Corning Incorporated (NYSE:GLW) Shares Bought by Harbour Investments Inc.

Harbour Investments Inc. boosted its position in Corning Incorporated (NYSE:GLW) by 2.4% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 9,489 shares of the electronics maker’s stock after purchasing an additional 224 shares during the period. Harbour Investments Inc.’s holdings in Corning were worth $434,000 as of its most recent SEC filing.

Other hedge funds have also recently bought and sold shares of the company. Vermillion Wealth Management Inc. purchased a new position in Corning in the 4th quarter valued at approximately $29,000. Putney Financial Group LLC acquired a new position in Corning in the 4th quarter valued at $30,000. Investment Management Corp VA ADV raised its holdings in Corning by 165.9% in the 1st quarter. Investment Management Corp VA ADV now owns 742 shares of the electronics maker’s stock valued at $34,000 after acquiring an additional 463 shares during the last quarter. Transce3nd LLC acquired a new stake in shares of Corning during the 4th quarter worth $39,000. Finally, ORG Partners LLC increased its holdings in shares of Corning by 115.8% during the 1st quarter. ORG Partners LLC now owns 887 shares of the electronics maker’s stock worth $40,000 after buying an additional 476 shares during the last quarter. 69.80% of the stock is owned by hedge funds and other institutional investors.

Corning Price Performance

NYSE GLW opened at $63.44 on Tuesday. Corning Incorporated has a 12 month low of $37.18 and a 12 month high of $63.91. The company has a debt-to-equity ratio of 0.58, a current ratio of 1.50 and a quick ratio of 0.93. The firm has a market capitalization of $54.33 billion, a PE ratio of 67.49, a P/E/G ratio of 1.59 and a beta of 1.08. The company’s 50 day simple moving average is $53.03 and its 200 day simple moving average is $49.28.

Corning (NYSE:GLW) last posted its quarterly earnings results on Tuesday, July 29th. The electronics maker reported $0.60 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.57 by $0.03. The firm had revenue of $3.86 billion for the quarter, compared to analyst estimates of $3.84 billion. Corning had a net margin of 5.77% and a return on equity of 17.27%. During the same quarter in the previous year, the business posted $0.47 earnings per share. As a group, equities research analysts forecast that Corning Incorporated will post 2.33 EPS for the current fiscal year.

Corning Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 29th. Investors of record on Friday, August 29th will be given a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a yield of 1.8%. The ex-dividend date of this dividend is Friday, August 29th. Corning’s payout ratio is presently 119.15%.

Insider Activity

In other Corning news, COO Avery H. Nelson III sold 36,240 shares of Corning stock in a transaction on Wednesday, July 30th. The shares were sold at an average price of $62.26, for a total transaction of $2,256,302.40. Following the completion of the sale, the chief operating officer owned 64,838 shares of the company’s stock, valued at $4,036,813.88. This trade represents a 35.85% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, SVP Michael Paul O’day sold 14,879 shares of Corning stock in a transaction on Wednesday, July 30th. The shares were sold at an average price of $62.36, for a total transaction of $927,854.44. Following the sale, the senior vice president directly owned 35,743 shares of the company’s stock, valued at $2,228,933.48. This trade represents a 29.39% decrease in their position. The disclosure for this sale can be found here. Insiders sold 137,381 shares of company stock valued at $7,836,789 in the last ninety days. Corporate insiders own 0.32% of the company’s stock.

Analysts Set New Price Targets

Several brokerages recently issued reports on GLW. Argus reiterated a “buy” rating and issued a $68.00 price target on shares of Corning in a report on Wednesday, July 30th. Susquehanna reissued a “positive” rating and issued a $75.00 price objective (up from $60.00) on shares of Corning in a research report on Wednesday, July 30th. Citigroup increased their price target on shares of Corning from $52.00 to $60.00 and gave the stock a “buy” rating in a research report on Friday, July 11th. Wall Street Zen raised shares of Corning from a “buy” rating to a “strong-buy” rating in a report on Saturday. Finally, JPMorgan Chase & Co. raised their target price on shares of Corning from $62.00 to $65.00 and gave the stock an “overweight” rating in a report on Friday, July 25th. Three 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’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $63.25.

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.