Mather Group LLC. Invests $86,000 in Corning Incorporated (NYSE:GLW)

Mather Group LLC. purchased a new stake in shares of Corning Incorporated (NYSE:GLW) in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 2,838 shares of the electronics maker’s stock, valued at approximately $86,000.

Several other institutional investors have also added to or reduced their stakes in the company. Envestnet Portfolio Solutions Inc. bought a new stake in shares of Corning in the third quarter worth about $731,000. Envestnet Asset Management Inc. increased its stake in shares of Corning by 40.6% during the third quarter. Envestnet Asset Management Inc. now owns 1,209,133 shares of the electronics maker’s stock valued at $36,842,000 after buying an additional 349,427 shares during the period. FMR LLC raised its holdings in shares of Corning by 3.1% during the third quarter. FMR LLC now owns 1,712,966 shares of the electronics maker’s stock valued at $52,194,000 after acquiring an additional 52,164 shares in the last quarter. V Square Quantitative Management LLC purchased a new stake in Corning in the third quarter worth $176,000. Finally, LPL Financial LLC boosted its holdings in Corning by 14.1% in the third quarter. LPL Financial LLC now owns 882,996 shares of the electronics maker’s stock valued at $26,905,000 after acquiring an additional 109,061 shares in the last quarter. Hedge funds and other institutional investors own 69.80% of the company’s stock.

Analyst Ratings Changes

Several research firms have recently commented on GLW. Citigroup raised their target price on shares of Corning from $38.00 to $45.00 and gave the stock a “buy” rating in a research report on Friday. Morgan Stanley cut Corning from an “overweight” rating to an “equal weight” rating and lifted their price objective for the company from $35.00 to $38.00 in a research report on Thursday, June 13th. Fox Advisors raised Corning from an “equal weight” rating to an “overweight” rating and set a $45.00 target price for the company in a research report on Monday, June 17th. StockNews.com upgraded Corning from a “sell” rating to a “hold” rating in a research report on Monday, April 1st. Finally, Mizuho increased their price objective on 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 company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $38.67.

Insider Buying and Selling

In other Corning news, VP Jeffrey W. Evenson sold 12,830 shares of the company’s stock in a transaction that occurred on Wednesday, June 5th. The shares were sold at an average price of $37.39, for a total value of $479,713.70. Following the completion of the transaction, the vice president now directly owns 57,280 shares in the company, valued at $2,141,699.20. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In related news, EVP Lewis A. Steverson sold 29,978 shares of the business’s stock in a transaction that occurred on Wednesday, May 1st. The stock was sold at an average price of $33.05, for a total value of $990,772.90. Following the transaction, the executive vice president now directly owns 31,294 shares of the company’s stock, valued at approximately $1,034,266.70. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, VP Jeffrey W. Evenson sold 12,830 shares of the stock in a transaction that occurred on Wednesday, June 5th. The shares were sold at an average price of $37.39, for a total transaction of $479,713.70. Following the sale, the vice president now directly owns 57,280 shares of the company’s stock, valued at $2,141,699.20. The disclosure for this sale can be found here. In the last ninety days, insiders sold 175,207 shares of company stock valued at $5,876,067. 0.40% of the stock is owned by corporate insiders.

Corning Stock Performance

Shares of GLW stock opened at $40.05 on Friday. The company has a market capitalization of $34.31 billion, a price-to-earnings ratio of 56.41, a price-to-earnings-growth ratio of 1.81 and a beta of 1.08. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.02 and a current ratio of 1.67. Corning Incorporated has a one year low of $25.26 and a one year high of $40.46. The company’s 50-day moving average is $35.17 and its 200 day moving average is $32.79.

Corning (NYSE:GLW) last announced its quarterly earnings results on Tuesday, April 30th. The electronics maker reported $0.38 earnings per share for the quarter, beating the consensus estimate of $0.36 by $0.02. The company had revenue of $2.98 billion during the quarter, compared to the consensus estimate of $3.12 billion. Corning had a net margin of 4.96% and a return on equity of 12.31%. The firm’s quarterly revenue was down 11.5% compared to the same quarter last year. During the same quarter last year, the firm earned $0.41 earnings per share. Sell-side analysts expect that Corning Incorporated will post 1.9 EPS for the current fiscal year.

Corning Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, June 27th. Stockholders of record on Friday, May 31st will be given a dividend of $0.28 per share. The ex-dividend date of this dividend is Friday, May 31st. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.80%. Corning’s payout ratio is currently 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.