PFG Investments LLC Increases Position in Corning Incorporated (NYSE:GLW)

PFG Investments LLC raised its position in Corning Incorporated (NYSE:GLW - Free Report) by 207.8% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 83,012 shares of the electronics maker's stock after buying an additional 56,046 shares during the period. PFG Investments LLC's holdings in Corning were worth $2,736,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of GLW. Natixis Advisors L.P. raised its position in shares of Corning by 5.9% during the 3rd quarter. Natixis Advisors L.P. now owns 101,322 shares of the electronics maker's stock valued at $3,087,000 after buying an additional 5,616 shares during the period. KMG Fiduciary Partners LLC purchased a new stake in Corning in the fourth quarter valued at approximately $1,199,000. Socha Financial Group LLC increased its position in shares of Corning by 8.8% during the fourth quarter. Socha Financial Group LLC now owns 343,624 shares of the electronics maker's stock worth $10,463,000 after acquiring an additional 27,772 shares during the period. HB Wealth Management LLC increased its position in shares of Corning by 24.2% during the fourth quarter. HB Wealth Management LLC now owns 9,871 shares of the electronics maker's stock worth $301,000 after acquiring an additional 1,926 shares during the period. Finally, SG Americas Securities LLC increased its position in shares of Corning by 59.8% during the fourth quarter. SG Americas Securities LLC now owns 108,358 shares of the electronics maker's stock worth $3,300,000 after acquiring an additional 40,564 shares during the period. 69.80% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of analysts have recently weighed in on the company. HSBC lowered Corning from a "hold" rating to a "reduce" rating and set a $29.00 price objective on the stock. in a research report on Thursday, February 1st. JPMorgan Chase & Co. boosted their target price on shares of Corning from $34.00 to $36.00 and gave the stock a "neutral" rating in a research note on Thursday, April 11th. Morgan Stanley reiterated an "overweight" rating and set a $35.00 target price on shares of Corning in a research note on Monday, April 22nd. Barclays boosted their target price on shares of Corning from $28.00 to $35.00 and gave the stock an "equal weight" rating in a research note on Wednesday, January 31st. Finally, StockNews.com upgraded shares of Corning from a "sell" rating to a "hold" rating in a research note on Monday, April 1st. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and four have issued a buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average price target of $34.78.

Insiders Place Their Bets

In other news, Vice Chairman Lawrence D. Mcrae sold 77,464 shares of Corning stock in a transaction that occurred on Thursday, March 21st. The shares were sold at an average price of $33.24, for a total transaction of $2,574,903.36. Following the completion of the sale, the insider now owns 215,254 shares in the company, valued at approximately $7,155,042.96. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Company insiders own 0.40% of the company's stock.

Corning Stock Down 0.1 %

Shares of GLW traded down $0.02 during midday trading on Friday, hitting $31.33. The company had a trading volume of 3,689,954 shares, compared to its average volume of 3,969,842. Corning Incorporated has a 52 week low of $25.26 and a 52 week high of $36.01. The company's 50 day moving average price is $32.28 and its 200 day moving average price is $30.47. The company has a quick ratio of 1.05, a current ratio of 1.67 and a debt-to-equity ratio of 0.61. The stock has a market cap of $26.80 billion, a price-to-earnings ratio of 46.76, a PEG ratio of 1.73 and a beta of 1.08.

Corning (NYSE:GLW - Get Free Report) last posted its quarterly earnings results on Tuesday, January 30th. The electronics maker reported $0.39 EPS for the quarter, meeting the consensus estimate of $0.39. The business had revenue of $2.99 billion during the quarter, compared to analyst estimates of $3.26 billion. Corning had a net margin of 4.62% and a return on equity of 12.31%. The company's quarterly revenue was down 12.1% on a year-over-year basis. During the same period in the previous year, the business posted $0.47 EPS. On average, equities research analysts predict that Corning Incorporated will post 1.87 EPS for the current year.

Corning Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, March 28th. Investors of record on Thursday, February 29th were paid a $0.28 dividend. The ex-dividend date was Wednesday, February 28th. This represents a $1.12 dividend on an annualized basis and a yield of 3.57%. Corning's payout ratio is presently 167.16%.

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.

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