Cornerstone Select Advisors LLC Acquires 4,377 Shares of Corning Incorporated $GLW

Cornerstone Select Advisors LLC raised its position in shares of Corning Incorporated (NYSE:GLW) by 75.8% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 10,155 shares of the electronics maker’s stock after acquiring an additional 4,377 shares during the period. Cornerstone Select Advisors LLC’s holdings in Corning were worth $465,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also modified their holdings of the company. Vermillion Wealth Management Inc. purchased a new stake in shares of Corning during the 4th quarter worth approximately $29,000. Putney Financial Group LLC purchased a new stake in Corning during the 4th quarter valued at $30,000. Investment Management Corp VA ADV raised its holdings in Corning by 165.9% during the 1st quarter. Investment Management Corp VA ADV now owns 742 shares of the electronics maker’s stock valued at $34,000 after buying an additional 463 shares during the period. Annis Gardner Whiting Capital Advisors LLC raised its holdings in Corning by 90.1% during the 1st quarter. Annis Gardner Whiting Capital Advisors LLC now owns 745 shares of the electronics maker’s stock valued at $34,000 after buying an additional 353 shares during the period. Finally, Gen Wealth Partners Inc raised its holdings in Corning by 151.7% during the 1st quarter. Gen Wealth Partners Inc now owns 755 shares of the electronics maker’s stock valued at $35,000 after buying an additional 455 shares during the period. 69.80% of the stock is owned by hedge funds and other institutional investors.

Corning Trading Down 0.5%

GLW opened at $65.42 on Monday. Corning Incorporated has a 12 month low of $37.31 and a 12 month high of $66.50. The stock has a market capitalization of $56.04 billion, a price-to-earnings ratio of 69.60, a PEG ratio of 1.47 and a beta of 1.08. 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 business has a fifty day moving average price of $55.70 and a 200 day moving average price of $50.13.

Corning (NYSE:GLW) last released its quarterly earnings data 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 business had revenue of $3.86 billion during the quarter, compared to analysts’ expectations of $3.84 billion. Corning had a return on equity of 17.27% and a net margin of 5.77%. During the same period in the prior year, the firm posted $0.47 EPS. Sell-side analysts expect that Corning Incorporated will post 2.33 earnings per share for the current fiscal year.

Corning Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 29th. Shareholders of record on Friday, August 29th will be paid a dividend of $0.28 per share. The ex-dividend date of this dividend is Friday, August 29th. This represents a $1.12 annualized dividend and a yield of 1.7%. Corning’s dividend payout ratio is currently 119.15%.

Insider Activity

In related news, SVP Michael Paul O’day sold 14,879 shares of the company’s stock in a transaction that occurred on Wednesday, July 30th. The stock was sold at an average price of $62.36, for a total value of $927,854.44. Following the sale, the senior vice president owned 35,743 shares in the company, valued at $2,228,933.48. This represents a 29.39% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, EVP Lewis A. Steverson sold 16,646 shares of the business’s stock in a transaction on 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 transaction, the executive vice president directly owned 39,759 shares of the company’s stock, valued at approximately $2,473,804.98. This trade represents a 29.51% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 211,484 shares of company stock worth $12,813,804 over the last quarter. 0.32% of the stock is owned by insiders.

Analyst Ratings Changes

GLW has been the topic of several recent research reports. Wolfe Research initiated coverage on Corning in a report on Tuesday, July 8th. They set an “outperform” rating on the stock. Oppenheimer restated an “outperform” rating and set a $72.00 price target (up previously from $55.00) on shares of Corning in a report on Wednesday, July 30th. Barclays upped their price objective on Corning from $52.00 to $65.00 and gave the company an “equal weight” rating in a research report on Wednesday, July 30th. Mizuho upped their price objective on Corning from $63.00 to $74.00 and gave the company an “outperform” rating in a research report on Friday, August 8th. Finally, Morgan Stanley set a $56.00 price objective on Corning and gave the company an “equal weight” rating in a research report on Wednesday, July 30th. Three analysts have rated the stock with a hold rating, ten have given a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat.com, Corning currently has an average rating of “Moderate Buy” and a consensus price target of $65.17.

Corning 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.