Machina Capital S.A.S. Purchases Shares of 62,526 Corning Incorporated (NYSE:GLW)

Machina Capital S.A.S. purchased a new stake in shares of Corning Incorporated (NYSE:GLW) in the first quarter, Holdings Channel.com reports. The firm purchased 62,526 shares of the electronics maker’s stock, valued at approximately $2,862,000. Corning accounts for about 0.8% of Machina Capital S.A.S.’s holdings, making the stock its 24th largest holding.

A number of other hedge funds and other institutional investors have also recently modified their holdings of GLW. AE Wealth Management LLC grew its position in shares of Corning by 32.2% during the 1st quarter. AE Wealth Management LLC now owns 6,476 shares of the electronics maker’s stock valued at $296,000 after purchasing an additional 1,576 shares in the last quarter. Wedbush Securities Inc. grew its position in shares of Corning by 2.2% during the 1st quarter. Wedbush Securities Inc. now owns 26,016 shares of the electronics maker’s stock valued at $1,191,000 after purchasing an additional 569 shares in the last quarter. J. W. Coons Advisors LLC grew its position in shares of Corning by 1.6% during the 1st quarter. J. W. Coons Advisors LLC now owns 63,578 shares of the electronics maker’s stock valued at $2,911,000 after purchasing an additional 1,028 shares in the last quarter. Bank Julius Baer & Co. Ltd Zurich grew its position in shares of Corning by 36.7% during the 1st quarter. Bank Julius Baer & Co. Ltd Zurich now owns 8,258 shares of the electronics maker’s stock valued at $378,000 after purchasing an additional 2,217 shares in the last quarter. Finally, Universal Beteiligungs und Servicegesellschaft mbH grew its position in shares of Corning by 19.1% during the 1st quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 360,164 shares of the electronics maker’s stock valued at $16,488,000 after purchasing an additional 57,780 shares in the last quarter. Hedge funds and other institutional investors own 69.80% of the company’s stock.

Insiders Place Their Bets

In other Corning news, VP John Z. Zhang sold 8,000 shares of Corning stock in a transaction 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 sale, the vice president directly owned 9,610 shares in the company, valued at approximately $450,805.10. The trade was a 45.43% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, SVP Stefan Becker sold 17,106 shares of Corning 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 transaction, the senior vice president directly owned 16,117 shares of the company’s stock, valued at $800,692.56. The trade was a 51.49% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 75,796 shares of company stock valued at $3,632,635. 0.40% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several research analysts recently issued reports on GLW shares. Citigroup upped their target price on shares of Corning from $52.00 to $60.00 and gave the stock a “buy” rating in a research report on Friday, July 11th. Morgan Stanley upped their price objective on shares of Corning from $44.00 to $50.00 and gave the company an “equal weight” rating in a research note on Tuesday, July 8th. UBS Group upped their price objective on shares of Corning from $54.00 to $57.00 and gave the company a “neutral” rating in a research note on Wednesday, July 9th. Mizuho set a $59.00 price objective on shares of Corning and gave the company an “outperform” rating in a research note on Tuesday, July 15th. Finally, Oppenheimer decreased their price target 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. Four investment analysts have rated the stock with a hold rating, nine have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Corning has an average rating of “Moderate Buy” and an average target price of $57.45.

Corning Price Performance

Shares of NYSE GLW opened at $55.77 on Thursday. The company has a 50 day simple moving average of $51.14 and a two-hundred day simple moving average of $48.60. Corning Incorporated has a fifty-two week low of $37.18 and a fifty-two week high of $56.25. 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 company has a market capitalization of $47.77 billion, a price-to-earnings ratio of 107.25, a P/E/G ratio of 1.46 and a beta of 1.11.

Corning (NYSE:GLW) last issued its earnings results on Tuesday, April 29th. The electronics maker reported $0.54 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.51 by $0.03. Corning had a net margin of 3.34% and a return on equity of 16.47%. The company had revenue of $3.68 billion for the quarter, compared to analysts’ expectations of $3.63 billion. During the same quarter last year, the company posted $0.38 earnings per share. The firm’s quarterly revenue was up 12.9% on a year-over-year basis. Analysts expect that Corning Incorporated will post 2.33 EPS for the current fiscal year.

Corning Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 29th. Shareholders of record on Friday, August 29th will be given a $0.28 dividend. The ex-dividend date of this dividend is Friday, August 29th. This represents a $1.12 annualized dividend and a yield of 2.01%. Corning’s payout ratio is presently 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.