USA Financial Formulas Acquires Shares of 24,322 Corning Incorporated (NYSE:GLW)

USA Financial Formulas purchased a new stake in Corning Incorporated (NYSE:GLW - Free Report) during the first quarter, according to its most recent filing with the SEC. The fund purchased 24,322 shares of the electronics maker's stock, valued at approximately $1,113,000.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Assenagon Asset Management S.A. increased its holdings in shares of Corning by 101.0% in the 1st quarter. Assenagon Asset Management S.A. now owns 2,951,938 shares of the electronics maker's stock worth $135,140,000 after buying an additional 1,483,151 shares during the last quarter. SG Americas Securities LLC boosted its stake in shares of Corning by 3,441.4% during the 1st quarter. SG Americas Securities LLC now owns 1,190,359 shares of the electronics maker's stock worth $54,495,000 after purchasing an additional 1,156,746 shares during the period. GAMMA Investing LLC boosted its position in Corning by 29.2% in the 1st quarter. GAMMA Investing LLC now owns 11,358 shares of the electronics maker's stock valued at $520,000 after buying an additional 2,567 shares during the period. Wealthcare Advisory Partners LLC boosted its position in Corning by 2.3% in the 1st quarter. Wealthcare Advisory Partners LLC now owns 34,812 shares of the electronics maker's stock valued at $1,594,000 after buying an additional 785 shares during the period. Finally, Pallas Capital Advisors LLC bought a new stake in shares of Corning in the 1st quarter valued at about $286,000. 69.80% of the stock is currently owned by institutional investors.

Corning Stock Down 2.5%

GLW stock traded down $1.28 during midday trading on Friday, reaching $49.54. 3,573,448 shares of the company were exchanged, compared to its average volume of 5,917,446. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.07 and a current ratio of 1.62. Corning Incorporated has a 1-year low of $37.18 and a 1-year high of $55.33. The stock's 50-day simple moving average is $46.19 and its 200 day simple moving average is $47.76. The company has a market cap of $42.43 billion, a price-to-earnings ratio of 85.42, a price-to-earnings-growth ratio of 1.50 and a beta of 1.11.

Corning (NYSE:GLW - Get Free Report) last announced its earnings results on Tuesday, April 29th. The electronics maker reported $0.54 EPS for the quarter, beating analysts' consensus estimates of $0.51 by $0.03. The business had revenue of $3.68 billion for the quarter, compared to analysts' expectations of $3.63 billion. Corning had a net margin of 3.86% and a return on equity of 15.10%. The company's quarterly revenue was up 12.9% on a year-over-year basis. During the same period in the previous year, the company posted $0.38 EPS. On average, equities analysts forecast that Corning Incorporated will post 2.33 earnings per share for the current year.

Corning Announces Dividend

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

Insider Transactions at Corning

In other Corning news, SVP Stefan Becker sold 17,106 shares of the company's stock in a transaction dated Thursday, May 29th. The shares were sold at an average price of $49.68, for a total value of $849,826.08. Following the transaction, the senior vice president now directly owns 16,117 shares in the company, valued at approximately $800,692.56. This represents a 51.49% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Michael Alan Bell sold 20,262 shares of the company's stock in a transaction dated Wednesday, April 30th. The shares were sold at an average price of $44.06, for a total transaction of $892,743.72. The disclosure for this sale can be found here. Insiders have sold a total of 75,796 shares of company stock valued at $3,632,635 in the last ninety days. 0.40% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

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

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.