6,587 Shares in Corning Incorporated (NYSE:GLW) Purchased by Rossby Financial LCC

Rossby Financial LCC acquired a new position in Corning Incorporated (NYSE:GLW - Free Report) during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund acquired 6,587 shares of the electronics maker's stock, valued at approximately $291,000.

Several other institutional investors have also modified their holdings of the company. DAVENPORT & Co LLC increased its holdings in shares of Corning by 30.6% in the first quarter. DAVENPORT & Co LLC now owns 20,139 shares of the electronics maker's stock valued at $922,000 after buying an additional 4,723 shares in the last quarter. Sumitomo Mitsui DS Asset Management Company Ltd grew its holdings in shares of Corning by 1.2% in the 1st quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 93,079 shares of the electronics maker's stock worth $4,261,000 after acquiring an additional 1,120 shares during the last quarter. Vontobel Holding Ltd. raised its position in shares of Corning by 13.6% during the first quarter. Vontobel Holding Ltd. now owns 27,776 shares of the electronics maker's stock worth $1,272,000 after purchasing an additional 3,323 shares during the period. Mather Group LLC. lifted its holdings in shares of Corning by 9.7% during the first quarter. Mather Group LLC. now owns 3,029 shares of the electronics maker's stock valued at $139,000 after purchasing an additional 268 shares during the last quarter. Finally, Smallwood Wealth Investment Management LLC acquired a new position in shares of Corning in the 1st quarter valued at $47,000. Institutional investors and hedge funds own 69.80% of the company's stock.

Insider Activity at Corning

In other news, SVP Michael Alan Bell sold 20,262 shares of the company's stock in a transaction dated Wednesday, April 30th. The stock was sold at an average price of $44.06, for a total transaction of $892,743.72. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Soumya Seetharam sold 14,313 shares of the firm's stock in a transaction that occurred on Wednesday, May 28th. The shares were sold at an average price of $50.01, for a total value of $715,793.13. Following the completion of the transaction, the senior vice president directly owned 31,505 shares in the company, valued at $1,575,565.05. The trade was a 31.24% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 75,796 shares of company stock valued at $3,632,635. Insiders own 0.40% of the company's stock.

Corning Stock Up 0.7%

Shares of GLW traded up $0.37 during midday trading on Friday, reaching $53.09. 2,066,077 shares of the stock were exchanged, compared to its average volume of 5,636,227. The company has a market cap of $45.47 billion, a price-to-earnings ratio of 102.10, a P/E/G ratio of 1.42 and a beta of 1.11. The firm has a 50 day simple moving average of $48.92 and a 200-day simple moving average of $48.04. Corning Incorporated has a 12-month low of $37.18 and a 12-month high of $55.33. The company has a quick ratio of 1.05, a current ratio of 1.69 and a debt-to-equity ratio of 0.62.

Corning (NYSE:GLW - Get Free Report) last posted its 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. Corning had a net margin of 3.34% and a return on equity of 16.47%. The firm had revenue of $3.68 billion during the quarter, compared to analysts' expectations of $3.63 billion. During the same period in the previous year, the company earned $0.38 earnings per share. The company's revenue was up 12.9% compared to the same quarter last year. Research analysts forecast that Corning Incorporated will post 2.33 EPS for the current year.

Corning Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 29th. Shareholders of record on Friday, August 29th will be given a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a yield of 2.11%. The ex-dividend date of this dividend is Friday, August 29th. Corning's payout ratio is 215.38%.

Wall Street Analysts Forecast Growth

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

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.