1,225 Shares in Corning Incorporated (NYSE:GLW) Bought by GAMMA Investing LLC

GAMMA Investing LLC bought a new position in Corning Incorporated (NYSE:GLW) in the fourth quarter, HoldingsChannel.com reports. The firm bought 1,225 shares of the electronics maker’s stock, valued at approximately $40,000.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Peoples Bank KS acquired a new position in Corning in the 3rd quarter worth $25,000. OFI Invest Asset Management acquired a new position in Corning in the 3rd quarter worth $25,000. SRS Capital Advisors Inc. boosted its stake in Corning by 232.9% in the 3rd quarter. SRS Capital Advisors Inc. now owns 932 shares of the electronics maker’s stock worth $28,000 after purchasing an additional 652 shares during the period. Bruce G. Allen Investments LLC acquired a new position in shares of Corning during the 4th quarter worth about $31,000. Finally, Emfo LLC acquired a new position in shares of Corning during the 4th quarter worth about $33,000. 69.80% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Corning

In other Corning news, SVP John Z. Zhang sold 12,546 shares of the stock in a transaction dated 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 directly owns 11,355 shares of the company’s stock, valued at approximately $379,484.10. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other Corning news, SVP John Z. Zhang sold 12,546 shares of the stock in a transaction dated 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 directly owns 11,355 shares of the company’s stock, valued at approximately $379,484.10. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, EVP Lewis A. Steverson sold 29,978 shares of the 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 directly owns 31,294 shares in the company, valued at $1,034,266.70. The disclosure for this sale can be found here. Insiders have sold a total of 119,988 shares of company stock valued at $3,984,964 in the last three months. 0.40% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

GLW has been the subject of a number of recent research reports. Susquehanna restated a “positive” rating and set a $40.00 price objective on shares of Corning in a research note on Monday, April 1st. UBS Group increased their price objective on shares of Corning from $34.00 to $35.00 and gave the stock a “neutral” rating in a research note on Monday, April 8th. HSBC downgraded shares of Corning from a “hold” rating to a “reduce” rating and set a $29.00 price objective for the company. in a research note on Thursday, February 1st. StockNews.com upgraded shares of Corning from a “sell” rating to a “hold” rating in a research note on Monday, April 1st. Finally, Morgan Stanley restated an “overweight” rating and set a $35.00 price objective on shares of Corning in a research note on Monday, April 22nd. One research analyst has rated the stock with a sell rating, five have given a hold rating and four have assigned a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Hold” and an average target price of $34.89.

Corning Stock Up 0.4 %

Shares of GLW stock opened at $33.72 on Friday. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.05 and a current ratio of 1.67. The firm’s 50-day moving average is $32.36 and its 200-day moving average is $30.61. The stock has a market cap of $28.84 billion, a price-to-earnings ratio of 47.49, a PEG ratio of 1.71 and a beta of 1.07. Corning Incorporated has a 52-week low of $25.26 and a 52-week high of $36.01.

Corning (NYSE:GLW) last issued its earnings results on Tuesday, April 30th. The electronics maker reported $0.38 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.41 EPS. Sell-side analysts predict that Corning Incorporated will post 1.9 EPS for the current year.

Corning Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, June 27th. Shareholders of record on Friday, May 31st will be issued a $0.28 dividend. The ex-dividend date of this dividend is Friday, May 31st. This represents a $1.12 annualized dividend and a yield of 3.32%. Corning’s dividend payout ratio is currently 157.75%.

Corning Company Profile

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.