Summit Global Investments Has $9.57 Million Stock Position in Corning Incorporated (NYSE:GLW)

Summit Global Investments raised its stake in shares of Corning Incorporated (NYSE:GLW - Free Report) by 965.8% during the 1st quarter, according to its most recent filing with the SEC. The firm owned 208,926 shares of the electronics maker's stock after acquiring an additional 189,324 shares during the period. Corning makes up approximately 0.7% of Summit Global Investments' holdings, making the stock its 21st biggest position. Summit Global Investments' holdings in Corning were worth $9,565,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in GLW. GAMMA Investing LLC raised its stake in 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 acquiring an additional 511,178 shares during the period. Town & Country Bank & Trust CO dba First Bankers Trust CO grew its holdings in shares of Corning by 108.7% in the first quarter. Town & Country Bank & Trust CO dba First Bankers Trust CO now owns 44,611 shares of the electronics maker's stock valued at $2,042,000 after purchasing an additional 23,237 shares in the last quarter. Nexus Investment Management ULC grew its holdings in shares of Corning by 0.6% in the first quarter. Nexus Investment Management ULC now owns 94,000 shares of the electronics maker's stock valued at $4,303,000 after purchasing an additional 600 shares in the last quarter. Versant Capital Management Inc grew its holdings in shares of Corning by 94.5% in the first quarter. Versant Capital Management Inc now owns 3,955 shares of the electronics maker's stock valued at $181,000 after purchasing an additional 1,922 shares in the last quarter. Finally, Central Pacific Bank Trust Division boosted its stake in Corning by 181.5% during the first quarter. Central Pacific Bank Trust Division now owns 59,062 shares of the electronics maker's stock worth $2,704,000 after buying an additional 38,084 shares during the period. 69.80% of the stock is currently owned by institutional investors.

Insider Activity

In other Corning 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 value of $892,743.72. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, VP John Z. Zhang sold 8,000 shares of the company's stock in a transaction dated Monday, May 12th. The stock was sold at an average price of $46.91, for a total value of $375,280.00. Following 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 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 over the last three months. Insiders own 0.40% of the company's stock.

Analyst Upgrades and Downgrades

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

Corning Stock Up 2.0%

GLW stock traded up $1.01 during midday trading on Tuesday, hitting $51.05. 1,759,581 shares of the company's stock were exchanged, compared to its average volume of 6,066,984. The company has a current ratio of 1.62, a quick ratio of 1.07 and a debt-to-equity ratio of 0.62. Corning Incorporated has a 12-month low of $36.58 and a 12-month high of $55.33. The firm has a 50 day moving average price of $44.89 and a 200-day moving average price of $47.57. The stock has a market capitalization of $43.72 billion, a price-to-earnings ratio of 88.02, a price-to-earnings-growth ratio of 1.50 and a beta of 1.09.

Corning (NYSE:GLW - Get Free Report) last issued its quarterly earnings data on Tuesday, April 29th. The electronics maker reported $0.54 EPS for the quarter, topping analysts' consensus estimates 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 during the quarter, compared to the consensus estimate of $3.63 billion. During the same period in the prior year, the business earned $0.38 EPS. The firm's revenue was up 12.9% on a year-over-year basis. On average, analysts anticipate that Corning Incorporated will post 2.33 EPS for the current year.

Corning Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 27th. Stockholders of record on Friday, May 30th will be issued 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 2.19%. Corning's dividend payout ratio (DPR) is 215.38%.

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.