Rhumbline Advisers Has $61.97 Million Stock Position in Corning Incorporated (NYSE:GLW)

Rhumbline Advisers raised its position in Corning Incorporated (NYSE:GLW - Free Report) by 6.1% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,353,596 shares of the electronics maker's stock after purchasing an additional 77,568 shares during the quarter. Rhumbline Advisers owned about 0.16% of Corning worth $61,968,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Sierra Ocean LLC acquired a new stake in Corning in the fourth quarter worth about $25,000. Asset Planning Inc bought a new stake in shares of Corning during the 4th quarter worth about $29,000. Vermillion Wealth Management Inc. acquired a new stake in shares of Corning in the 4th quarter worth approximately $29,000. Putney Financial Group LLC bought a new position in shares of Corning in the fourth quarter valued at approximately $30,000. Finally, Mainstream Capital Management LLC bought a new position in shares of Corning in the fourth quarter valued at approximately $35,000. 69.80% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Corning

In other Corning news, SVP Soumya Seetharam sold 14,313 shares of the firm's stock in a transaction dated Wednesday, May 28th. The stock was sold at an average price of $50.01, for a total transaction of $715,793.13. Following the transaction, the senior vice president now owns 31,505 shares in the company, valued at approximately $1,575,565.05. This trade represents a 31.24% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Stefan Becker sold 17,106 shares of the stock in a transaction that occurred 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 sale, the senior vice president now owns 16,117 shares in the company, valued at $800,692.56. This represents a 51.49% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 75,796 shares of company stock worth $3,632,635. Company insiders own 0.40% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on the company. JPMorgan Chase & Co. cut their target price on Corning from $62.00 to $50.00 and set an "overweight" rating for the company in a research report on Thursday, April 17th. Wall Street Zen lowered Corning from a "buy" rating to a "hold" rating in a report on Tuesday, February 25th. Citigroup lowered their target price on Corning from $58.00 to $50.00 and set a "buy" rating on the stock in a report on Monday, April 14th. Mizuho set a $52.00 price target on shares of Corning in a research report on Tuesday, April 15th. Finally, Oppenheimer reduced their price objective on shares of Corning from $58.00 to $55.00 and set an "outperform" rating for the company in a research report on Wednesday, April 30th. Four investment analysts have rated the stock with a hold rating, ten have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $53.08.

Corning Price Performance

GLW traded up $0.09 during midday trading on Thursday, reaching $50.85. 3,478,371 shares of the company's stock were exchanged, compared to its average volume of 5,970,296. The company has a quick ratio of 1.07, a current ratio of 1.62 and a debt-to-equity ratio of 0.62. The business has a 50-day simple moving average of $45.07 and a two-hundred day simple moving average of $47.63. Corning Incorporated has a one year low of $36.58 and a one year high of $55.33. The firm has a market capitalization of $43.55 billion, a price-to-earnings ratio of 87.67, a price-to-earnings-growth ratio of 1.50 and a beta of 1.09.

Corning (NYSE:GLW - Get Free Report) last announced its earnings results on Tuesday, April 29th. The electronics maker reported $0.54 earnings per share for the quarter, topping analysts' consensus estimates of $0.51 by $0.03. The company had revenue of $3.68 billion during the quarter, compared to the consensus estimate of $3.63 billion. Corning had a net margin of 3.86% and a return on equity of 15.10%. The company's revenue was up 12.9% on a year-over-year basis. During the same period in the previous year, the firm posted $0.38 earnings per share. As a group, research analysts predict that Corning Incorporated will post 2.33 EPS for the current year.

Corning Announces Dividend

The firm 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 of this dividend is Friday, May 30th. This represents a $1.12 dividend on an annualized basis and a yield of 2.20%. Corning's payout ratio is presently 215.38%.

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.