Red Cedar Investment Management LLC Purchases 32,936 Shares of Corning Incorporated (NYSE:GLW)

Red Cedar Investment Management LLC boosted its holdings in shares of Corning Incorporated (NYSE:GLW - Free Report) by 91.5% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 68,925 shares of the electronics maker's stock after purchasing an additional 32,936 shares during the period. Red Cedar Investment Management LLC's holdings in Corning were worth $3,155,000 at the end of the most recent quarter.

A number of other large investors have also recently added to or reduced their stakes in GLW. Brighton Jones LLC lifted its stake in Corning by 46.0% during the fourth quarter. Brighton Jones LLC now owns 6,705 shares of the electronics maker's stock valued at $319,000 after buying an additional 2,114 shares in the last quarter. NewEdge Wealth LLC raised its position in Corning by 2.3% during the fourth quarter. NewEdge Wealth LLC now owns 33,438 shares of the electronics maker's stock valued at $1,589,000 after buying an additional 751 shares during the period. Proficio Capital Partners LLC purchased a new stake in Corning in the 4th quarter worth about $8,996,000. QRG Capital Management Inc. boosted its position in Corning by 9.0% during the 4th quarter. QRG Capital Management Inc. now owns 38,429 shares of the electronics maker's stock worth $1,826,000 after acquiring an additional 3,189 shares during the period. Finally, Parkside Financial Bank & Trust boosted its position in Corning by 11.2% during the 4th quarter. Parkside Financial Bank & Trust now owns 4,984 shares of the electronics maker's stock worth $237,000 after acquiring an additional 502 shares during the period. 69.80% of the stock is currently owned by institutional investors.

Corning Stock Performance

Shares of NYSE GLW traded up $0.14 during trading hours on Wednesday, hitting $52.73. 3,140,604 shares of the stock were exchanged, compared to its average volume of 5,640,274. Corning Incorporated has a one year low of $37.18 and a one year high of $55.33. The company's 50 day moving average is $48.74 and its 200 day moving average is $48.01. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.69 and a quick ratio of 1.05. The firm has a market capitalization of $45.16 billion, a P/E ratio of 101.40, a P/E/G ratio of 1.42 and a beta of 1.11.

Corning (NYSE:GLW - Get Free Report) last released its quarterly earnings results on Tuesday, April 29th. The electronics maker reported $0.54 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.51 by $0.03. The company had revenue of $3.68 billion during the quarter, compared to analysts' expectations of $3.63 billion. Corning had a net margin of 3.34% and a return on equity of 16.47%. The business's quarterly revenue was up 12.9% compared to the same quarter last year. During the same period in the prior year, the company earned $0.38 earnings per share. On average, research analysts expect that Corning Incorporated will post 2.33 EPS for the current year.

Corning Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 29th. Stockholders of record on Friday, August 29th will be given a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.12%. The ex-dividend date is Friday, August 29th. Corning's dividend payout ratio is currently 215.38%.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on GLW shares. Mizuho set a $52.00 price objective on shares of Corning in a research report on Tuesday, April 15th. Citigroup dropped their price target on shares of Corning from $58.00 to $50.00 and set a "buy" rating on the stock in a research note on Monday, April 14th. Oppenheimer cut their price objective on Corning from $58.00 to $55.00 and set an "outperform" rating for the company in a report on Wednesday, April 30th. Bank of America boosted their target price on Corning from $65.00 to $68.00 and gave the company a "buy" rating in a research note on Wednesday, March 19th. Finally, JPMorgan Chase & Co. cut their price target on Corning from $62.00 to $50.00 and set an "overweight" rating for the company in a research note on Thursday, April 17th. Four equities research analysts have rated the stock with a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $53.75.

Insider Activity

In related news, SVP Michael Alan Bell sold 20,262 shares of the firm's stock in a transaction on Wednesday, April 30th. The stock was sold at an average price of $44.06, for a total value of $892,743.72. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Stefan Becker sold 17,106 shares of the stock in a transaction on Thursday, May 29th. The shares were sold at an average price of $49.68, for a total transaction of $849,826.08. Following the completion of the transaction, the senior vice president owned 16,117 shares of the company's stock, valued at approximately $800,692.56. This represents a 51.49% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 75,796 shares of company stock valued at $3,632,635. Corporate insiders own 0.40% of the company's stock.

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.