Siemens Fonds Invest GmbH Boosts Stake in Corning Incorporated (NYSE:GLW)

Siemens Fonds Invest GmbH lifted its holdings in shares of Corning Incorporated (NYSE:GLWGet Rating) by 2.5% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 72,028 shares of the electronics maker’s stock after purchasing an additional 1,789 shares during the quarter. Siemens Fonds Invest GmbH’s holdings in Corning were worth $2,659,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Islay Capital Management LLC acquired a new stake in shares of Corning during the first quarter valued at about $29,000. Mizuho Securities Co. Ltd. acquired a new position in Corning during the 1st quarter worth about $31,000. Rise Advisors LLC purchased a new position in Corning during the 4th quarter valued at about $32,000. CVA Family Office LLC grew its position in Corning by 589.3% in the 1st quarter. CVA Family Office LLC now owns 965 shares of the electronics maker’s stock valued at $36,000 after acquiring an additional 825 shares in the last quarter. Finally, Sandy Cove Advisors LLC acquired a new position in shares of Corning in the first quarter valued at approximately $44,000. 69.00% of the stock is owned by institutional investors and hedge funds.

Corning Stock Up 1.6 %

Shares of NYSE:GLW opened at $33.64 on Friday. Corning Incorporated has a 1-year low of $30.63 and a 1-year high of $43.47. The company has a debt-to-equity ratio of 0.56, a current ratio of 1.43 and a quick ratio of 0.91. The stock has a market cap of $28.44 billion, a P/E ratio of 14.44, a P/E/G ratio of 2.29 and a beta of 1.00. The firm has a fifty day moving average price of $34.63 and a 200 day moving average price of $35.18.

Corning (NYSE:GLWGet Rating) last announced its earnings results on Tuesday, July 26th. The electronics maker reported $0.57 earnings per share for the quarter, topping the consensus estimate of $0.56 by $0.01. The business had revenue of $3.76 billion during the quarter, compared to the consensus estimate of $3.79 billion. Corning had a net margin of 13.73% and a return on equity of 15.38%. The business’s quarterly revenue was up 7.4% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.53 earnings per share. Sell-side analysts predict that Corning Incorporated will post 2.23 EPS for the current year.

Corning Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, September 29th. Investors of record on Wednesday, August 31st will be issued a dividend of $0.27 per share. This represents a $1.08 annualized dividend and a dividend yield of 3.21%. The ex-dividend date is Tuesday, August 30th. Corning’s dividend payout ratio is presently 46.35%.

Wall Street Analyst Weigh In

GLW has been the topic of a number of research reports. upgraded shares of Corning from a “hold” rating to a “buy” rating in a report on Thursday. Susquehanna decreased their price target on shares of Corning from $46.00 to $40.00 and set a “positive” rating for the company in a research note on Friday. Susquehanna Bancshares cut their price target on Corning from $46.00 to $40.00 and set a “positive” rating on the stock in a research note on Friday. Credit Suisse Group assumed coverage on Corning in a research report on Tuesday, August 16th. They set a “neutral” rating and a $36.00 price objective for the company. Finally, JPMorgan Chase & Co. decreased their target price on Corning from $45.00 to $41.00 and set an “overweight” rating for the company in a research note on Thursday, July 14th. Five equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to MarketBeat, Corning has a consensus rating of “Moderate Buy” and a consensus target price of $40.64.

Insider Activity at Corning

In other Corning news, SVP John P. Bayne, Jr. sold 5,575 shares of the company’s stock in a transaction on Monday, August 1st. The shares were sold at an average price of $36.70, for a total transaction of $204,602.50. Following the completion of the transaction, the senior vice president now owns 7,345 shares in the company, valued at approximately $269,561.50. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.36% of the stock is currently owned by insiders.

Corning Company Profile

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Corning Incorporated engages in display technologies, optical communications, environmental technologies, specialty materials, and life sciences businesses worldwide. The company's Display Technologies segment offers glass substrates for liquid crystal displays and organic light-emitting diodes used in televisions, notebook computers, desktop monitors, tablets, and handheld devices.

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Institutional Ownership by Quarter for Corning (NYSE:GLW)

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