Rise Advisors LLC Acquires 722 Shares of Corning Incorporated (NYSE:GLW)

Rise Advisors LLC increased its holdings in shares of Corning Incorporated (NYSE:GLW) by 76.2% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 1,669 shares of the electronics maker’s stock after acquiring an additional 722 shares during the quarter. Rise Advisors LLC’s holdings in Corning were worth $55,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also bought and sold shares of the business. Mather Group LLC. bought a new position in shares of Corning during the first quarter worth approximately $86,000. Tompkins Financial Corp raised its holdings in Corning by 4.5% in the 1st quarter. Tompkins Financial Corp now owns 29,812 shares of the electronics maker’s stock valued at $983,000 after acquiring an additional 1,274 shares in the last quarter. CWM LLC raised its holdings in Corning by 11.6% in the 1st quarter. CWM LLC now owns 22,649 shares of the electronics maker’s stock valued at $747,000 after acquiring an additional 2,359 shares in the last quarter. Moody National Bank Trust Division bought a new stake in shares of Corning during the 1st quarter valued at $207,000. Finally, Cullen Investment Group LTD. grew its holdings in shares of Corning by 2.9% during the 1st quarter. Cullen Investment Group LTD. now owns 80,859 shares of the electronics maker’s stock worth $2,629,000 after purchasing an additional 2,275 shares in the last quarter. Institutional investors and hedge funds own 69.80% of the company’s stock.

Insiders Place Their Bets

In other news, EVP Lewis A. Steverson sold 29,978 shares of the stock in a transaction dated Wednesday, May 1st. The stock was sold at an average price of $33.05, for a total value of $990,772.90. Following the completion of the sale, the executive vice president now 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 at this link. In other news, EVP Lewis A. Steverson sold 29,978 shares of the company’s stock in a transaction 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 sale, the executive vice president now directly owns 31,294 shares of the company’s stock, valued at approximately $1,034,266.70. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, VP Jeffrey W. Evenson sold 103,437 shares of Corning stock in a transaction on 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 transaction, the vice president now directly owns 70,110 shares of the company’s stock, valued at approximately $2,326,950.90. The disclosure for this sale can be found here. In the last three months, insiders have sold 175,207 shares of company stock valued at $5,876,067. 0.40% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on GLW shares. Mizuho boosted their price target on Corning from $36.00 to $42.00 and gave the company a “neutral” rating in a research note on Tuesday. Fox Advisors raised shares of Corning from an “equal weight” rating to an “overweight” rating and set a $45.00 price target for the company in a report on Monday. Susquehanna reiterated a “positive” rating and set a $40.00 price target on shares of Corning in a research report on Monday, April 1st. Morgan Stanley downgraded shares of Corning from an “overweight” rating to an “equal weight” rating and boosted their price objective for the company from $35.00 to $38.00 in a research report on Thursday, June 13th. Finally, UBS Group raised their target price on Corning from $35.00 to $38.00 and gave the company a “neutral” rating in a report on Thursday, May 30th. One analyst has rated the stock with a sell rating, six have assigned a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $37.92.

Corning Price Performance

Shares of GLW opened at $39.88 on Friday. The business has a 50-day simple moving average of $35.00 and a two-hundred day simple moving average of $32.68. Corning Incorporated has a 12-month low of $25.26 and a 12-month high of $40.45. The stock has a market cap of $34.16 billion, a PE ratio of 56.17, a PEG ratio of 1.83 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.

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

Corning Announces Dividend

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

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.