Strategy Asset Managers LLC Raises Holdings in Corning Incorporated (NYSE:GLW)

Key Points

• Strategy Asset Managers LLC increased its stake in Corning Incorporated by 20.4%, acquiring an additional 15,299 shares and holding a total of 90,469 shares valued at about $4.14 million.
• Several other institutional investors, such as Northern Trust Corp and UBS AM, have also adjusted their positions in Corning, indicating increased interest in the company's stock.
• Corning recently announced a quarterly dividend of $0.28 per share, which represents an annualized yield of 1.8%, reflecting a payout ratio of 119.15%.

Strategy Asset Managers LLC increased its stake in shares of Corning Incorporated (NYSE:GLW - Free Report) by 20.4% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 90,469 shares of the electronics maker's stock after acquiring an additional 15,299 shares during the quarter. Strategy Asset Managers LLC's holdings in Corning were worth $4,142,000 at the end of the most recent quarter.

A number of other large investors have also bought and sold shares of the stock. Vermillion Wealth Management Inc. bought a new position in shares of Corning during the 4th quarter worth about $29,000. Putney Financial Group LLC bought a new position in shares of Corning in the 4th quarter worth $30,000. Investment Management Corp VA ADV grew its position in Corning by 165.9% in the 1st quarter. Investment Management Corp VA ADV now owns 742 shares of the electronics maker's stock valued at $34,000 after purchasing an additional 463 shares during the period. Annis Gardner Whiting Capital Advisors LLC increased its stake in Corning by 90.1% during the 1st quarter. Annis Gardner Whiting Capital Advisors LLC now owns 745 shares of the electronics maker's stock valued at $34,000 after purchasing an additional 353 shares in the last quarter. Finally, Transce3nd LLC acquired a new position in Corning during the fourth quarter worth $39,000. 69.80% of the stock is currently owned by institutional investors and hedge funds.

Corning Stock Performance

Shares of NYSE:GLW traded up $1.08 during midday trading on Friday, reaching $65.84. 4,372,071 shares of the company traded hands, compared to its average volume of 5,910,031. The firm's fifty day moving average price is $54.21 and its two-hundred day moving average price is $49.68. The firm has a market capitalization of $56.40 billion, a price-to-earnings ratio of 70.04, a price-to-earnings-growth ratio of 1.46 and a beta of 1.08. The company has a quick ratio of 0.93, a current ratio of 1.50 and a debt-to-equity ratio of 0.58. Corning Incorporated has a 12 month low of $37.31 and a 12 month high of $66.50.

Corning (NYSE:GLW - Get Free Report) last announced its quarterly earnings results on Tuesday, July 29th. The electronics maker reported $0.60 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.57 by $0.03. Corning had a net margin of 5.77% and a return on equity of 17.27%. The firm had revenue of $3.86 billion for the quarter, compared to the consensus estimate of $3.84 billion. During the same period in the prior year, the firm posted $0.47 earnings per share. On average, equities analysts expect that Corning Incorporated will post 2.33 earnings per share for the current year.

Corning Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, September 29th. Stockholders of record on Friday, August 29th will be given a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a dividend yield of 1.7%. The ex-dividend date is Friday, August 29th. Corning's payout ratio is 119.15%.

Insider Activity

In other Corning news, SVP Michael Paul O'day sold 14,879 shares of the firm's stock in a transaction dated Wednesday, July 30th. The stock was sold at an average price of $62.36, for a total value of $927,854.44. Following the sale, the senior vice president owned 35,743 shares of the company's stock, valued at $2,228,933.48. This trade represents a 29.39% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, SVP Soumya Seetharam sold 14,313 shares of the business's stock in a transaction dated Wednesday, May 28th. The stock was sold at an average price of $50.01, for a total value of $715,793.13. Following the transaction, the senior vice president directly owned 31,505 shares of the company's stock, valued at $1,575,565.05. The trade was a 31.24% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 137,381 shares of company stock worth $7,836,789. Company insiders own 0.40% of the company's stock.

Analysts Set New Price Targets

GLW has been the subject of several recent research reports. Oppenheimer restated an "outperform" rating and issued a $72.00 target price (up previously from $55.00) on shares of Corning in a report on Wednesday, July 30th. JPMorgan Chase & Co. lifted their target price on Corning from $62.00 to $65.00 and gave the company an "overweight" rating in a research report on Friday, July 25th. UBS Group increased their price target on Corning from $57.00 to $65.00 and gave the company a "neutral" rating in a research report on Wednesday. Morgan Stanley set a $56.00 target price on shares of Corning and gave the stock an "equal weight" rating in a research note on Wednesday, July 30th. Finally, Susquehanna reissued a "positive" rating and set a $75.00 price target (up from $60.00) on shares of Corning in a research report on Wednesday, July 30th. Three investment analysts have rated the stock with a hold rating, ten have assigned a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $65.17.

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.