KMG Fiduciary Partners LLC Buys 3,397 Shares of Corning Incorporated (NYSE:GLW)

KMG Fiduciary Partners LLC grew its stake in Corning Incorporated (NYSE:GLW) by 7.0% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 51,773 shares of the electronics maker’s stock after acquiring an additional 3,397 shares during the period. KMG Fiduciary Partners LLC’s holdings in Corning were worth $2,370,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in GLW. Sierra Ocean LLC bought a new position in Corning in the 4th quarter worth about $25,000. Asset Planning Inc bought a new position in Corning in the 4th quarter worth about $29,000. Vermillion Wealth Management Inc. bought a new position in Corning in the 4th quarter worth about $29,000. Putney Financial Group LLC bought a new position in Corning in the 4th quarter worth about $30,000. Finally, Mainstream Capital Management LLC bought a new position in Corning in the 4th quarter worth about $35,000. 69.80% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on GLW shares. Bank of America upped their price target on shares of Corning from $65.00 to $68.00 and gave the stock a “buy” rating in a research report on Wednesday, March 19th. JPMorgan Chase & Co. lowered their price target on shares of Corning from $62.00 to $50.00 and set an “overweight” rating for the company in a research report on Thursday, April 17th. Oppenheimer lowered their price target on shares of Corning from $58.00 to $55.00 and set an “outperform” rating for the company in a research report on Wednesday, April 30th. Mizuho set a $52.00 price target on shares of Corning in a research report on Tuesday, April 15th. Finally, Wall Street Zen cut shares of Corning from a “buy” rating to a “hold” rating in a research report on Tuesday, February 25th. Four equities research analysts have rated the stock with a hold rating, ten have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, Corning currently has an average rating of “Moderate Buy” and a consensus target price of $53.08.

Insider Buying and Selling at Corning

In other news, SVP Michael Alan Bell sold 20,262 shares of the stock in a transaction on Wednesday, April 30th. The shares were sold at an average price of $44.06, for a total value of $892,743.72. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, SVP Stefan Becker sold 17,106 shares of the stock in a transaction 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 sale, the senior vice president now owns 16,117 shares in the company, valued at $800,692.56. The trade was a 51.49% decrease in their position. 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 corporate insiders.

Corning Trading Down 0.2%

NYSE:GLW opened at $50.74 on Monday. Corning Incorporated has a 52 week low of $36.58 and a 52 week high of $55.33. The firm has a 50 day moving average of $45.28 and a 200 day moving average of $47.68. The company has a quick ratio of 1.07, a current ratio of 1.62 and a debt-to-equity ratio of 0.62. The stock has a market capitalization of $43.46 billion, a price-to-earnings ratio of 87.48, a PEG ratio of 1.50 and a beta of 1.11.

Corning (NYSE:GLW) last issued its quarterly earnings results on Tuesday, April 29th. The electronics maker reported $0.54 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.51 by $0.03. Corning had a net margin of 3.86% and a return on equity of 15.10%. The business had revenue of $3.68 billion for the quarter, compared to analyst estimates of $3.63 billion. During the same quarter in the prior year, the business posted $0.38 EPS. Corning’s revenue for the quarter was up 12.9% compared to the same quarter last year. As a group, sell-side analysts anticipate that Corning Incorporated will post 2.33 earnings per share for the current fiscal year.

Corning Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, June 27th. Shareholders 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 yield of 2.21%. Corning’s payout ratio is 215.38%.

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.