Rhumbline Advisers Boosts Stake in Corning Incorporated (NYSE:GLW)

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

Several other hedge funds have also recently modified their holdings of the stock. Fifth Third Wealth Advisors LLC acquired a new position in shares of Corning during the 1st quarter worth about $230,000. Parallel Advisors LLC raised its position in shares of Corning by 2.0% during the 1st quarter. Parallel Advisors LLC now owns 21,031 shares of the electronics maker's stock worth $963,000 after purchasing an additional 414 shares during the last quarter. Summit Global Investments raised its position in shares of Corning by 965.8% during the 1st quarter. Summit Global Investments now owns 208,926 shares of the electronics maker's stock worth $9,565,000 after purchasing an additional 189,324 shares during the last quarter. GAMMA Investing LLC raised its position in shares of Corning by 5,814.8% during the 1st quarter. GAMMA Investing LLC now owns 519,969 shares of the electronics maker's stock worth $23,804,000 after purchasing an additional 511,178 shares during the last quarter. Finally, Town & Country Bank & Trust CO dba First Bankers Trust CO raised its position in shares of Corning by 108.7% during the 1st quarter. Town & Country Bank & Trust CO dba First Bankers Trust CO now owns 44,611 shares of the electronics maker's stock worth $2,042,000 after purchasing an additional 23,237 shares during the last quarter. Institutional investors and hedge funds own 69.80% of the company's stock.

Corning Trading Down 0.2%

Shares of Corning stock traded down $0.12 during mid-day trading on Friday, hitting $50.74. The stock had a trading volume of 3,638,968 shares, compared to its average volume of 5,979,443. The firm has a 50-day moving average of $45.28 and a two-hundred day moving average of $47.68. Corning Incorporated has a 12-month low of $36.58 and a 12-month high of $55.33. 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 firm has a market cap of $43.46 billion, a P/E ratio of 87.48, a price-to-earnings-growth ratio of 1.50 and a beta of 1.09.

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

Corning Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, June 27th. Stockholders of record on Friday, May 30th will be paid a $0.28 dividend. The ex-dividend date of this dividend is Friday, May 30th. This represents a $1.12 annualized dividend and a dividend yield of 2.21%. Corning's dividend payout ratio (DPR) is 215.38%.

Analysts Set New Price Targets

Several research analysts recently weighed in on GLW shares. Citigroup reduced their price target on shares of Corning from $58.00 to $50.00 and set a "buy" rating for the company in a research report on Monday, April 14th. JPMorgan Chase & Co. cut their price objective 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 shares of Corning from a "buy" rating to a "hold" rating in a report on Tuesday, February 25th. Bank of America increased their price objective on shares of Corning from $65.00 to $68.00 and gave the company a "buy" rating in a report on Wednesday, March 19th. Finally, Mizuho set a $52.00 price objective on shares of Corning in a report on Tuesday, April 15th. Four analysts have rated the stock with a hold rating, ten have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $53.08.

Insider Activity

In other news, 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 value of $849,826.08. Following the completion of the sale, the senior vice president now owns 16,117 shares of the company's stock, valued at $800,692.56. This represents a 51.49% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, SVP Soumya Seetharam sold 6,505 shares of the stock in a transaction that occurred on Thursday, May 29th. The stock was sold at an average price of $50.01, for a total transaction of $325,315.05. Following the transaction, the senior vice president now directly owns 25,000 shares of the company's stock, valued at $1,250,250. The trade was a 20.65% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 75,796 shares of company stock valued at $3,632,635 in the last 90 days. Company 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.