one8zero8 LLC Sells 1,600 Shares of Corning Incorporated (NYSE:GLW)

one8zero8 LLC decreased its position in Corning Incorporated (NYSE:GLW) by 6.4% during the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 23,500 shares of the electronics maker’s stock after selling 1,600 shares during the period. one8zero8 LLC’s holdings in Corning were worth $1,076,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. LMR Partners LLP grew its holdings in shares of Corning by 140.1% in the fourth quarter. LMR Partners LLP now owns 1,200,442 shares of the electronics maker’s stock worth $57,045,000 after purchasing an additional 700,442 shares during the last quarter. Gotham Asset Management LLC bought a new position in shares of Corning in the fourth quarter worth approximately $306,000. GAMMA Investing LLC grew its holdings in shares of Corning by 29.2% in the first quarter. GAMMA Investing LLC now owns 11,358 shares of the electronics maker’s stock worth $520,000 after purchasing an additional 2,567 shares during the last quarter. Dynamic Advisor Solutions LLC lifted its stake in Corning by 1.3% in the first quarter. Dynamic Advisor Solutions LLC now owns 22,379 shares of the electronics maker’s stock worth $1,024,000 after acquiring an additional 297 shares during the period. Finally, Wealth Enhancement Advisory Services LLC boosted its holdings in Corning by 1.9% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 1,300,954 shares of the electronics maker’s stock valued at $59,558,000 after acquiring an additional 23,781 shares in the last quarter. Institutional investors own 69.80% of the company’s stock.

Corning Stock Performance

Shares of Corning stock opened at $55.37 on Friday. The company has a current ratio of 1.69, a quick ratio of 1.05 and a debt-to-equity ratio of 0.62. The firm has a market capitalization of $47.42 billion, a P/E ratio of 106.47, a P/E/G ratio of 1.49 and a beta of 1.11. The business has a fifty day simple moving average of $51.45 and a two-hundred day simple moving average of $48.71. Corning Incorporated has a 12 month low of $37.18 and a 12 month high of $56.25.

Corning (NYSE:GLW) last announced its quarterly earnings data on Tuesday, April 29th. The electronics maker reported $0.54 EPS for the quarter, beating the consensus estimate of $0.51 by $0.03. The business had revenue of $3.68 billion during the quarter, compared to analyst estimates of $3.63 billion. Corning had a return on equity of 16.47% and a net margin of 3.34%. The company’s revenue for the quarter was up 12.9% on a year-over-year basis. During the same quarter last year, the firm posted $0.38 earnings per share. On average, equities analysts forecast that Corning Incorporated will post 2.33 earnings per share for the current fiscal year.

Corning Announces Dividend

The business also recently declared 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 2.02%. The ex-dividend date is Friday, August 29th. Corning’s dividend payout ratio is presently 215.38%.

Analyst Ratings Changes

Several research firms recently weighed in on GLW. JPMorgan Chase & Co. lifted their price target on shares of Corning from $62.00 to $65.00 and gave the company an “overweight” rating in a report on Friday. Morgan Stanley lifted their price target on shares of Corning from $44.00 to $50.00 and gave the company an “equal weight” rating in a report on Tuesday, July 8th. Wolfe Research began coverage on shares of Corning in a report on Tuesday, July 8th. They issued an “outperform” rating on the stock. Oppenheimer cut 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. Finally, UBS Group lifted their price target on shares of Corning from $54.00 to $57.00 and gave the company a “neutral” rating in a report on Wednesday, July 9th. Four equities research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $57.73.

Insider Transactions at Corning

In other news, SVP Soumya Seetharam sold 14,313 shares of Corning stock in a transaction dated Wednesday, May 28th. The stock was sold at an average price of $50.01, for a total value of $715,793.13. Following the completion of the transaction, the senior vice president owned 31,505 shares of the company’s stock, valued at $1,575,565.05. The trade was a 31.24% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, VP John Z. Zhang sold 8,000 shares of Corning stock in a transaction dated Monday, May 12th. The stock was sold at an average price of $46.91, for a total value of $375,280.00. Following the completion of the transaction, the vice president directly owned 9,610 shares of the company’s stock, valued at approximately $450,805.10. This represents a 45.43% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 75,796 shares of company stock worth $3,632,635 over the last quarter. Corporate 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.