Weatherly Asset Management L. P. Buys 7,132 Shares of Corning Incorporated (NYSE:GLW)

Weatherly Asset Management L. P. raised its holdings in shares of Corning Incorporated (NYSE:GLW - Free Report) by 14.4% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 56,744 shares of the electronics maker's stock after purchasing an additional 7,132 shares during the quarter. Weatherly Asset Management L. P.'s holdings in Corning were worth $2,598,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Vermillion Wealth Management Inc. bought a new stake in Corning during the 4th quarter valued at $29,000. Putney Financial Group LLC bought a new stake in Corning during the 4th quarter valued at $30,000. Transce3nd LLC bought a new stake in Corning during the 4th quarter valued at $39,000. ORG Partners LLC grew its stake in shares of Corning by 115.8% in the 1st quarter. ORG Partners LLC now owns 887 shares of the electronics maker's stock worth $40,000 after acquiring an additional 476 shares in the last quarter. Finally, VSM Wealth Advisory LLC bought a new stake in shares of Corning in the 4th quarter worth $43,000. Institutional investors own 69.80% of the company's stock.

Corning Stock Performance

NYSE GLW traded up $1.21 during trading on Monday, hitting $52.81. 1,297,192 shares of the company's stock traded hands, compared to its average volume of 5,630,414. The stock has a market capitalization of $45.23 billion, a price-to-earnings ratio of 101.55, a PEG ratio of 1.39 and a beta of 1.11. Corning Incorporated has a 12-month low of $37.18 and a 12-month high of $55.33. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.05 and a current ratio of 1.69. The business has a 50 day moving average of $49.87 and a 200-day moving average of $48.26.

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

Corning Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, September 29th. Stockholders of record on Friday, August 29th will be issued a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.12%. The ex-dividend date is Friday, August 29th. Corning's payout ratio is 215.38%.

Analyst Ratings Changes

Several research firms have recently issued reports on GLW. Wolfe Research began coverage on shares of Corning in a research note on Tuesday, July 8th. They issued an "outperform" rating for the company. Oppenheimer reduced their target price on shares of Corning from $58.00 to $55.00 and set an "outperform" rating for the company in a research note on Wednesday, April 30th. Morgan Stanley upped their target price on shares of Corning from $44.00 to $50.00 and gave the stock an "equal weight" rating in a research note on Tuesday, July 8th. Bank of America upped their target price on shares of Corning from $65.00 to $68.00 and gave the stock a "buy" rating in a research note on Wednesday, March 19th. Finally, UBS Group upped their target price on shares of Corning from $54.00 to $57.00 and gave the stock a "neutral" rating in a research note on Wednesday, July 9th. Four research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $55.73.

Insider Transactions at Corning

In related news, VP John Z. Zhang sold 8,000 shares of the company's 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 transaction, the vice president directly owned 9,610 shares in the company, valued at approximately $450,805.10. This represents a 45.43% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Stefan Becker sold 17,106 shares of the company's stock in a transaction that occurred on Thursday, May 29th. The stock was sold at an average price of $49.68, for a total transaction of $849,826.08. Following the completion of the transaction, the senior vice president owned 16,117 shares in the company, valued at approximately $800,692.56. This trade represents a 51.49% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 75,796 shares of company stock valued at $3,632,635. Company insiders own 0.32% of the company's stock.

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.