Salvus Wealth Management LLC Invests $443,000 in Corning Incorporated (NYSE:GLW)

Salvus Wealth Management LLC acquired a new stake in shares of Corning Incorporated (NYSE:GLW) during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The firm acquired 9,686 shares of the electronics maker’s stock, valued at approximately $443,000.

A number of other hedge funds also recently made changes to their positions in GLW. Norges Bank purchased a new position in shares of Corning in the 4th quarter worth about $490,933,000. Polar Capital Holdings Plc bought a new stake in Corning in the 4th quarter worth approximately $124,253,000. Amundi boosted its stake in Corning by 139.0% in the fourth quarter. Amundi now owns 3,900,808 shares of the electronics maker’s stock worth $186,186,000 after buying an additional 2,268,436 shares in the last quarter. Mariner LLC grew its position in Corning by 134.0% during the fourth quarter. Mariner LLC now owns 3,869,358 shares of the electronics maker’s stock valued at $183,867,000 after acquiring an additional 2,215,840 shares during the last quarter. Finally, Raymond James Financial Inc. purchased a new position in shares of Corning during the fourth quarter worth approximately $92,522,000. 69.80% of the stock is owned by institutional investors.

Corning Price Performance

Shares of NYSE GLW opened at $50.79 on Thursday. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.07 and a current ratio of 1.62. The company has a 50 day simple moving average of $45.07 and a two-hundred day simple moving average of $47.63. Corning Incorporated has a fifty-two week low of $36.58 and a fifty-two week high of $55.33. The company has a market capitalization of $43.50 billion, a price-to-earnings ratio of 87.57, a P/E/G ratio of 1.50 and a beta of 1.09.

Corning (NYSE:GLW) last released its earnings results on Tuesday, April 29th. The electronics maker reported $0.54 EPS for the quarter, topping analysts’ consensus estimates of $0.51 by $0.03. The firm had revenue of $3.68 billion for the quarter, compared to analysts’ expectations of $3.63 billion. Corning had a return on equity of 15.10% and a net margin of 3.86%. The company’s quarterly revenue was up 12.9% on a year-over-year basis. During the same period in the prior year, the firm posted $0.38 earnings per share. Analysts expect that Corning Incorporated will post 2.33 EPS for the current fiscal year.

Corning Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 27th. Investors of record on Friday, May 30th will be issued a $0.28 dividend. The ex-dividend date 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 currently 215.38%.

Insider Transactions at Corning

In related news, SVP Stefan Becker sold 17,106 shares of the company’s 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 approximately $800,692.56. This represents a 51.49% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Soumya Seetharam sold 6,505 shares of the firm’s stock in a transaction dated Thursday, May 29th. The stock was sold at an average price of $50.01, for a total value of $325,315.05. Following the completion of the transaction, the senior vice president now directly owns 25,000 shares in the company, valued at $1,250,250. The trade was a 20.65% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 75,796 shares of company stock worth $3,632,635 over the last quarter. 0.40% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

Several equities analysts recently commented on GLW shares. Bank of America increased their target price on shares of Corning from $65.00 to $68.00 and gave the company a “buy” rating in a report on Wednesday, March 19th. Oppenheimer dropped their target price on Corning from $58.00 to $55.00 and set an “outperform” rating for the company in a report on Wednesday, April 30th. Wall Street Zen cut Corning from a “buy” rating to a “hold” rating in a research note on Tuesday, February 25th. Citigroup lowered their price objective on Corning from $58.00 to $50.00 and set a “buy” rating for the company in a research report on Monday, April 14th. Finally, JPMorgan Chase & Co. cut their target price on shares of Corning from $62.00 to $50.00 and set an “overweight” rating on the stock in a report on Thursday, April 17th. Four investment analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $53.08.

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.