6,900 Shares in Corning Incorporated (NYSE:GLW) Purchased by Bluefin Capital Management LLC

Bluefin Capital Management LLC purchased a new position in Corning Incorporated (NYSE:GLW) during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 6,900 shares of the electronics maker’s stock, valued at approximately $300,000.

A number of other institutional investors have also recently made changes to their positions in the stock. Verition Fund Management LLC lifted its stake in Corning by 6.5% during the 1st quarter. Verition Fund Management LLC now owns 12,228 shares of the electronics maker’s stock valued at $532,000 after acquiring an additional 741 shares during the period. Cornerstone Capital Inc. lifted its stake in Corning by 429.5% during the 1st quarter. Cornerstone Capital Inc. now owns 347,448 shares of the electronics maker’s stock valued at $15,117,000 after acquiring an additional 281,832 shares during the period. State of Wisconsin Investment Board lifted its stake in Corning by 35.2% during the 1st quarter. State of Wisconsin Investment Board now owns 1,359,596 shares of the electronics maker’s stock valued at $59,156,000 after acquiring an additional 354,043 shares during the period. IHT Wealth Management LLC bought a new position in Corning during the 1st quarter valued at about $228,000. Finally, Capital Analysts LLC purchased a new stake in shares of Corning during the 1st quarter valued at about $60,000. Institutional investors own 67.12% of the company’s stock.

GLW has been the subject of several research reports. JPMorgan Chase & Co. raised shares of Corning from a “neutral” rating to an “overweight” rating and set a $55.00 price target for the company in a research report on Monday, April 19th. Zacks Investment Research raised shares of Corning from a “hold” rating to a “buy” rating and set a $50.00 price target for the company in a research report on Tuesday, April 20th. Morgan Stanley increased their target price on shares of Corning from $37.00 to $40.00 and gave the stock an “equal weight” rating in a report on Wednesday, April 28th. Finally, Argus increased their target price on shares of Corning from $42.00 to $54.00 and gave the stock a “buy” rating in a report on Wednesday, April 7th. Two investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. Corning currently has an average rating of “Buy” and a consensus target price of $42.80.

In related news, Director Roger W. Jr. Ferguson purchased 1,420 shares of the stock in a transaction that occurred on Monday, June 14th. The stock was bought at an average cost of $42.14 per share, for a total transaction of $59,838.80. Also, SVP John P. Bayne, Jr. sold 9,818 shares of the firm’s stock in a transaction on Friday, May 7th. The stock was sold at an average price of $46.05, for a total value of $452,118.90. Following the completion of the sale, the senior vice president now owns 8,389 shares of the company’s stock, valued at $386,313.45. The disclosure for this sale can be found here. Over the last quarter, insiders have bought 5,553 shares of company stock valued at $239,744 and have sold 307,256 shares valued at $13,776,016. 0.48% of the stock is currently owned by corporate insiders.

GLW traded down $0.28 during trading on Thursday, reaching $40.58. 10,937 shares of the company traded hands, compared to its average volume of 3,494,451. The company has a current ratio of 2.31, a quick ratio of 1.63 and a debt-to-equity ratio of 0.68. Corning Incorporated has a 12-month low of $29.07 and a 12-month high of $46.82. The business’s fifty day simple moving average is $41.79. The stock has a market capitalization of $34.55 billion, a P/E ratio of 31.43, a P/E/G ratio of 1.09 and a beta of 1.15.

Corning (NYSE:GLW) last posted its earnings results on Tuesday, April 27th. The electronics maker reported $0.45 EPS for the quarter, beating analysts’ consensus estimates of $0.43 by $0.02. The firm had revenue of $3.29 billion during the quarter, compared to the consensus estimate of $3.11 billion. Corning had a return on equity of 13.66% and a net margin of 9.89%. The company’s quarterly revenue was up 37.6% compared to the same quarter last year. During the same period in the prior year, the company earned $0.20 EPS. On average, equities research analysts predict that Corning Incorporated will post 2.09 earnings per share for the current year.

The company also recently announced a quarterly dividend, which will be paid on Wednesday, September 29th. Stockholders of record on Tuesday, August 31st will be given a dividend of $0.24 per share. The ex-dividend date of this dividend is Monday, August 30th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.37%. Corning’s dividend payout ratio is currently 69.06%.

Corning Profile

Corning Incorporated engages in display technologies, optical communications, environmental technologies, specialty materials, and life sciences businesses worldwide. The company's Display Technologies segment offers glass substrates for liquid crystal displays and organic light-emitting diodes used in televisions, notebook computers, desktop monitors, tablets, and handheld devices.

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Institutional Ownership by Quarter for Corning (NYSE:GLW)

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