Corning Incorporated (NYSE:GLW) Shares Bought by River Street Advisors LLC

River Street Advisors LLC boosted its holdings in shares of Corning Incorporated (NYSE:GLW) by 4.9% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 17,455 shares of the electronics maker’s stock after acquiring an additional 813 shares during the period. River Street Advisors LLC’s holdings in Corning were worth $575,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Cape Investment Advisory Inc. raised its position in Corning by 800.0% during the fourth 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 shares of Corning by 232.9% during the third quarter. SRS Capital Advisors Inc. now owns 932 shares of the electronics maker’s stock worth $28,000 after buying an additional 652 shares in the last quarter. Future Financial Wealth Managment LLC purchased a new stake in shares of Corning during the first quarter worth about $33,000. Register Financial Advisors LLC purchased a new stake in shares of Corning during the first quarter worth about $33,000. Finally, Bruce G. Allen Investments LLC purchased a new stake in shares of Corning during the fourth quarter worth about $31,000. Institutional investors and hedge funds own 69.80% of the company’s stock.

Insider Buying and Selling at Corning

In related news, VP Jeffrey W. Evenson sold 12,830 shares of the stock in a transaction dated Wednesday, June 5th. The shares were sold at an average price of $37.39, for a total value of $479,713.70. Following the completion of the transaction, the vice president now owns 57,280 shares in the company, valued at approximately $2,141,699.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other Corning news, EVP Lewis A. Steverson sold 29,978 shares of the 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 completion of the sale, the executive vice president now owns 31,294 shares in the company, valued at approximately $1,034,266.70. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, VP Jeffrey W. Evenson sold 12,830 shares of the stock in a transaction on Wednesday, June 5th. The stock was sold at an average price of $37.39, for a total transaction of $479,713.70. Following the transaction, the vice president now owns 57,280 shares in the company, valued at approximately $2,141,699.20. The disclosure for this sale can be found here. Insiders sold a total of 175,207 shares of company stock worth $5,876,067 over the last 90 days. Insiders own 0.40% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have recently commented on GLW shares. StockNews.com upgraded shares of Corning from a “sell” rating to a “hold” rating in a report on Monday, April 1st. Susquehanna restated a “positive” rating and issued a $40.00 target price on shares of Corning in a report on Monday, April 1st. UBS Group boosted their target price on shares of Corning from $35.00 to $38.00 and gave the company a “neutral” rating in a report on Thursday, May 30th. Mizuho boosted their target price on shares of Corning from $36.00 to $42.00 and gave the company a “neutral” rating in a report on Tuesday, June 18th. Finally, Morgan Stanley downgraded shares of Corning from an “overweight” rating to an “equal weight” rating and boosted their target price for the company from $35.00 to $38.00 in a report on Thursday, June 13th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and six have issued a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $38.67.

Corning Stock Up 0.7 %

Shares of NYSE GLW traded up $0.26 during trading on Friday, reaching $38.85. 8,378,016 shares of the stock were exchanged, compared to its average volume of 7,940,919. The business’s 50-day moving average price is $35.97 and its 200 day moving average price is $33.14. Corning Incorporated has a twelve month low of $25.26 and a twelve month 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. The company has a market capitalization of $33.28 billion, a price-to-earnings ratio of 54.72, a price-to-earnings-growth ratio of 1.77 and a beta of 1.08.

Corning (NYSE:GLW) last posted its quarterly earnings results 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 net margin of 4.96% and a return on equity of 12.31%. The firm had revenue of $2.98 billion for the quarter, compared to analysts’ expectations of $3.12 billion. During the same period in the prior year, the company posted $0.41 earnings per share. The firm’s quarterly revenue was down 11.5% on a year-over-year basis. As a group, equities analysts forecast that Corning Incorporated will post 1.9 EPS for the current fiscal year.

Corning Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 27th. Shareholders of record on Friday, August 30th will be paid 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 2.88%. Corning’s 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.