Salvus Wealth Management LLC Makes New Investment in Corning Incorporated (NYSE:GLW)

Salvus Wealth Management LLC acquired a new stake in Corning Incorporated (NYSE:GLW - Free Report) in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 9,686 shares of the electronics maker's stock, valued at approximately $443,000.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Sierra Ocean LLC acquired a new stake in shares of Corning during the 4th quarter valued at approximately $25,000. Asset Planning Inc acquired a new position in Corning in the fourth quarter worth $29,000. Vermillion Wealth Management Inc. bought a new stake in Corning during the fourth quarter valued at $29,000. Putney Financial Group LLC acquired a new stake in shares of Corning during the fourth quarter worth $30,000. Finally, Mainstream Capital Management LLC bought a new position in shares of Corning in the 4th quarter worth about $35,000. Institutional investors and hedge funds own 69.80% of the company's stock.

Insider Buying and Selling at Corning

In related news, VP John Z. Zhang sold 8,000 shares of Corning stock in a transaction on Monday, May 12th. The stock was sold at an average price of $46.91, for a total transaction of $375,280.00. Following the completion of the sale, the vice president now owns 9,610 shares of the company's stock, valued at approximately $450,805.10. This trade represents a 45.43% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Stefan Becker sold 17,106 shares of the business's 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 directly owns 16,117 shares of the company's stock, valued at approximately $800,692.56. The trade was a 51.49% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 75,796 shares of company stock worth $3,632,635. 0.40% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of brokerages recently weighed in on GLW. Bank of America boosted their price objective on shares of Corning from $65.00 to $68.00 and gave the company a "buy" rating in a research report on Wednesday, March 19th. Citigroup lowered their target price on Corning from $58.00 to $50.00 and set a "buy" rating for the company in a report on Monday, April 14th. Mizuho set a $52.00 price target on Corning in a report on Tuesday, April 15th. JPMorgan Chase & Co. lowered their price objective on Corning from $62.00 to $50.00 and set an "overweight" rating for the company in a research note on Thursday, April 17th. Finally, Oppenheimer dropped their target price on Corning from $58.00 to $55.00 and set an "outperform" rating on the stock in a research report on Wednesday, April 30th. Four equities research 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 data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $53.08.

Corning Trading Down 0.2%

Corning stock traded down $0.12 during midday trading on Friday, reaching $50.74. The stock had a trading volume of 3,638,968 shares, compared to its average volume of 5,971,147. The firm's fifty day simple moving average is $45.18 and its two-hundred day simple moving average is $47.65. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.62 and a quick ratio of 1.07. Corning Incorporated has a twelve month low of $36.58 and a twelve month high of $55.33. The firm has a market cap of $43.46 billion, a price-to-earnings ratio of 87.48, a PEG 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 return on equity of 15.10% and a net margin of 3.86%. The firm had revenue of $3.68 billion for the quarter, compared to analyst estimates of $3.63 billion. During the same period in the previous year, the firm earned $0.38 earnings per share. Corning's quarterly revenue was up 12.9% on a year-over-year basis. Equities analysts anticipate that Corning Incorporated will post 2.33 EPS for the current fiscal year.

Corning Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 27th. Shareholders 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 yield of 2.21%. Corning's dividend payout ratio is presently 215.38%.

About Corning

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.