Azzad Asset Management Inc. ADV Grows Stake in Corning Incorporated (NYSE:GLW)

Azzad Asset Management Inc. ADV increased its holdings in shares of Corning Incorporated (NYSE:GLW) by 0.7% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 76,404 shares of the electronics maker’s stock after purchasing an additional 548 shares during the quarter. Azzad Asset Management Inc. ADV’s holdings in Corning were worth $2,518,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in the company. Alaska Permanent Fund Corp grew its holdings in Corning by 0.4% during the 1st quarter. Alaska Permanent Fund Corp now owns 83,551 shares of the electronics maker’s stock valued at $2,754,000 after buying an additional 329 shares in the last quarter. Level Four Advisory Services LLC grew its holdings in Corning by 3.8% during the 4th quarter. Level Four Advisory Services LLC now owns 9,411 shares of the electronics maker’s stock valued at $287,000 after buying an additional 343 shares in the last quarter. Madison Asset Management LLC grew its holdings in Corning by 0.7% during the 4th quarter. Madison Asset Management LLC now owns 53,113 shares of the electronics maker’s stock valued at $1,617,000 after buying an additional 349 shares in the last quarter. Harvest Investment Advisors LLC grew its holdings in Corning by 1.0% during the 3rd quarter. Harvest Investment Advisors LLC now owns 36,286 shares of the electronics maker’s stock valued at $1,106,000 after buying an additional 364 shares in the last quarter. Finally, Venture Visionary Partners LLC grew its holdings in Corning by 2.0% during the 4th quarter. Venture Visionary Partners LLC now owns 19,359 shares of the electronics maker’s stock valued at $589,000 after buying an additional 380 shares in the last quarter. Hedge funds and other institutional investors own 69.80% of the company’s stock.

Insiders Place Their Bets

In other news, 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 value of $3,433,074.03. Following the transaction, the vice president now directly owns 70,110 shares in the company, valued at approximately $2,326,950.90. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other news, EVP Lewis A. Steverson sold 29,978 shares of Corning stock in a transaction on Wednesday, May 1st. The stock was 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 in the company, valued at approximately $1,034,266.70. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Jeffrey W. Evenson sold 103,437 shares of Corning stock in a transaction 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 transaction, the vice president now owns 70,110 shares in the company, valued at $2,326,950.90. The disclosure for this sale can be found here. Insiders have sold 175,207 shares of company stock worth $5,876,067 in the last ninety days. 0.45% of the stock is owned by company insiders.

Corning Trading Up 0.1 %

GLW opened at $38.42 on Thursday. The stock’s fifty day moving average is $36.25 and its two-hundred day moving average is $33.28. The company has a market capitalization of $32.91 billion, a P/E ratio of 54.11, a PEG ratio of 1.75 and a beta of 1.05. Corning Incorporated has a 52 week low of $25.26 and a 52 week high of $40.46. 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 EPS for the quarter, topping the consensus estimate of $0.36 by $0.02. The company had revenue of $2.98 billion for the quarter, compared to the consensus estimate of $3.12 billion. Corning had a return on equity of 12.31% and a net margin of 4.96%. Corning’s quarterly revenue was down 11.5% on a year-over-year basis. During the same period last year, the business posted $0.41 EPS. Analysts forecast that Corning Incorporated will post 1.9 earnings per share for the current year.

Corning Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 27th. Shareholders of record on Friday, August 30th will be issued a dividend of $0.28 per share. The ex-dividend date is Thursday, August 29th. This represents a $1.12 annualized dividend and a yield of 2.92%. Corning’s payout ratio is currently 157.75%.

Analysts Set New Price Targets

GLW has been the subject of several research analyst reports. Morgan Stanley cut Corning from an “overweight” rating to an “equal weight” rating and raised their price target for the company from $35.00 to $38.00 in a report on Thursday, June 13th. Susquehanna reaffirmed a “positive” rating and issued a $40.00 price objective on shares of Corning in a research note on Monday, April 1st. StockNews.com raised Corning from a “sell” rating to a “hold” rating in a research note on Monday, April 1st. Mizuho raised their price objective on Corning from $36.00 to $42.00 and gave the company a “neutral” rating in a research note on Tuesday, June 18th. Finally, Deutsche Bank Aktiengesellschaft raised their price objective on Corning from $35.00 to $39.00 and gave the company a “hold” rating in a research note on Wednesday. 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 company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $39.42.

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.