advisors LLC grew its position in Corning by 90.1% in the 1st quarter. Annis Gardner Whiting Capital Advisors LLC now owns 745 shares of the electronics maker's stock valued at $34,000 after acquiring an additional 353 shares during the last quarter. Finally, Headlands Technologies LLC bought a new position in Corning in the 1st quarter valued at $38,000. Institutional investors own 69.80% of the company's stock.

Corning Trading Down 0.5%

Shares of NYSE GLW opened at $65.42 on Friday. The company has a debt-to-equity ratio of 0.58, a current ratio of 1.50 and a quick ratio of 0.93. The stock has a market capitalization of $56.04 billion, a P/E ratio of 69.60, a price-to-earnings-growth ratio of 1.48 and a beta of 1.08. Corning Incorporated has a 1-year low of $37.31 and a 1-year high of $66.50. The business has a fifty day moving average price of $55.70 and a 200 day moving average price of $50.12.

Corning (NYSE:GLW - Get Free Report) last issued its quarterly earnings data on Tuesday, July 29th. The electronics maker reported $0.60 earnings per share for the quarter, topping analysts' consensus estimates of $0.57 by $0.03. The firm had revenue of $3.86 billion during the quarter, compared to analysts' expectations of $3.84 billion. Corning had a return on equity of 17.27% and a net margin of 5.77%. During the same period in the prior year, the business posted $0.47 EPS. Equities research analysts expect that Corning Incorporated will post 2.33 EPS for the current fiscal year.

Corning Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 29th. Investors of record on Friday, August 29th will be paid a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a dividend yield of 1.7%. The ex-dividend date is Friday, August 29th. Corning's dividend payout ratio is 119.15%.

Insider Activity

In other Corning news, COO Avery H. Nelson III sold 36,240 shares of the stock in a transaction dated Wednesday, July 30th. The stock was sold at an average price of $62.26, for a total value of $2,256,302.40. Following the completion of the sale, the chief operating officer directly owned 64,838 shares in the company, valued at approximately $4,036,813.88. This trade represents a 35.85% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Lewis A. Steverson sold 16,646 shares of the stock in a transaction dated Wednesday, July 30th. The shares were sold at an average price of $62.22, for a total value of $1,035,714.12. Following the completion of the sale, the executive vice president owned 39,759 shares of the company's stock, valued at approximately $2,473,804.98. This trade represents a 29.51% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 211,484 shares of company stock worth $12,813,804 over the last ninety days. 0.40% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several equities analysts have commented on GLW shares. Oppenheimer reaffirmed an "outperform" rating and issued a $72.00 price objective (up previously from $55.00) on shares of Corning in a research report on Wednesday, July 30th. JPMorgan Chase & Co. upped their price objective on Corning from $62.00 to $65.00 and gave the company an "overweight" rating in a research report on Friday, July 25th. Barclays upped their price objective on Corning from $52.00 to $65.00 and gave the company an "equal weight" rating in a research report on Wednesday, July 30th. Citigroup upped 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. Finally, Mizuho set a $74.00 price objective on Corning and gave the company an "outperform" rating in a research report on Friday, August 8th. Three research analysts have rated the stock with a hold rating, ten have given a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat, Corning currently has a consensus rating of "Moderate Buy" and an average target price of $65.17.

Corning 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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