Fulcrum Asset Management LLP bought a new position in shares of Corning Incorporated (NYSE:GLW – Free Report) during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 6,561 shares of the electronics maker’s stock, valued at approximately $1,678,000.
Other institutional investors and hedge funds have also bought and sold shares of the company. Berbice Capital Management LLC bought a new position in shares of Corning in the fourth quarter worth $26,000. Basepoint Wealth LLC bought a new stake in Corning during the fourth quarter valued at $26,000. Atwood & Palmer Inc. bought a new stake in Corning during the second quarter valued at $26,000. Kemnay Advisory Services Inc. purchased a new position in Corning during the fourth quarter worth about $27,000. Finally, Litman Gregory Wealth Management LLC purchased a new position in Corning during the fourth quarter worth about $31,000. 69.80% of the stock is currently owned by hedge funds and other institutional investors.
Corning Price Performance
Shares of Corning stock opened at $148.87 on Friday. The firm has a market capitalization of $128.24 billion, a PE ratio of 67.98, a price-to-earnings-growth ratio of 1.96 and a beta of 1.14. The company has a current ratio of 1.81, a quick ratio of 1.24 and a debt-to-equity ratio of 0.59. Corning Incorporated has a 12 month low of $66.14 and a 12 month high of $271.78. The business’s 50-day moving average price is $171.18 and its 200-day moving average price is $164.60.
Corning Dividend Announcement
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 29th. Stockholders of record on Monday, August 31st will be paid a $0.28 dividend. The ex-dividend date of this dividend is Monday, August 31st. This represents a $1.12 dividend on an annualized basis and a dividend yield of 0.8%. Corning’s dividend payout ratio is 51.14%.
Insider Activity
In related news, CEO Wendell P. Weeks sold 100,000 shares of the stock in a transaction on Tuesday, June 9th. The shares were sold at an average price of $186.46, for a total transaction of $18,646,000.00. Following the transaction, the chief executive officer owned 908,353 shares of the company’s stock, valued at approximately $169,371,500.38. This trade represents a 9.92% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 0.25% of the company’s stock.
Wall Street Analysts Forecast Growth
GLW has been the topic of several recent analyst reports. Weiss Ratings cut Corning from a “buy (b-)” rating to a “hold (c+)” rating in a report on Friday, August 21st. Mizuho decreased their price objective on shares of Corning from $270.00 to $210.00 and set an “outperform” rating on the stock in a research report on Wednesday, July 29th. Bank of America raised their target price on shares of Corning from $223.00 to $243.00 and gave the company a “buy” rating in a research note on Monday, July 6th. UBS Group reiterated a “buy” rating and set a $196.00 target price on shares of Corning in a research report on Wednesday, July 29th. Finally, Barclays cut their price target on shares of Corning from $180.00 to $129.00 and set an “equal weight” rating for the company in a research note on Wednesday, July 29th. Ten research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $174.08.
Check Out Our Latest Stock Report on GLW
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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