Corning Incorporated (NYSE:GLW) Position Boosted by Riggs Asset Managment Co. Inc.

Riggs Asset Managment Co. Inc. increased its position in Corning Incorporated (NYSE:GLW - Free Report) by 1,548,050.0% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 123,852 shares of the electronics maker's stock after purchasing an additional 123,844 shares during the quarter. Corning accounts for 1.6% of Riggs Asset Managment Co. Inc.'s portfolio, making the stock its 17th largest position. Riggs Asset Managment Co. Inc.'s holdings in Corning were worth $5,670,000 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. Vermillion Wealth Management Inc. bought a new position in Corning during the 4th quarter valued at $29,000. Putney Financial Group LLC bought a new position in Corning during the 4th quarter valued at $30,000. Transce3nd LLC bought a new position in Corning during the 4th quarter valued at $39,000. ORG Partners LLC boosted its stake in Corning by 115.8% during the 1st quarter. ORG Partners LLC now owns 887 shares of the electronics maker's stock valued at $40,000 after acquiring an additional 476 shares during the last quarter. Finally, OFI Invest Asset Management bought a new position in Corning during the 4th quarter valued at $43,000. 69.80% of the stock is currently owned by institutional investors.

Insider Activity

In other Corning news, SVP Stefan Becker sold 17,106 shares of the firm's stock in a transaction dated Thursday, May 29th. The shares were sold at an average price of $49.68, for a total transaction of $849,826.08. Following the transaction, the senior vice president owned 16,117 shares of the company's stock, valued at approximately $800,692.56. This trade represents a 51.49% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP John Z. Zhang sold 9,610 shares of the firm's stock in a transaction dated Wednesday, May 28th. The shares were sold at an average price of $49.29, for a total transaction of $473,676.90. The disclosure for this sale can be found here. Insiders have sold 75,796 shares of company stock worth $3,632,635 in the last 90 days. 0.32% of the stock is currently owned by corporate insiders.

Corning Stock Performance

Shares of NYSE:GLW traded up $0.31 during trading hours on Tuesday, hitting $52.69. The stock had a trading volume of 1,096,139 shares, compared to its average volume of 5,618,107. The stock's fifty day simple moving average is $49.27 and its 200 day simple moving average is $48.13. Corning Incorporated has a 1-year low of $37.18 and a 1-year high of $55.33. The firm has a market capitalization of $45.13 billion, a price-to-earnings ratio of 101.33, a PEG ratio of 1.43 and a beta of 1.11. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.05 and a current ratio of 1.69.

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

Corning Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, September 29th. Shareholders of record on Friday, August 29th will be paid a dividend of $0.28 per share. The ex-dividend date of this dividend is Friday, August 29th. This represents a $1.12 annualized dividend and a yield of 2.13%. Corning's payout ratio is 215.38%.

Analyst Upgrades and Downgrades

A number of research analysts have commented on GLW shares. Wolfe Research started coverage on shares of Corning in a research note on Tuesday. They set an "outperform" rating on the stock. Oppenheimer dropped their target price on shares of Corning from $58.00 to $55.00 and set an "outperform" rating on the stock in a report on Wednesday, April 30th. Mizuho set a $52.00 target price on shares of Corning in a report on Tuesday, April 15th. Citigroup dropped their target price on shares of Corning from $58.00 to $50.00 and set a "buy" rating on the stock in a report on Monday, April 14th. Finally, JPMorgan Chase & Co. dropped their target price on shares of Corning from $62.00 to $50.00 and set an "overweight" rating on the stock in a report on Thursday, April 17th. Four investment analysts have rated the stock with a hold rating, ten have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $53.92.

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.