Gulf International Bank UK Ltd Buys 394 Shares of Corning Incorporated (NYSE:GLW)

Gulf International Bank UK Ltd lifted its stake in shares of Corning Incorporated (NYSE:GLW) by 0.6% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 69,899 shares of the electronics maker’s stock after purchasing an additional 394 shares during the quarter. Gulf International Bank UK Ltd’s holdings in Corning were worth $2,303,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in the stock. Cape Investment Advisory Inc. grew its holdings in Corning by 800.0% during the 4th quarter. Cape Investment Advisory Inc. now owns 900 shares of the electronics maker’s stock worth $27,000 after acquiring an additional 800 shares during the last quarter. SRS Capital Advisors Inc. grew its holdings in Corning by 232.9% during the 3rd quarter. SRS Capital Advisors Inc. now owns 932 shares of the electronics maker’s stock worth $28,000 after acquiring an additional 652 shares during the last quarter. Bruce G. Allen Investments LLC bought a new stake in Corning during the 4th quarter worth approximately $31,000. EverSource Wealth Advisors LLC grew its holdings in Corning by 347.3% during the 4th quarter. EverSource Wealth Advisors LLC now owns 1,060 shares of the electronics maker’s stock worth $32,000 after acquiring an additional 823 shares during the last quarter. Finally, Emfo LLC bought a new stake in Corning during the 4th quarter worth approximately $33,000. 69.80% of the stock is owned by institutional investors.

Corning Stock Up 0.5 %

Corning stock opened at $40.05 on Friday. 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 Incorporated has a 12-month low of $25.26 and a 12-month high of $40.46. The firm’s fifty day moving average is $35.17 and its 200 day moving average is $32.79. The company has a market capitalization of $34.31 billion, a PE ratio of 56.41, a PEG ratio of 1.81 and a beta of 1.08.

Corning (NYSE:GLW) last released its earnings results on Tuesday, April 30th. The electronics maker reported $0.38 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.36 by $0.02. Corning had a net margin of 4.96% and a return on equity of 12.31%. The company had revenue of $2.98 billion for the quarter, compared to the consensus estimate of $3.12 billion. During the same quarter in the previous year, the company earned $0.41 EPS. Corning’s quarterly revenue was down 11.5% compared to the same quarter last year. As a group, sell-side analysts predict that Corning Incorporated will post 1.9 EPS for the current fiscal year.

Corning Announces Dividend

The firm also recently disclosed 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 of this dividend is Friday, May 31st. This represents a $1.12 annualized dividend and a yield of 2.80%. Corning’s payout ratio is 157.75%.

Insiders Place Their Bets

In other Corning news, VP Jeffrey W. Evenson sold 103,437 shares of the company’s stock in a transaction 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 transaction, the vice president now owns 70,110 shares in the company, valued at $2,326,950.90. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In other Corning 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 transaction of $990,772.90. Following the transaction, the executive vice president now owns 31,294 shares in the company, valued at $1,034,266.70. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, VP Jeffrey W. Evenson sold 103,437 shares of the company’s 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 owns 70,110 shares in the company, valued at approximately $2,326,950.90. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 175,207 shares of company stock worth $5,876,067. Insiders own 0.40% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on the stock. Morgan Stanley lowered shares of Corning from an “overweight” rating to an “equal weight” rating and boosted their target price for the stock from $35.00 to $38.00 in a report on Thursday, June 13th. UBS Group boosted their price target on shares of Corning from $35.00 to $38.00 and gave the stock a “neutral” rating in a research report on Thursday, May 30th. Citigroup boosted their price target on shares of Corning from $38.00 to $45.00 and gave the stock a “buy” rating in a research report on Friday. Mizuho boosted their price target on shares of Corning from $36.00 to $42.00 and gave the stock a “neutral” rating in a research report on Tuesday, June 18th. Finally, Fox Advisors upgraded shares of Corning from an “equal weight” rating to an “overweight” rating and set a $45.00 price target on the stock in a research report on Monday, June 17th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $38.67.

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.