68,000 Shares in Corning Incorporated (NYSE:GLW) Purchased by Raiffeisen Bank International AG

Key Points

• Raiffeisen Bank International AG acquired 68,000 shares of Corning Incorporated, valued at approximately $3.12 million, marking a notable investment in the company during the first quarter.
• Insider Transactions reveal significant sales by senior executives, with COO Avery H. Nelson III selling 36,240 shares worth about $2.26 million, indicating a decrease in their ownership stakes.
• Corning recently announced a quarterly dividend of $0.28 per share, with a dividend yield of 1.8%, reflecting its commitment to returning value to shareholders despite a high payout ratio of 119.15%.

Raiffeisen Bank International AG bought a new stake in shares of Corning Incorporated (NYSE:GLW - Free Report) during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund bought 68,000 shares of the electronics maker's stock, valued at approximately $3,118,000.

A number of other institutional investors also recently modified their holdings of the stock. Blair William & Co. IL increased its stake in Corning by 15.6% in the first quarter. Blair William & Co. IL now owns 303,417 shares of the electronics maker's stock valued at $13,890,000 after purchasing an additional 40,904 shares in the last quarter. Argent Trust Co grew its stake in shares of Corning by 16.7% in the 1st quarter. Argent Trust Co now owns 22,322 shares of the electronics maker's stock valued at $1,022,000 after buying an additional 3,188 shares during the period. Scotia Capital Inc. raised its stake in Corning by 6.5% during the 1st quarter. Scotia Capital Inc. now owns 74,921 shares of the electronics maker's stock worth $3,430,000 after buying an additional 4,594 shares during the period. Cheviot Value Management LLC bought a new position in Corning in the first quarter worth approximately $228,000. Finally, J. Safra Sarasin Holding AG acquired a new stake in Corning in the first quarter valued at approximately $2,086,000. Institutional investors and hedge funds own 69.80% of the company's stock.

Corning Stock Performance

Shares of Corning stock traded down $0.27 on Tuesday, reaching $63.22. 5,389,559 shares of the company traded hands, compared to its average volume of 5,455,025. The company has a 50 day moving average of $53.03 and a 200 day moving average of $49.28. The company has a debt-to-equity ratio of 0.58, a current ratio of 1.50 and a quick ratio of 0.93. Corning Incorporated has a 52 week low of $37.31 and a 52 week high of $64.41. The firm has a market capitalization of $54.16 billion, a PE ratio of 67.26, a PEG ratio of 1.63 and a beta of 1.08.

Corning (NYSE:GLW - Get Free Report) last announced its quarterly earnings data on Tuesday, July 29th. The electronics maker reported $0.60 earnings per share for the quarter, beating the consensus estimate of $0.57 by $0.03. The business had revenue of $3.86 billion during the quarter, compared to analyst estimates 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 company earned $0.47 earnings per share. Equities analysts forecast that Corning Incorporated will post 2.33 earnings per share for the current year.

Corning Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 29th. Stockholders of record on Friday, August 29th will be given a $0.28 dividend. The ex-dividend date of this dividend is Friday, August 29th. This represents a $1.12 annualized dividend and a dividend yield of 1.8%. Corning's payout ratio is 119.15%.

Insider Buying and Selling

In other Corning news, COO Avery H. Nelson III sold 36,240 shares of the stock in a transaction on Wednesday, July 30th. The stock was sold at an average price of $62.26, for a total transaction of $2,256,302.40. Following the sale, the chief operating officer owned 64,838 shares in the company, valued at $4,036,813.88. This represents a 35.85% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Lewis A. Steverson sold 16,646 shares of Corning stock in a transaction on 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 transaction, 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. Over the last quarter, insiders have sold 137,381 shares of company stock valued at $7,836,789. Corporate insiders own 0.32% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on the company. Citigroup increased their target price on Corning from $52.00 to $60.00 and gave the stock a "buy" rating in a report on Friday, July 11th. Argus reaffirmed a "buy" rating and issued a $68.00 price objective on shares of Corning in a research note on Wednesday, July 30th. Morgan Stanley set a $56.00 target price on shares of Corning and gave the stock an "equal weight" rating in a research report on Wednesday, July 30th. Susquehanna reaffirmed a "positive" rating and issued a $75.00 price target (up previously from $60.00) on shares of Corning in a research report on Wednesday, July 30th. Finally, UBS Group lifted their target price on Corning from $54.00 to $57.00 and gave the company a "neutral" rating in a research report on Wednesday, July 9th. Three analysts have rated the stock with a hold rating, ten have assigned a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $63.25.

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.