CCM Investment Advisers LLC Invests $5.19 Million in Corning Inc. (GLW)

CCM Investment Advisers LLC bought a new position in shares of Corning Inc. (NYSE:GLW) in the first quarter, according to the company in its most recent filing with the SEC. The fund bought 186,324 shares of the electronics maker’s stock, valued at approximately $5,194,000.

Several other large investors have also recently modified their holdings of the company. Alpine Woods Capital Investors LLC purchased a new stake in shares of Corning during the 1st quarter worth about $870,000. King Luther Capital Management Corp grew its holdings in shares of Corning by 64.4% during the 1st quarter. King Luther Capital Management Corp now owns 16,766 shares of the electronics maker’s stock worth $467,000 after purchasing an additional 6,570 shares during the period. Investment House LLC grew its holdings in shares of Corning by 705.1% during the 1st quarter. Investment House LLC now owns 60,808 shares of the electronics maker’s stock worth $1,695,000 after purchasing an additional 53,255 shares during the period. Douglass Winthrop Advisors LLC grew its holdings in shares of Corning by 184.4% during the 1st quarter. Douglass Winthrop Advisors LLC now owns 158,114 shares of the electronics maker’s stock worth $4,408,000 after purchasing an additional 102,524 shares during the period. Finally, WESPAC Advisors LLC grew its holdings in shares of Corning by 36.2% during the 1st quarter. WESPAC Advisors LLC now owns 66,387 shares of the electronics maker’s stock worth $1,851,000 after purchasing an additional 17,659 shares during the period. Institutional investors and hedge funds own 73.16% of the company’s stock.

In other Corning news, VP Christine M. Pambianchi sold 1,000 shares of the company’s stock in a transaction that occurred on Monday, March 12th. The stock was sold at an average price of $29.90, for a total value of $29,900.00. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Corporate insiders own 0.46% of the company’s stock.

A number of analysts have recently issued reports on GLW shares. Guggenheim reiterated a “buy” rating on shares of Corning in a report on Tuesday, January 30th. Citigroup upped their price target on Corning from $33.00 to $35.00 and gave the stock a “neutral” rating in a report on Thursday, January 25th. Oppenheimer restated a “hold” rating on shares of Corning in a report on Wednesday, January 31st. TheStreet cut Corning from a “b-” rating to a “c+” rating in a report on Wednesday, February 28th. Finally, ValuEngine upgraded Corning from a “hold” rating to a “buy” rating in a report on Friday, February 2nd. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating, six have issued a buy rating and one has issued a strong buy rating to the stock. The company currently has a consensus rating of “Hold” and an average target price of $31.14.

Shares of Corning opened at $27.83 on Friday, according to Marketbeat Ratings. Corning Inc. has a 52-week low of $27.73 and a 52-week high of $28.00. The company has a market capitalization of $23.02 billion, a price-to-earnings ratio of 16.18, a price-to-earnings-growth ratio of 4.03 and a beta of 1.35. The company has a current ratio of 2.56, a quick ratio of 1.95 and a debt-to-equity ratio of 0.39.

Corning (NYSE:GLW) last announced its earnings results on Tuesday, April 24th. The electronics maker reported $0.31 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.30 by $0.01. Corning had a positive return on equity of 11.66% and a negative net margin of 11.44%. The company had revenue of $2.50 billion for the quarter, compared to analyst estimates of $2.49 billion. During the same period in the prior year, the company posted $0.36 EPS. Corning’s quarterly revenue was up 5.3% on a year-over-year basis. sell-side analysts expect that Corning Inc. will post 1.72 earnings per share for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 29th. Shareholders of record on Thursday, May 3rd will be given a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a dividend yield of 2.59%. The ex-dividend date of this dividend is Wednesday, May 2nd. Corning’s payout ratio is 41.86%.

Corning Profile

Corning Incorporated manufactures and sells specialty glasses, ceramics, and related materials in North America, the Asia Pacific, Europe, and internationally. The company operates through five segments: Display Technologies, Optical Communications, Environmental Technologies, Specialty Materials, and Life Sciences.

Institutional Ownership by Quarter for Corning (NYSE:GLW)

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