New Age Alpha Advisors LLC Makes New $64,000 Investment in Corning Incorporated (NYSE:GLW)

New Age Alpha Advisors LLC purchased a new stake in shares of Corning Incorporated (NYSE:GLW) during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 1,402 shares of the electronics maker’s stock, valued at approximately $64,000.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the stock. Vermillion Wealth Management Inc. bought a new stake in shares of Corning in the fourth quarter worth about $29,000. Putney Financial Group LLC bought a new stake in shares of Corning in the fourth quarter worth about $30,000. Investment Management Corp VA ADV increased its holdings in shares of Corning by 165.9% in the first quarter. Investment Management Corp VA ADV now owns 742 shares of the electronics maker’s stock worth $34,000 after acquiring an additional 463 shares in the last quarter. Transce3nd LLC bought a new stake in shares of Corning in the fourth quarter worth about $39,000. Finally, ORG Partners LLC increased its holdings in shares of Corning by 115.8% in the first quarter. ORG Partners LLC now owns 887 shares of the electronics maker’s stock worth $40,000 after acquiring an additional 476 shares in the last quarter. Institutional investors own 69.80% of the company’s stock.

Insider Activity at Corning

In other news, CEO Wendell P. Weeks sold 82,103 shares of Corning stock in a transaction on Thursday, August 7th. The stock was sold at an average price of $65.19, for a total transaction of $5,352,294.57. Following the completion of the sale, the chief executive officer owned 809,295 shares of the company’s stock, valued at approximately $52,757,941.05. This trade represents a 9.21% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Edward A. Schlesinger sold 14,082 shares of Corning stock in a transaction on Wednesday, July 30th. The stock was sold at an average price of $62.28, for a total value of $877,026.96. Following the sale, the chief financial officer directly owned 78,316 shares of the company’s stock, valued at $4,877,520.48. This represents a 15.24% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 211,484 shares of company stock valued at $12,813,804. 0.32% of the stock is currently owned by insiders.

Corning Stock Performance

GLW opened at $65.00 on Tuesday. Corning Incorporated has a 12-month low of $37.31 and a 12-month high of $66.50. The stock has a market cap of $55.68 billion, a price-to-earnings ratio of 69.15, a PEG ratio of 1.48 and a beta of 1.08. The business has a 50 day moving average of $54.51 and a 200-day moving average of $49.69. The company has a quick ratio of 0.93, a current ratio of 1.50 and a debt-to-equity ratio of 0.58.

Corning (NYSE:GLW) last released its quarterly earnings data on Tuesday, July 29th. The electronics maker reported $0.60 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.57 by $0.03. The company had revenue of $3.86 billion during the quarter, compared to analysts’ expectations of $3.84 billion. Corning had a return on equity of 17.27% and a net margin of 5.77%. During the same period last year, the firm posted $0.47 earnings per share. On average, equities research analysts expect that Corning Incorporated will post 2.33 earnings per share for the current year.

Corning Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, September 29th. Stockholders of record on Friday, August 29th will be issued a dividend of $0.28 per share. The ex-dividend date of this dividend is Friday, August 29th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 1.7%. Corning’s dividend payout ratio (DPR) is currently 119.15%.

Analyst Ratings Changes

GLW has been the subject of several recent research reports. Barclays upped their price objective on Corning from $52.00 to $65.00 and gave the stock an “equal weight” rating in a research report on Wednesday, July 30th. Susquehanna reissued a “positive” rating and set a $75.00 price target (up from $60.00) on shares of Corning in a research report on Wednesday, July 30th. UBS Group increased their price target on Corning from $57.00 to $65.00 and gave the company a “neutral” rating in a research report on Wednesday, August 6th. JPMorgan Chase & Co. increased their price target on Corning from $62.00 to $65.00 and gave the company an “overweight” rating in a research report on Friday, July 25th. Finally, Wall Street Zen raised Corning from a “buy” rating to a “strong-buy” rating in a research report on Saturday, August 2nd. Three investment analysts have rated the stock with a hold rating, ten have given a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $65.17.

Corning 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.