Appleton Partners Inc. MA Has $1.47 Million Position in Corning Incorporated (NYSE:GLW)

Appleton Partners Inc. MA increased its holdings in shares of Corning Incorporated (NYSE:GLW) by 2.5% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 44,679 shares of the electronics maker’s stock after buying an additional 1,105 shares during the period. Appleton Partners Inc. MA’s holdings in Corning were worth $1,473,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. Norges Bank acquired a new stake in Corning during the 4th quarter worth about $247,721,000. Wellington Management Group LLP grew its stake in shares of Corning by 9.0% in the 4th quarter. Wellington Management Group LLP now owns 31,312,779 shares of the electronics maker’s stock valued at $953,474,000 after buying an additional 2,597,878 shares during the period. Ameriprise Financial Inc. increased its position in Corning by 15.0% in the 3rd quarter. Ameriprise Financial Inc. now owns 17,615,078 shares of the electronics maker’s stock valued at $536,114,000 after buying an additional 2,301,745 shares in the last quarter. Goldman Sachs Group Inc. raised its stake in Corning by 41.7% during the 4th quarter. Goldman Sachs Group Inc. now owns 6,212,356 shares of the electronics maker’s stock worth $189,166,000 after buying an additional 1,828,097 shares during the period. Finally, Federated Hermes Inc. grew its stake in Corning by 1,329.2% in the fourth quarter. Federated Hermes Inc. now owns 1,321,494 shares of the electronics maker’s stock valued at $40,239,000 after acquiring an additional 1,229,031 shares during the period. 69.80% of the stock is owned by institutional investors.

Insider Transactions at Corning

In related news, EVP Lewis A. Steverson sold 29,978 shares of the stock in a transaction dated Wednesday, May 1st. The shares were sold at an average price of $33.05, for a total value of $990,772.90. Following the completion of the transaction, the executive vice president now directly owns 31,294 shares in the company, valued at approximately $1,034,266.70. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other news, EVP Lewis A. Steverson sold 29,978 shares of the firm’s stock in a transaction on Wednesday, May 1st. The stock was sold at an average price of $33.05, for a total transaction of $990,772.90. Following the completion of the transaction, the executive vice president now directly owns 31,294 shares in the company, valued at $1,034,266.70. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Jeffrey W. Evenson sold 103,437 shares of the company’s stock in a transaction dated Monday, May 6th. The stock was sold at an average price of $33.19, for a total transaction of $3,433,074.03. Following the completion of the transaction, the vice president now owns 70,110 shares in the company, valued at approximately $2,326,950.90. The disclosure for this sale can be found here. In the last quarter, insiders sold 252,671 shares of company stock valued at $8,450,971. Corporate insiders own 0.45% of the company’s stock.

Corning Stock Up 3.8 %

Shares of NYSE GLW opened at $40.21 on Wednesday. The company has a market cap of $34.44 billion, a price-to-earnings ratio of 56.63, a PEG ratio of 1.76 and a beta of 1.08. The company has a quick ratio of 1.02, a current ratio of 1.67 and a debt-to-equity ratio of 0.61. The firm’s fifty day moving average is $34.68 and its 200 day moving average is $32.58. Corning Incorporated has a 52 week low of $25.26 and a 52 week high of $40.25.

Corning (NYSE:GLW) last released its quarterly earnings results on Tuesday, April 30th. The electronics maker reported $0.38 EPS for the quarter, beating analysts’ consensus estimates of $0.36 by $0.02. Corning had a return on equity of 12.31% and a net margin of 4.96%. The business had revenue of $2.98 billion during the quarter, compared to analyst estimates of $3.12 billion. During the same quarter in the prior year, the company posted $0.41 EPS. Corning’s quarterly revenue was down 11.5% compared to the same quarter last year. On average, equities research analysts expect that Corning Incorporated will post 1.9 earnings per share for the current year.

Corning Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, June 27th. Shareholders of record on Friday, May 31st will be issued a dividend of $0.28 per share. The ex-dividend date is Friday, May 31st. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.79%. Corning’s dividend payout ratio (DPR) is 157.75%.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on GLW shares. Fox Advisors upgraded shares of Corning from an “equal weight” rating to an “overweight” rating and set a $45.00 target price for the company in a research note on Monday. Mizuho boosted their price target on shares of Corning from $36.00 to $42.00 and gave the stock a “neutral” rating in a report on Tuesday. JPMorgan Chase & Co. upgraded shares of Corning from a “neutral” rating to an “overweight” rating and raised their price objective for the stock from $37.00 to $43.00 in a report on Thursday, May 30th. Bank of America increased their target price on shares of Corning from $38.00 to $42.00 and gave the company a “buy” rating in a research report on Friday, June 14th. Finally, StockNews.com raised shares of Corning from a “sell” rating to a “hold” rating in a report on Monday, April 1st. One analyst has rated the stock with a sell rating, six have assigned a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $37.92.

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.