Kwmg LLC Boosts Holdings in Corning Incorporated (NYSE:GLW)

Kwmg LLC boosted its holdings in shares of Corning Incorporated (NYSE:GLW) by 4.0% during the 1st quarter, according to its most recent 13F filing with the SEC. The fund owned 145,514 shares of the electronics maker’s stock after purchasing an additional 5,543 shares during the period. Kwmg LLC’s holdings in Corning were worth $4,796,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently bought and sold shares of GLW. Envestnet Portfolio Solutions Inc. acquired a new stake in shares of Corning in the 3rd quarter worth $731,000. FMR LLC lifted its stake in shares of Corning by 3.1% in the 3rd quarter. FMR LLC now owns 1,712,966 shares of the electronics maker’s stock worth $52,194,000 after acquiring an additional 52,164 shares during the period. LPL Financial LLC lifted its stake in shares of Corning by 14.1% in the third quarter. LPL Financial LLC now owns 882,996 shares of the electronics maker’s stock valued at $26,905,000 after purchasing an additional 109,061 shares during the period. Healthcare of Ontario Pension Plan Trust Fund acquired a new stake in shares of Corning in the third quarter valued at about $2,236,000. Finally, Federated Hermes Inc. lifted its stake in shares of Corning by 36.5% in the third quarter. Federated Hermes Inc. now owns 92,463 shares of the electronics maker’s stock valued at $2,817,000 after purchasing an additional 24,741 shares during the period. 69.80% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several analysts recently commented on the stock. Bank of America raised their price objective on shares of Corning from $38.00 to $42.00 and gave the company a “buy” rating in a research note on Friday, June 14th. Citigroup raised their price objective on shares of Corning from $38.00 to $45.00 and gave the company a “buy” rating in a research note on Friday, June 21st. JPMorgan Chase & Co. upgraded shares of Corning from a “neutral” rating to an “overweight” rating and raised their price objective for the company from $37.00 to $43.00 in a research note on Thursday, May 30th. Mizuho lifted their target price 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, Susquehanna restated a “positive” rating and set a $40.00 target price on shares of Corning in a research report on Monday, April 1st. One analyst has rated the stock with a sell rating, six have given a hold rating and six have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $38.67.

Corning Stock Down 4.2 %

Shares of NYSE GLW traded down $1.69 during trading on Wednesday, reaching $38.08. 11,951,634 shares of the stock were exchanged, compared to its average volume of 5,333,386. The business’s 50-day moving average price is $35.52 and its 200 day moving average price is $32.97. 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 $32.62 billion, a price-to-earnings ratio of 55.38, a price-to-earnings-growth ratio of 1.81 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. The firm had revenue of $2.98 billion for the quarter, compared to analysts’ expectations of $3.12 billion. Corning had a net margin of 4.96% and a return on equity of 12.31%. The firm’s quarterly revenue was down 11.5% on a year-over-year basis. During the same period in the prior year, the company posted $0.41 earnings per share. 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 Thursday, June 27th. Shareholders of record on Friday, May 31st will be paid a dividend of $0.28 per share. The ex-dividend date is Friday, May 31st. This represents a $1.12 annualized dividend and a yield of 2.94%. Corning’s payout ratio is 157.75%.

Insider Buying and Selling at Corning

In other news, VP Jeffrey W. Evenson sold 12,830 shares of the company’s stock in a transaction dated Wednesday, June 5th. The shares were sold at an average price of $37.39, for a total transaction of $479,713.70. Following the completion of the transaction, the vice president now owns 57,280 shares in the company, valued at $2,141,699.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, EVP Lewis A. Steverson sold 29,978 shares of the company’s stock in a transaction dated Wednesday, May 1st. The shares were sold at an average price of $33.05, for a total transaction of $990,772.90. Following the completion of 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 legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, 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 transaction of $479,713.70. Following the completion of the transaction, the vice president now owns 57,280 shares of the company’s stock, 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.

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.