Isthmus Partners LLC bought a new stake in Corning Incorporated (NYSE:GLW – Free Report) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 2,870 shares of the electronics maker’s stock, valued at approximately $251,000.
Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Merit Financial Group LLC increased its stake in Corning by 16.9% in the fourth quarter. Merit Financial Group LLC now owns 45,001 shares of the electronics maker’s stock valued at $3,940,000 after acquiring an additional 6,493 shares during the period. Lansforsakringar Fondforvaltning AB publ boosted its position in Corning by 4.9% in the third quarter. Lansforsakringar Fondforvaltning AB publ now owns 261,749 shares of the electronics maker’s stock valued at $21,471,000 after buying an additional 12,297 shares in the last quarter. Hartline Investment Corp boosted its position in Corning by 113.2% in the third quarter. Hartline Investment Corp now owns 295,362 shares of the electronics maker’s stock valued at $24,229,000 after buying an additional 156,843 shares in the last quarter. Three Seasons Wealth LLC acquired a new position in Corning in the fourth quarter valued at about $1,750,000. Finally, Natixis Advisors LLC boosted its position in Corning by 32.1% in the third quarter. Natixis Advisors LLC now owns 479,921 shares of the electronics maker’s stock valued at $39,367,000 after buying an additional 116,583 shares in the last quarter. Institutional investors own 69.80% of the company’s stock.
Corning Stock Performance
Shares of GLW stock opened at $192.18 on Friday. The stock has a market cap of $165.40 billion, a P/E ratio of 91.95, a P/E/G ratio of 2.74 and a beta of 1.14. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.61 and a quick ratio of 1.06. The company has a fifty day moving average price of $156.22 and a two-hundred day moving average price of $119.68. Corning Incorporated has a one year low of $47.40 and a one year high of $211.79.
Corning Announces Dividend
The business also recently declared a quarterly dividend, which will be paid on Monday, June 29th. Investors of record on Friday, May 29th will be issued a dividend of $0.28 per share. The ex-dividend date of this dividend is Friday, May 29th. This represents a $1.12 annualized dividend and a dividend yield of 0.6%. Corning’s payout ratio is 53.59%.
Insider Activity at Corning
In related news, SVP Soumya Seetharam sold 20,000 shares of Corning stock in a transaction that occurred on Monday, May 11th. The shares were sold at an average price of $206.23, for a total transaction of $4,124,600.00. Following the sale, the senior vice president directly owned 25,570 shares in the company, valued at $5,273,301.10. This trade represents a 43.89% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Wendell P. Weeks sold 137,514 shares of Corning stock in a transaction that occurred on Thursday, February 26th. The stock was sold at an average price of $155.37, for a total transaction of $21,365,550.18. Following the sale, the chief executive officer owned 750,585 shares in the company, valued at approximately $116,618,391.45. This represents a 15.48% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders sold 170,774 shares of company stock valued at $28,148,435. Company insiders own 0.25% of the company’s stock.
Analysts Set New Price Targets
A number of equities analysts have commented on GLW shares. Zacks Research upgraded shares of Corning from a “hold” rating to a “strong-buy” rating in a research report on Monday, April 27th. Mizuho boosted their price target on shares of Corning from $190.00 to $220.00 and gave the company an “outperform” rating in a research report on Tuesday, May 12th. Bank of America boosted their price target on shares of Corning from $155.00 to $186.00 and gave the company a “buy” rating in a research report on Monday, April 20th. Oppenheimer boosted their price target on shares of Corning from $120.00 to $210.00 and gave the company an “outperform” rating in a research report on Thursday, May 7th. Finally, JPMorgan Chase & Co. upped their target price on shares of Corning from $175.00 to $185.00 and gave the stock a “neutral” rating in a research report on Thursday, May 7th. One analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and five have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $177.92.
Read Our Latest Analysis on Corning
Corning Profile
Corning Incorporated is a global manufacturer specializing in specialty glass, ceramics and related materials and technologies. Headquartered in Corning, New York, the company supplies engineered materials and components used across multiple industries, including consumer electronics, telecommunications, automotive emissions control, pharmaceutical and life sciences, and industrial and scientific applications. Corning emphasizes materials science and precision manufacturing to develop durable, high-performance glass and ceramic products.
Key product lines include specialty display glass used by television and mobile-device manufacturers, cover glass marketed under well-known trade names for smartphones and tablets, and optical fiber and cable and related hardware for telecommunications networks.
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