Tidal Investments LLC Acquires 11,765 Shares of Corning Incorporated (NYSE:GLW)

Tidal Investments LLC grew its holdings in Corning Incorporated (NYSE:GLW - Free Report) by 28.3% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 53,300 shares of the electronics maker's stock after acquiring an additional 11,765 shares during the period. Tidal Investments LLC's holdings in Corning were worth $2,533,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in GLW. Sound Income Strategies LLC raised its stake in shares of Corning by 76.7% in the 4th quarter. Sound Income Strategies LLC now owns 523 shares of the electronics maker's stock valued at $25,000 after buying an additional 227 shares in the last quarter. Sierra Ocean LLC acquired a new position in Corning during the 4th quarter valued at about $25,000. Asset Planning Inc acquired a new stake in shares of Corning in the 4th quarter valued at approximately $29,000. Mainstream Capital Management LLC acquired a new stake in shares of Corning in the 4th quarter valued at approximately $35,000. Finally, JFS Wealth Advisors LLC raised its position in shares of Corning by 171.8% in the 4th quarter. JFS Wealth Advisors LLC now owns 810 shares of the electronics maker's stock valued at $38,000 after acquiring an additional 512 shares during the period. 69.80% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several analysts have commented on GLW shares. Bank of America raised their target price on shares of Corning from $65.00 to $68.00 and gave the stock a "buy" rating in a report on Wednesday, March 19th. Hsbc Global Res upgraded shares of Corning from a "hold" rating to a "strong-buy" rating in a report on Thursday, January 30th. Oppenheimer reduced their price objective on shares of Corning from $58.00 to $55.00 and set an "outperform" rating for the company in a research report on Wednesday, April 30th. Mizuho set a $52.00 price objective on shares of Corning in a research report on Tuesday, April 15th. Finally, Citigroup reduced their target price on shares of Corning from $58.00 to $50.00 and set a "buy" rating for the company 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 assigned a strong buy rating to the company. According to data from MarketBeat.com, Corning has a consensus rating of "Moderate Buy" and an average price target of $53.08.

Insider Buying and Selling at Corning

In other Corning news, VP John Z. Zhang sold 8,000 shares of the stock in a transaction that occurred 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 transaction, the vice president now directly owns 9,610 shares in the company, valued at approximately $450,805.10. This represents a 45.43% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Michael Alan Bell sold 20,262 shares of the stock in a transaction on Wednesday, April 30th. The stock was sold at an average price of $44.06, for a total value of $892,743.72. The disclosure for this sale can be found here. Insiders own 0.40% of the company's stock.

Corning Price Performance

NYSE GLW traded down $0.46 during trading on Wednesday, hitting $49.47. 1,234,467 shares of the company's stock were exchanged, compared to its average volume of 5,953,376. The stock's 50 day moving average price is $44.80 and its two-hundred day moving average price is $47.52. Corning Incorporated has a fifty-two week low of $35.40 and a fifty-two week high of $55.33. The company has a current ratio of 1.62, a quick ratio of 1.07 and a debt-to-equity ratio of 0.62. The company has a market cap of $42.37 billion, a PE ratio of 85.27, a P/E/G ratio of 1.50 and a beta of 1.09.

Corning (NYSE:GLW - Get Free Report) last released its quarterly earnings data on Tuesday, April 29th. The electronics maker reported $0.54 earnings per share (EPS) 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 company had revenue of $3.68 billion during the quarter, compared to the consensus estimate of $3.63 billion. During the same quarter in the prior year, the firm posted $0.38 earnings per share. The firm's revenue was up 12.9% compared to the same quarter last year. Research analysts expect that Corning Incorporated will post 2.33 EPS for the current year.

Corning Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, June 27th. Shareholders of record on Friday, May 30th will be given a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a yield of 2.26%. The ex-dividend date of this dividend is Friday, May 30th. Corning's dividend payout ratio is presently 215.38%.

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.