Wahed Invest LLC Acquires 1,932 Shares of Corning Incorporated (NYSE:GLW)

Wahed Invest LLC grew its holdings in Corning Incorporated (NYSE:GLW) by 14.9% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 14,914 shares of the electronics maker’s stock after acquiring an additional 1,932 shares during the quarter. Wahed Invest LLC’s holdings in Corning were worth $492,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently modified their holdings of GLW. Norges Bank bought a new position in Corning in the fourth quarter worth $247,721,000. Price T Rowe Associates Inc. MD raised its stake in Corning by 35.1% during the first quarter. Price T Rowe Associates Inc. MD now owns 17,200,828 shares of the electronics maker’s stock worth $566,941,000 after acquiring an additional 4,464,893 shares in the last quarter. Wellington Management Group LLP increased its stake in shares of Corning by 9.0% in the fourth quarter. Wellington Management Group LLP now owns 31,312,779 shares of the electronics maker’s stock valued at $953,474,000 after buying an additional 2,597,878 shares in the last quarter. Goldman Sachs Group Inc. increased its stake in shares of Corning by 41.7% in the fourth quarter. Goldman Sachs Group Inc. now owns 6,212,356 shares of the electronics maker’s stock valued at $189,166,000 after buying an additional 1,828,097 shares in the last quarter. Finally, Natixis increased its stake in shares of Corning by 2,405.2% in the first quarter. Natixis now owns 1,807,801 shares of the electronics maker’s stock valued at $59,585,000 after buying an additional 1,735,638 shares in the last quarter. 69.80% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

GLW has been the subject of a number of research reports. Mizuho raised their target price on Corning from $36.00 to $42.00 and gave the company a “neutral” rating in a research note on Tuesday, June 18th. Argus raised their price target on Corning from $40.00 to $50.00 and gave the company a “buy” rating in a report on Tuesday, July 9th. Susquehanna raised their price target on Corning from $40.00 to $46.00 and gave the company a “positive” rating in a report on Wednesday. Deutsche Bank Aktiengesellschaft upgraded Corning from a “hold” rating to a “buy” rating and set a $46.00 price target on the stock in a report on Wednesday. Finally, JPMorgan Chase & Co. raised their price target on Corning from $47.00 to $55.00 and gave the company an “overweight” rating in a report on Monday. Seven analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $45.23.

Insider Activity at Corning

In related news, VP Jeffrey W. Evenson sold 103,437 shares of Corning stock in a transaction that occurred 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 sale, the vice president now owns 70,110 shares of the company’s stock, valued at approximately $2,326,950.90. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In other Corning news, VP Jeffrey W. Evenson sold 103,437 shares of the business’s stock in a transaction that occurred on Monday, May 6th. The stock was 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 of the company’s stock, valued at approximately $2,326,950.90. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Jeffrey W. Evenson sold 12,830 shares of the business’s stock in a transaction that occurred on 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 directly owns 57,280 shares in the company, valued at $2,141,699.20. The disclosure for this sale can be found here. 0.40% of the stock is owned by insiders.

Corning Stock Down 2.8 %

Shares of NYSE:GLW traded down $1.11 during trading on Friday, hitting $38.93. 6,588,201 shares of the company’s stock traded hands, compared to its average volume of 6,250,608. Corning Incorporated has a 52 week low of $25.26 and a 52 week high of $46.39. The company has a current ratio of 1.57, a quick ratio of 1.02 and a debt-to-equity ratio of 0.63. The company has a market cap of $33.35 billion, a price-to-earnings ratio of 54.56, a price-to-earnings-growth ratio of 1.52 and a beta of 1.05. The company has a 50-day moving average price of $40.20 and a 200-day moving average price of $35.16.

Corning (NYSE:GLW) last released its quarterly earnings data on Tuesday, July 30th. The electronics maker reported $0.47 earnings per share for the quarter, beating the consensus estimate of $0.46 by $0.01. Corning had a return on equity of 12.69% and a net margin of 3.53%. The business had revenue of $3.60 billion for the quarter, compared to analysts’ expectations of $3.55 billion. During the same quarter in the previous year, the business posted $0.45 EPS. Corning’s revenue for the quarter was up 3.5% on a year-over-year basis. As a group, research analysts forecast that Corning Incorporated will post 1.93 EPS for the current fiscal year.

Corning Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, September 27th. Investors of record on Friday, August 30th will be given a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a yield of 2.88%. The ex-dividend date of this dividend is Friday, August 30th. Corning’s dividend payout ratio is presently 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.