Courier Capital LLC Boosts Stake in Corning Incorporated (NYSE:GLW)

Courier Capital LLC grew its position in Corning Incorporated (NYSE:GLW) by 20.4% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 28,813 shares of the electronics maker’s stock after buying an additional 4,891 shares during the quarter. Courier Capital LLC’s holdings in Corning were worth $950,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also modified their holdings of GLW. Cape Investment Advisory Inc. grew its stake in shares of Corning by 800.0% in the fourth quarter. Cape Investment Advisory Inc. now owns 900 shares of the electronics maker’s stock valued at $27,000 after buying an additional 800 shares in the last quarter. SRS Capital Advisors Inc. grew its stake in shares of Corning by 232.9% in the third quarter. SRS Capital Advisors Inc. now owns 932 shares of the electronics maker’s stock valued at $28,000 after buying an additional 652 shares in the last quarter. Bruce G. Allen Investments LLC acquired a new stake in shares of Corning in the fourth quarter valued at $31,000. EverSource Wealth Advisors LLC grew its stake in shares of Corning by 347.3% in the fourth quarter. EverSource Wealth Advisors LLC now owns 1,060 shares of the electronics maker’s stock valued at $32,000 after buying an additional 823 shares in the last quarter. Finally, Emfo LLC acquired a new stake in shares of Corning in the fourth quarter valued at $33,000. 69.80% of the stock is owned by institutional investors and hedge funds.

Corning Stock Up 0.7 %

Corning stock opened at $38.85 on Friday. Corning Incorporated has a fifty-two week low of $25.26 and a fifty-two week high of $40.46. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.02 and a current ratio of 1.67. The company has a market capitalization of $33.28 billion, a P/E ratio of 54.72, a PEG ratio of 1.75 and a beta of 1.08. The stock has a 50-day simple moving average of $35.97 and a 200-day simple moving average of $33.11.

Corning (NYSE:GLW) last posted its 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. Corning had a return on equity of 12.31% and a net margin of 4.96%. The business had revenue of $2.98 billion during the quarter, compared to the consensus estimate of $3.12 billion. During the same period in the previous year, the business earned $0.41 EPS. The business’s quarterly revenue was down 11.5% on a year-over-year basis. Equities research analysts expect that Corning Incorporated will post 1.9 earnings per share for the current year.

Corning Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, September 27th. Stockholders of record on Friday, August 30th will be issued a $0.28 dividend. This represents a $1.12 annualized dividend and a dividend yield of 2.88%. The ex-dividend date of this dividend is Thursday, August 29th. Corning’s payout ratio is currently 157.75%.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on GLW. Fox Advisors raised Corning from an “equal weight” rating to an “overweight” rating and set a $45.00 price objective for the company in a research note on Monday, June 17th. Citigroup boosted their target price on Corning from $38.00 to $45.00 and gave the stock a “buy” rating in a research note on Friday, June 21st. Mizuho boosted their target price on Corning from $36.00 to $42.00 and gave the stock a “neutral” rating in a research note on Tuesday, June 18th. StockNews.com raised Corning from a “sell” rating to a “hold” rating in a research note on Monday, April 1st. Finally, Susquehanna reissued a “positive” rating and set a $40.00 target price on shares of Corning in a research note on Monday, April 1st. One research analyst has rated the stock with a sell rating, six have issued a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $38.67.

Insider Activity

In other news, VP Jeffrey W. Evenson sold 12,830 shares of the business’s stock in a transaction dated Wednesday, June 5th. The stock was sold at an average price of $37.39, for a total value of $479,713.70. Following the completion of the sale, the vice president now directly owns 57,280 shares of the company’s stock, valued at approximately $2,141,699.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 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 stock was sold at an average price of $37.39, for a total transaction of $479,713.70. Following the completion of the sale, the vice president now directly owns 57,280 shares of the company’s stock, valued at approximately $2,141,699.20. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, SVP John Z. Zhang sold 12,546 shares of the company’s stock in a transaction that occurred on Thursday, May 2nd. The shares were sold at an average price of $33.42, for a total value of $419,287.32. Following the sale, the senior vice president now directly owns 11,355 shares of the company’s stock, valued at $379,484.10. The disclosure for this sale can be found here. In the last three months, insiders sold 175,207 shares of company stock valued at $5,876,067. Insiders own 0.40% of the company’s stock.

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.