Vise Technologies Inc. Purchases New Stake in Corning Incorporated (NYSE:GLW)

Vise Technologies Inc. bought a new stake in Corning Incorporated (NYSE:GLW - Free Report) during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund bought 5,685 shares of the electronics maker's stock, valued at approximately $270,000.

A number of other large investors have also modified their holdings of GLW. Sierra Ocean LLC purchased a new stake in shares of Corning during the fourth quarter worth about $25,000. Asset Planning Inc purchased a new stake in Corning in the 4th quarter worth approximately $29,000. Mainstream Capital Management LLC purchased a new stake in Corning in the 4th quarter worth approximately $35,000. JFS Wealth Advisors LLC boosted its position in Corning by 171.8% in the 4th quarter. JFS Wealth Advisors LLC now owns 810 shares of the electronics maker's stock worth $38,000 after purchasing an additional 512 shares in the last quarter. Finally, Transce3nd LLC purchased a new stake in Corning in the 4th quarter worth approximately $39,000. Hedge funds and other institutional investors own 69.80% of the company's stock.

Corning Trading Down 0.8%

Corning stock traded down $0.41 during midday trading on Friday, reaching $49.55. 12,836,651 shares of the stock traded hands, compared to its average volume of 6,009,332. The company has a 50-day simple moving average of $44.82 and a two-hundred day simple moving average of $47.55. Corning Incorporated has a 12-month low of $36.21 and a 12-month high of $55.33. The firm has a market cap of $42.44 billion, a PE ratio of 85.43, a price-to-earnings-growth ratio of 1.50 and a beta of 1.09. 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 (NYSE:GLW - Get Free Report) last announced 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. The business had revenue of $3.68 billion during the quarter, compared to analysts' expectations of $3.63 billion. Corning had a return on equity of 15.10% and a net margin of 3.86%. The business's quarterly revenue was up 12.9% compared to the same quarter last year. During the same quarter last year, the business posted $0.38 EPS. Research analysts expect that Corning Incorporated will post 2.33 earnings per share for the current fiscal year.

Corning Announces Dividend

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

Insider Transactions at Corning

In other Corning news, SVP Michael Alan Bell sold 20,262 shares of Corning stock in a transaction that occurred on Wednesday, April 30th. The stock was sold at an average price of $44.06, for a total transaction of $892,743.72. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, VP John Z. Zhang sold 8,000 shares of Corning stock in a transaction that occurred on Monday, May 12th. The shares were sold at an average price of $46.91, for a total value of $375,280.00. Following the completion of the transaction, the vice president now owns 9,610 shares in the company, valued at $450,805.10. This trade represents a 45.43% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 69,291 shares of company stock valued at $3,307,320. Corporate insiders own 0.40% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on the company. HSBC raised Corning from a "hold" rating to a "buy" rating and upped their target price for the stock from $51.00 to $60.00 in a research note on Thursday, January 30th. Citigroup reduced their price objective on Corning from $58.00 to $50.00 and set a "buy" rating for the company in a research note on Monday, April 14th. JPMorgan Chase & Co. reduced their price objective on Corning from $62.00 to $50.00 and set an "overweight" rating for the company in a research note on Thursday, April 17th. Wall Street Zen downgraded Corning from a "buy" rating to a "hold" rating in a research note on Tuesday, February 25th. Finally, Oppenheimer cut their target price on Corning from $58.00 to $55.00 and set an "outperform" rating for the company in a research note on Wednesday, April 30th. Four equities research 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's stock. According to MarketBeat.com, Corning currently has a consensus rating of "Moderate Buy" and an average target price of $53.08.

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.