Corning Incorporated (NYSE:GLW) Position Boosted by Universal Beteiligungs und Servicegesellschaft mbH

Universal Beteiligungs und Servicegesellschaft mbH lifted its stake in shares of Corning Incorporated (NYSE:GLW - Free Report) by 19.1% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 360,164 shares of the electronics maker's stock after buying an additional 57,780 shares during the quarter. Universal Beteiligungs und Servicegesellschaft mbH's holdings in Corning were worth $16,488,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also recently added to or reduced their stakes in the company. University of Texas Texas AM Investment Management Co. boosted its holdings in Corning by 9.7% in the fourth quarter. University of Texas Texas AM Investment Management Co. now owns 2,422 shares of the electronics maker's stock worth $115,000 after purchasing an additional 214 shares during the period. Seeds Investor LLC boosted its holdings in Corning by 3.0% in the fourth quarter. Seeds Investor LLC now owns 7,708 shares of the electronics maker's stock worth $366,000 after purchasing an additional 221 shares during the period. CreativeOne Wealth LLC boosted its holdings in Corning by 2.4% in the fourth quarter. CreativeOne Wealth LLC now owns 10,182 shares of the electronics maker's stock worth $484,000 after purchasing an additional 238 shares during the period. Old North State Wealth Management LLC boosted its holdings in Corning by 0.6% in the first quarter. Old North State Wealth Management LLC now owns 40,107 shares of the electronics maker's stock worth $1,836,000 after purchasing an additional 239 shares during the period. Finally, Colonial Trust Co SC boosted its holdings in Corning by 3.8% in the fourth quarter. Colonial Trust Co SC now owns 7,138 shares of the electronics maker's stock worth $339,000 after purchasing an additional 258 shares during the period. Institutional investors and hedge funds own 69.80% of the company's stock.

Corning Trading Down 0.6%

NYSE GLW traded down $0.35 on Monday, hitting $55.02. 1,165,334 shares of the company were exchanged, compared to its average volume of 5,536,048. The company's 50 day moving average price is $51.45 and its 200-day moving average price is $48.72. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.69 and a quick ratio of 1.05. The firm has a market capitalization of $47.12 billion, a P/E ratio of 105.89, a price-to-earnings-growth ratio of 1.50 and a beta of 1.11. Corning Incorporated has a twelve month low of $37.18 and a twelve month high of $56.25.

Corning (NYSE:GLW - Get Free Report) last posted its quarterly earnings data on Tuesday, April 29th. The electronics maker reported $0.54 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.51 by $0.03. The firm had revenue of $3.68 billion for the quarter, compared to the consensus estimate of $3.63 billion. Corning had a return on equity of 16.47% and a net margin of 3.34%. The business's revenue for the quarter was up 12.9% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.38 EPS. Analysts predict that Corning Incorporated will post 2.33 earnings per share for the current fiscal year.

Corning Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 29th. Shareholders of record on Friday, August 29th will be issued a dividend of $0.28 per share. The ex-dividend date is Friday, August 29th. This represents a $1.12 annualized dividend and a yield of 2.04%. Corning's payout ratio is presently 215.38%.

Insider Activity

In other Corning news, VP John Z. Zhang sold 8,000 shares of the business's stock in a transaction dated Monday, May 12th. The stock was sold at an average price of $46.91, for a total transaction of $375,280.00. Following the sale, the vice president owned 9,610 shares in the company, valued at approximately $450,805.10. The trade was a 45.43% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP Michael Alan Bell sold 20,262 shares of the business'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 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 owned by company insiders.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on the stock. UBS Group lifted their price objective on shares of Corning from $54.00 to $57.00 and gave the stock a "neutral" rating in a report on Wednesday, July 9th. Mizuho boosted their price target on shares of Corning from $52.00 to $59.00 and gave the company an "outperform" rating in a report on Tuesday, July 15th. Oppenheimer reduced their price target on shares of Corning from $58.00 to $55.00 and set an "outperform" rating for the company in a report on Wednesday, April 30th. JPMorgan Chase & Co. boosted their price target on shares of Corning from $62.00 to $65.00 and gave the company an "overweight" rating in a report on Friday. Finally, Wolfe Research began coverage on shares of Corning in a report on Tuesday, July 8th. They set an "outperform" rating for the company. Four analysts have rated the stock with a hold rating, nine have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $57.73.

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.