Cheviot Value Management LLC Acquires New Shares in Corning Incorporated (NYSE:GLW)

Cheviot Value Management LLC bought a new position in Corning Incorporated (NYSE:GLW) during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 5,011 shares of the electronics maker’s stock, valued at approximately $228,000.

A number of other hedge funds also recently added to or reduced their stakes in GLW. Northern Trust Corp grew its position in Corning by 2.0% in the 4th quarter. Northern Trust Corp now owns 10,870,375 shares of the electronics maker’s stock worth $516,560,000 after purchasing an additional 208,826 shares during the last quarter. Dimensional Fund Advisors LP raised its stake in shares of Corning by 0.8% during the fourth quarter. Dimensional Fund Advisors LP now owns 9,800,573 shares of the electronics maker’s stock valued at $465,723,000 after purchasing an additional 78,497 shares in the last quarter. Bank of New York Mellon Corp raised its stake in shares of Corning by 1.3% during the first quarter. Bank of New York Mellon Corp now owns 6,347,977 shares of the electronics maker’s stock valued at $290,610,000 after purchasing an additional 80,872 shares in the last quarter. Invesco Ltd. grew its position in Corning by 5.1% in the 4th quarter. Invesco Ltd. now owns 6,048,735 shares of the electronics maker’s stock valued at $287,436,000 after buying an additional 293,713 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in Corning by 6.1% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 5,285,990 shares of the electronics maker’s stock valued at $251,190,000 after buying an additional 303,607 shares during the period. 69.80% of the stock is currently owned by institutional investors.

Corning Trading Down 1.9%

Shares of NYSE GLW opened at $62.03 on Friday. The business has a fifty day simple moving average of $52.73 and a 200-day simple moving average of $49.18. The company has a market cap of $53.13 billion, a price-to-earnings ratio of 65.99, a P/E/G ratio of 1.59 and a beta of 1.08. Corning Incorporated has a 12 month low of $37.18 and a 12 month high of $63.91. The company has a quick ratio of 1.05, a current ratio of 1.50 and a debt-to-equity ratio of 0.58.

Corning (NYSE:GLW) last posted its quarterly earnings data on Tuesday, July 29th. The electronics maker reported $0.60 EPS for the quarter, beating analysts’ consensus estimates of $0.57 by $0.03. Corning had a net margin of 5.77% and a return on equity of 17.27%. The company had revenue of $3.86 billion during the quarter, compared to analyst estimates of $3.84 billion. During the same period in the prior year, the firm earned $0.47 earnings per share. Sell-side analysts predict that Corning Incorporated will post 2.33 EPS for the current year.

Corning Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 29th. Investors of record on Friday, August 29th will be paid a $0.28 dividend. The ex-dividend date of this dividend is Friday, August 29th. This represents a $1.12 dividend on an annualized basis and a yield of 1.8%. Corning’s dividend payout ratio (DPR) is currently 119.15%.

Wall Street Analysts Forecast Growth

GLW has been the subject of several recent analyst reports. Wolfe Research assumed coverage on shares of Corning in a report on Tuesday, July 8th. They issued an “outperform” rating for the company. Oppenheimer reaffirmed an “outperform” rating and set a $72.00 price target (up from $55.00) on shares of Corning in a research note on Wednesday. Argus reiterated a “buy” rating and set a $68.00 price target on shares of Corning in a research report on Wednesday. Morgan Stanley set a $56.00 price objective on Corning and gave the company an “equal weight” rating in a report on Wednesday. Finally, Susquehanna reaffirmed a “positive” rating and set a $75.00 target price (up previously from $60.00) on shares of Corning in a research note on Wednesday. Three investment analysts have rated the stock with a hold rating, ten have given a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $63.25.

Insider Transactions at Corning

In related news, EVP Lewis A. Steverson sold 16,646 shares of the stock in a transaction dated Wednesday, July 30th. The stock was sold at an average price of $62.22, for a total value of $1,035,714.12. Following the completion of the sale, the executive vice president directly owned 39,759 shares of the company’s stock, valued at approximately $2,473,804.98. This represents a 29.51% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP Soumya Seetharam sold 14,313 shares of the firm’s 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 sale, 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 ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 137,381 shares of company stock worth $7,836,789. 0.40% of the stock is currently owned by insiders.

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.