International Assets Investment Management LLC Takes $513,000 Position in Corning Incorporated (NYSE:GLW)

International Assets Investment Management LLC purchased a new position in Corning Incorporated (NYSE:GLW) in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 13,192 shares of the electronics maker’s stock, valued at approximately $513,000.

Several other institutional investors and hedge funds have also bought and sold shares of the stock. Cape Investment Advisory Inc. grew its holdings in shares of 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 period. Access Investment Management LLC bought a new position in Corning in the first quarter worth $28,000. EverSource Wealth Advisors LLC lifted its position in Corning by 347.3% during 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. Future Financial Wealth Managment LLC bought a new stake in shares of Corning during the 1st quarter valued at $33,000. Finally, Register Financial Advisors LLC bought a new stake in shares of Corning during the 1st quarter valued at $33,000. 69.80% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Corning

In other Corning news, VP Jeffrey W. Evenson sold 12,830 shares of the stock in a transaction dated Wednesday, June 5th. The stock was sold at an average price of $37.39, for a total value of $479,713.70. Following the transaction, the vice president now owns 57,280 shares of the company’s stock, valued at $2,141,699.20. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Company insiders own 0.40% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on GLW shares. HSBC raised shares of Corning from a “reduce” rating to a “hold” rating and set a $37.00 price target for the company in a research report on Tuesday, July 9th. JPMorgan Chase & Co. boosted their price target on Corning from $47.00 to $55.00 and gave the stock an “overweight” rating in a research report on Monday, July 29th. UBS Group raised their price objective on Corning from $38.00 to $44.00 and gave the company a “neutral” rating in a research report on Tuesday, July 9th. Argus boosted their target price on Corning from $40.00 to $50.00 and gave the stock a “buy” rating in a report on Tuesday, July 9th. Finally, Barclays increased their target price on Corning from $36.00 to $40.00 and gave the stock an “equal weight” rating in a research note on Wednesday, July 31st. Six investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $45.62.

Corning Price Performance

NYSE GLW opened at $41.85 on Friday. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.98 and a current ratio of 1.57. The company has a market capitalization of $35.81 billion, a price-to-earnings ratio of 58.94, a PEG ratio of 1.62 and a beta of 1.05. The stock has a 50-day moving average of $41.31 and a 200 day moving average of $36.47. Corning Incorporated has a one year low of $25.26 and a one year high of $46.39.

Corning (NYSE:GLW) last announced its quarterly earnings results on Tuesday, July 30th. The electronics maker reported $0.47 EPS for the quarter, topping analysts’ consensus estimates of $0.46 by $0.01. The firm had revenue of $3.60 billion during the quarter, compared to analyst estimates of $3.55 billion. Corning had a net margin of 3.53% and a return on equity of 12.69%. The business’s revenue for the quarter was up 3.5% on a year-over-year basis. During the same period in the previous year, the business posted $0.45 earnings per share. On average, sell-side analysts forecast that Corning Incorporated will post 1.91 EPS for the current year.

Corning Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, September 27th. Stockholders of record on Friday, August 30th will be issued a dividend of $0.28 per share. The ex-dividend date of this dividend is Friday, August 30th. This represents a $1.12 annualized dividend and a dividend yield of 2.68%. Corning’s payout ratio is 157.75%.

Corning Company 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.