River Street Advisors LLC Purchases 813 Shares of Corning Incorporated (NYSE:GLW)

River Street Advisors LLC grew its position in shares of Corning Incorporated (NYSE:GLW) by 4.9% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 17,455 shares of the electronics maker’s stock after buying an additional 813 shares during the quarter. River Street Advisors LLC’s holdings in Corning were worth $575,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently modified their holdings of GLW. Norges Bank purchased a new stake in shares of Corning during the 4th quarter worth approximately $247,721,000. Wellington Management Group LLP grew its position in shares of Corning by 9.0% during the 4th quarter. Wellington Management Group LLP now owns 31,312,779 shares of the electronics maker’s stock valued at $953,474,000 after purchasing an additional 2,597,878 shares in the last quarter. Ameriprise Financial Inc. grew its position in shares of Corning by 15.0% during the 3rd quarter. Ameriprise Financial Inc. now owns 17,615,078 shares of the electronics maker’s stock valued at $536,114,000 after purchasing an additional 2,301,745 shares in the last quarter. Goldman Sachs Group Inc. grew its position in shares of Corning by 41.7% during the 4th quarter. Goldman Sachs Group Inc. now owns 6,212,356 shares of the electronics maker’s stock valued at $189,166,000 after purchasing an additional 1,828,097 shares in the last quarter. Finally, Federated Hermes Inc. grew its position in shares of Corning by 1,329.2% during the 4th quarter. Federated Hermes Inc. now owns 1,321,494 shares of the electronics maker’s stock valued at $40,239,000 after purchasing an additional 1,229,031 shares in the last quarter. Institutional investors own 69.80% of the company’s stock.

Corning Trading Up 0.7 %

Shares of NYSE GLW traded up $0.26 during midday trading on Friday, hitting $38.85. 8,378,016 shares of the company traded hands, compared to its average volume of 7,940,919. Corning Incorporated has a 12-month low of $25.26 and a 12-month high of $40.46. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.02 and a current ratio of 1.67. The stock has a 50-day moving average price of $35.97 and a 200 day moving average price of $33.14. The firm has a market cap of $33.28 billion, a P/E ratio of 54.72, a P/E/G ratio of 1.77 and a beta of 1.08.

Corning (NYSE:GLW) last announced 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 company 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%. Corning’s quarterly revenue was down 11.5% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.41 earnings per share. As a group, analysts expect that Corning Incorporated will post 1.9 earnings per share for the current year.

Corning Dividend Announcement

The firm 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 $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a yield of 2.88%. The ex-dividend date is Thursday, August 29th. Corning’s dividend payout ratio (DPR) is presently 157.75%.

Insiders Place Their Bets

In other news, SVP John Z. Zhang sold 12,546 shares of the company’s stock in a transaction that occurred on Thursday, May 2nd. The shares were sold at an average price of $33.42, for a total value of $419,287.32. Following the transaction, the senior vice president now owns 11,355 shares in the company, valued at $379,484.10. The sale was disclosed in a legal filing with the SEC, which is available at this link. In related news, VP Jeffrey W. Evenson sold 103,437 shares of the stock in a transaction that occurred 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 sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, SVP John Z. Zhang sold 12,546 shares of the stock in a transaction that occurred on Thursday, May 2nd. The shares were sold at an average price of $33.42, for a total transaction of $419,287.32. Following the transaction, the senior vice president now owns 11,355 shares in the company, valued at approximately $379,484.10. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 175,207 shares of company stock worth $5,876,067. 0.40% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on the stock. Bank of America lifted their price objective on shares of Corning from $38.00 to $42.00 and gave the stock a “buy” rating in a report on Friday, June 14th. Morgan Stanley downgraded shares of Corning from an “overweight” rating to an “equal weight” rating and lifted their price objective for the stock from $35.00 to $38.00 in a report on Thursday, June 13th. JPMorgan Chase & Co. raised shares of Corning from a “neutral” rating to an “overweight” rating and lifted their price objective for the stock from $37.00 to $43.00 in a report on Thursday, May 30th. Citigroup lifted their price objective on shares of Corning from $38.00 to $45.00 and gave the stock a “buy” rating in a report on Friday, June 21st. Finally, Mizuho lifted their price objective on shares of Corning from $36.00 to $42.00 and gave the stock a “neutral” rating in a report on Tuesday, June 18th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat, Corning has a consensus rating of “Hold” and a consensus target price of $38.67.

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.