Cwm LLC Has $747,000 Stake in Corning Incorporated (NYSE:GLW)

Cwm LLC boosted its position in shares of Corning Incorporated (NYSE:GLW) by 11.6% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 22,649 shares of the electronics maker’s stock after acquiring an additional 2,359 shares during the period. Cwm LLC’s holdings in Corning were worth $747,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently bought and sold shares of GLW. Cape Investment Advisory Inc. lifted its stake in shares of Corning by 800.0% in the fourth quarter. Cape Investment Advisory Inc. now owns 900 shares of the electronics maker’s stock valued at $27,000 after buying an additional 800 shares during the period. SRS Capital Advisors Inc. lifted its stake in shares of Corning by 232.9% in the third quarter. SRS Capital Advisors Inc. now owns 932 shares of the electronics maker’s stock valued at $28,000 after buying an additional 652 shares during the period. Bruce G. Allen Investments LLC bought a new stake in shares of Corning in the fourth quarter valued at about $31,000. EverSource Wealth Advisors LLC lifted its stake in shares of Corning by 347.3% in the fourth quarter. EverSource Wealth Advisors LLC now owns 1,060 shares of the electronics maker’s stock valued at $32,000 after buying an additional 823 shares during the period. Finally, Emfo LLC bought a new stake in shares of Corning in the fourth quarter valued at about $33,000. Institutional investors and hedge funds own 69.80% of the company’s stock.

Insider Activity at Corning

In related news, VP Jeffrey W. Evenson sold 103,437 shares of the firm’s stock in a transaction that occurred on Monday, May 6th. The shares were sold at an average price of $33.19, for a total value of $3,433,074.03. Following the completion of the sale, the vice president now owns 70,110 shares of the company’s stock, valued at $2,326,950.90. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other Corning news, EVP Lewis A. Steverson sold 29,978 shares of the firm’s stock in a transaction that occurred on Wednesday, May 1st. The shares were sold at an average price of $33.05, for a total value of $990,772.90. Following the transaction, the executive vice president now directly owns 31,294 shares of the company’s stock, valued at $1,034,266.70. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, VP Jeffrey W. Evenson sold 103,437 shares of the firm’s stock in a transaction that occurred on Monday, May 6th. The shares were 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 directly owns 70,110 shares in the company, valued at $2,326,950.90. The disclosure for this sale can be found here. Insiders sold a total of 175,207 shares of company stock valued at $5,876,067 over the last quarter. Corporate insiders own 0.40% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on the stock. UBS Group increased their target price on shares of Corning from $35.00 to $38.00 and gave the company a “neutral” rating in a research note on Thursday, May 30th. Susquehanna restated a “positive” rating and set a $40.00 price target on shares of Corning in a research note on Monday, April 1st. Fox Advisors upgraded shares of Corning from an “equal weight” rating to an “overweight” rating and set a $45.00 price target for the company in a research note on Monday. JPMorgan Chase & Co. upgraded shares of Corning from a “neutral” rating to an “overweight” rating and raised their price target for the stock from $37.00 to $43.00 in a research note on Thursday, May 30th. Finally, Mizuho raised their price target on shares of Corning from $36.00 to $42.00 and gave the stock a “neutral” rating in a research note on Tuesday. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and six have issued a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $37.92.

Corning Stock Performance

NYSE GLW opened at $39.88 on Friday. The firm has a market cap of $34.16 billion, a price-to-earnings ratio of 56.17, a PEG ratio of 1.83 and a beta of 1.08. The company has a 50 day moving average of $35.00 and a 200-day moving average of $32.68. The company has a current ratio of 1.67, a quick ratio of 1.02 and a debt-to-equity ratio of 0.61. Corning Incorporated has a 1-year low of $25.26 and a 1-year high of $40.45.

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

Corning Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, June 27th. Investors of record on Friday, May 31st will be issued a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.81%. The ex-dividend date of this dividend is Friday, May 31st. Corning’s dividend payout ratio is currently 157.75%.

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.