Balboa Wealth Partners Boosts Holdings in Corning Incorporated (NYSE:GLW)

Balboa Wealth Partners increased its holdings in Corning Incorporated (NYSE:GLW) by 53.0% during the first quarter, HoldingsChannel.com reports. The institutional investor owned 14,557 shares of the electronics maker’s stock after acquiring an additional 5,042 shares during the quarter. Balboa Wealth Partners’ holdings in Corning were worth $666,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds also recently made changes to their positions in GLW. Vermillion Wealth Management Inc. purchased a new position in shares of Corning in the fourth quarter worth approximately $29,000. Putney Financial Group LLC purchased a new position in shares of Corning in the fourth quarter worth approximately $30,000. Mainstream Capital Management LLC purchased a new position in shares of Corning in the fourth quarter worth approximately $35,000. Transce3nd LLC purchased a new position in shares of Corning in the fourth quarter worth approximately $39,000. Finally, Union Bancaire Privee UBP SA purchased a new position in shares of Corning in the fourth quarter worth approximately $40,000. Hedge funds and other institutional investors own 69.80% of the company’s stock.

Insiders Place Their Bets

In other Corning news, SVP Soumya Seetharam sold 6,505 shares of Corning stock in a transaction on Thursday, May 29th. The shares were 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 of the company’s stock, valued at $1,250,250. This trade represents a 20.65% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, SVP Michael Alan Bell sold 20,262 shares of Corning stock in a transaction dated Wednesday, April 30th. The stock was sold at an average price of $44.06, for a total transaction of $892,743.72. The disclosure for this sale can be found here. Insiders sold 75,796 shares of company stock valued at $3,632,635 in the last three months. Corporate insiders own 0.32% of the company’s stock.

Corning Trading Up 2.7%

Corning stock opened at $51.80 on Tuesday. The firm’s 50 day moving average price is $47.28 and its 200-day moving average price is $47.83. Corning Incorporated has a 1 year low of $37.18 and a 1 year high of $55.33. The stock has a market cap of $44.37 billion, a P/E ratio of 99.62, 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 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 business had revenue of $3.68 billion during the quarter, compared to analysts’ expectations of $3.63 billion. During the same period last year, the company posted $0.38 EPS. The business’s revenue was up 12.9% on a year-over-year basis. On average, equities analysts predict that Corning Incorporated will post 2.33 earnings per share for the current fiscal year.

Corning Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 27th. Shareholders of record on Friday, May 30th will be paid a $0.28 dividend. The ex-dividend date of this dividend is Friday, May 30th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.16%. Corning’s payout ratio is currently 215.38%.

Analysts Set New Price Targets

Several equities analysts have weighed in on the stock. Citigroup lowered their price target on shares of Corning from $58.00 to $50.00 and set a “buy” rating on the stock in a report on Monday, April 14th. Mizuho set a $52.00 price target on shares of Corning in a report on Tuesday, April 15th. JPMorgan Chase & Co. lowered their price target 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. Bank of America lifted their price target on shares of Corning from $65.00 to $68.00 and gave the company a “buy” rating in a report on Wednesday, March 19th. Finally, Oppenheimer lowered their price target on shares of Corning from $58.00 to $55.00 and set an “outperform” rating on the stock in a report on Wednesday, April 30th. Four analysts have rated the stock with a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, Corning has a consensus 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.