CloudAlpha Capital Management Limited Hong Kong Makes New Investment in Corning Incorporated (NYSE:GLW)

CloudAlpha Capital Management Limited Hong Kong bought a new position in Corning Incorporated (NYSE:GLW) in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund bought 147,116 shares of the electronics maker’s stock, valued at approximately $6,735,000. Corning accounts for approximately 0.5% of CloudAlpha Capital Management Limited Hong Kong’s portfolio, making the stock its 21st largest position.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Vermillion Wealth Management Inc. purchased a new stake in Corning in the 4th quarter worth approximately $29,000. Putney Financial Group LLC acquired a new position in shares of Corning in the 4th quarter valued at $30,000. Transce3nd LLC acquired a new position in shares of Corning in the 4th quarter valued at $39,000. ORG Partners LLC boosted its holdings in shares of Corning by 115.8% in the 1st quarter. ORG Partners LLC now owns 887 shares of the electronics maker’s stock valued at $40,000 after purchasing an additional 476 shares during the last quarter. Finally, Dunhill Financial LLC boosted its holdings in shares of Corning by 77.1% in the 4th quarter. Dunhill Financial LLC now owns 905 shares of the electronics maker’s stock valued at $43,000 after purchasing an additional 394 shares during the last quarter. 69.80% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

GLW has been the topic of a number of research analyst reports. JPMorgan Chase & Co. lifted their price target on shares of Corning from $52.00 to $62.00 and gave the company an “overweight” rating in a report on Thursday, July 17th. Wolfe Research began coverage on shares of Corning in a report on Tuesday, July 8th. They issued an “outperform” rating on the stock. Morgan Stanley boosted their target price on shares of Corning from $44.00 to $50.00 and gave the stock an “equal weight” rating in a research report on Tuesday, July 8th. Citigroup lifted their target price on Corning from $52.00 to $60.00 and gave the stock a “buy” rating in a research report on Friday, July 11th. Finally, Oppenheimer lowered their price objective on shares of Corning from $58.00 to $55.00 and set an “outperform” rating for the company in a research report on Wednesday, April 30th. Four analysts have rated the stock with a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Corning currently has an average rating of “Moderate Buy” and an average price target of $57.45.

Corning Stock Down 0.2%

Shares of NYSE:GLW opened at $55.72 on Friday. Corning Incorporated has a one year low of $37.18 and a one year high of $56.25. The company has a 50 day moving average of $51.31 and a 200-day moving average of $48.65. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.69 and a quick ratio of 1.05. The stock has a market cap of $47.72 billion, a price-to-earnings ratio of 107.15, a P/E/G ratio of 1.50 and a beta of 1.11.

Corning (NYSE:GLW) last announced its quarterly earnings results on Tuesday, April 29th. The electronics maker reported $0.54 earnings per share for the quarter, beating 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 analyst estimates of $3.63 billion. During the same quarter in the previous year, the firm posted $0.38 earnings per share. The business’s revenue was up 12.9% on a year-over-year basis. On average, sell-side analysts forecast that Corning Incorporated will post 2.33 earnings per share for the current year.

Corning Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 29th. Stockholders of record on Friday, August 29th will be given a $0.28 dividend. This represents a $1.12 annualized dividend and a dividend yield of 2.01%. The ex-dividend date of this dividend is Friday, August 29th. Corning’s payout ratio is presently 215.38%.

Insider Buying and Selling at Corning

In other news, SVP Soumya Seetharam sold 14,313 shares of the firm’s stock in a transaction that occurred on Wednesday, May 28th. The shares were sold at an average price of $50.01, for a total value of $715,793.13. Following the sale, the senior vice president directly owned 31,505 shares in the company, valued at approximately $1,575,565.05. This trade represents a 31.24% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, SVP Michael Alan Bell sold 20,262 shares of the firm’s stock in a transaction that occurred on Wednesday, April 30th. The shares were 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 quarter. Company insiders own 0.40% of the company’s stock.

Corning Company Profile

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.