Oppenheimer Asset Management Inc. Increases Position in Corning Incorporated (NYSE:GLW)

Oppenheimer Asset Management Inc. lifted its position in Corning Incorporated (NYSE:GLW) by 3.2% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 633,052 shares of the electronics maker’s stock after purchasing an additional 19,858 shares during the period. Oppenheimer Asset Management Inc. owned about 0.07% of Corning worth $28,981,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Vermillion Wealth Management Inc. purchased a new stake in shares of Corning in the fourth quarter worth $29,000. Putney Financial Group LLC purchased a new stake in shares of Corning in the fourth quarter worth $30,000. Mainstream Capital Management LLC purchased a new stake in shares of Corning in the fourth quarter worth $35,000. Transce3nd LLC purchased a new stake in shares of Corning in the fourth quarter worth $39,000. Finally, Union Bancaire Privee UBP SA purchased a new position in Corning during the fourth quarter valued at $40,000. 69.80% of the stock is owned by hedge funds and other institutional investors.

Corning Trading Down 0.1%

Shares of GLW opened at $50.42 on Monday. Corning Incorporated has a 1-year low of $37.18 and a 1-year high of $55.33. The company has a 50-day moving average of $47.08 and a 200 day moving average of $47.82. The firm has a market capitalization of $43.18 billion, a price-to-earnings ratio of 96.96, a PEG ratio of 1.36 and a beta of 1.11. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.69 and a quick ratio of 1.05.

Corning (NYSE:GLW) last issued its quarterly earnings data on Tuesday, April 29th. The electronics maker reported $0.54 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.51 by $0.03. Corning had a net margin of 3.34% and a return on equity of 16.47%. The firm had revenue of $3.68 billion for the quarter, compared to the consensus estimate of $3.63 billion. During the same quarter in the previous year, the firm earned $0.38 EPS. The company’s quarterly revenue was up 12.9% compared to the same quarter last year. On average, research analysts expect that Corning Incorporated will post 2.33 EPS for the current year.

Corning Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, June 27th. Investors of record on Friday, May 30th will be paid a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a yield of 2.22%. The ex-dividend date of this dividend is Friday, May 30th. Corning’s dividend payout ratio (DPR) is presently 215.38%.

Insider Buying and Selling

In related news, SVP Stefan Becker sold 17,106 shares of Corning stock in a transaction that occurred on Thursday, May 29th. The shares were sold at an average price of $49.68, for a total value of $849,826.08. Following the completion of the sale, the senior vice president now directly owns 16,117 shares in the company, valued at $800,692.56. This trade represents a 51.49% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, SVP Soumya Seetharam sold 6,505 shares of Corning stock in a transaction that occurred on Thursday, May 29th. The shares were sold at an average price of $50.01, for a total transaction of $325,315.05. Following the sale, the senior vice president now owns 25,000 shares of the company’s stock, valued at approximately $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 in the last three months. Corporate insiders own 0.32% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on GLW. Bank of America raised their target price on shares of Corning from $65.00 to $68.00 and gave the company a “buy” rating in a research note on Wednesday, March 19th. Mizuho set a $52.00 target price on shares of Corning in a research note on Tuesday, April 15th. Citigroup cut their target price on shares of Corning from $58.00 to $50.00 and set a “buy” rating for the company in a research note on Monday, April 14th. JPMorgan Chase & Co. cut their target price on shares of Corning from $62.00 to $50.00 and set an “overweight” rating for the company in a research note on Thursday, April 17th. Finally, Wall Street Zen cut shares of Corning from a “buy” rating to a “hold” rating in a research note on Tuesday, February 25th. Four investment analysts have rated the stock with a hold rating, nine have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $53.75.

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.