BTC Capital Management Inc. Raises Stock Position in Corning Incorporated (NYSE:GLW)

BTC Capital Management Inc. grew its holdings in Corning Incorporated (NYSE:GLW) by 3.7% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 15,656 shares of the electronics maker’s stock after acquiring an additional 554 shares during the period. BTC Capital Management Inc.’s holdings in Corning were worth $549,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. Ameritas Advisory Services LLC increased its position in shares of Corning by 24.6% in the 1st quarter. Ameritas Advisory Services LLC now owns 7,905 shares of the electronics maker’s stock worth $276,000 after purchasing an additional 1,561 shares during the last quarter. Parsons Capital Management Inc. RI bought a new stake in shares of Corning in the 1st quarter worth about $210,000. ExodusPoint Capital Management LP increased its position in shares of Corning by 249.5% in the 4th quarter. ExodusPoint Capital Management LP now owns 209,717 shares of the electronics maker’s stock worth $6,698,000 after purchasing an additional 149,717 shares during the last quarter. Penserra Capital Management LLC increased its position in shares of Corning by 7.5% in the 4th quarter. Penserra Capital Management LLC now owns 184,451 shares of the electronics maker’s stock worth $5,890,000 after purchasing an additional 12,839 shares during the last quarter. Finally, Alight Capital Management LP bought a new stake in shares of Corning in the 4th quarter worth about $1,437,000. Hedge funds and other institutional investors own 67.74% of the company’s stock.

Corning Trading Up 1.1 %

Corning stock opened at $31.57 on Tuesday. The company has a quick ratio of 1.03, a current ratio of 1.65 and a debt-to-equity ratio of 0.64. The firm has a 50-day moving average price of $32.82 and a two-hundred day moving average price of $33.09. The firm has a market capitalization of $26.93 billion, a price-to-earnings ratio of 43.25, a PEG ratio of 2.78 and a beta of 1.06. Corning Incorporated has a 52-week low of $28.98 and a 52-week high of $37.10.

Corning (NYSE:GLW) last posted its earnings results on Tuesday, July 25th. The electronics maker reported $0.45 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.45. The firm had revenue of $3.48 billion during the quarter, compared to analyst estimates of $3.48 billion. Corning had a net margin of 4.72% and a return on equity of 13.22%. Corning’s revenue was down 7.4% on a year-over-year basis. During the same period in the previous year, the business posted $0.57 EPS. Sell-side analysts expect that Corning Incorporated will post 1.85 earnings per share for the current year.

Corning Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, September 28th. Shareholders of record on Thursday, August 31st will be paid a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a yield of 3.55%. The ex-dividend date is Wednesday, August 30th. Corning’s payout ratio is 153.42%.

Insider Transactions at Corning

In other news, EVP Lewis A. Steverson sold 16,710 shares of the company’s stock in a transaction that occurred on Wednesday, July 26th. The shares were sold at an average price of $34.25, for a total value of $572,317.50. Following the completion of the sale, the executive vice president now directly owns 29,378 shares of the company’s stock, valued at approximately $1,006,196.50. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In other news, CEO Wendell P. Weeks sold 100,000 shares of the company’s stock in a transaction that occurred on Wednesday, July 26th. The shares were sold at an average price of $33.78, for a total value of $3,378,000.00. Following the completion of the sale, the chief executive officer now directly owns 847,474 shares of the company’s stock, valued at approximately $28,627,671.72. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Lewis A. Steverson sold 16,710 shares of the business’s stock in a transaction that occurred on Wednesday, July 26th. The stock was sold at an average price of $34.25, for a total transaction of $572,317.50. Following the completion of the sale, the executive vice president now owns 29,378 shares in the company, valued at $1,006,196.50. The disclosure for this sale can be found here. Company insiders own 0.40% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on GLW. Citigroup raised shares of Corning from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $36.00 to $40.00 in a research report on Thursday, June 15th. Oppenheimer reissued an “outperform” rating and issued a $42.00 target price on shares of Corning in a research report on Monday, July 31st. StockNews.com assumed coverage on shares of Corning in a report on Thursday, August 17th. They issued a “hold” rating for the company. 888 reaffirmed an “upgrade” rating on shares of Corning in a report on Friday, June 9th. Finally, Morgan Stanley raised shares of Corning from an “equal weight” rating to an “overweight” rating and lifted their price target for the company from $35.00 to $38.00 in a report on Friday, June 9th. Four analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Corning presently has an average rating of “Moderate Buy” and a consensus price target of $39.00.

Corning Company Profile

Corning Incorporated engages in the display technologies, optical communications, environmental technologies, specialty materials, and life sciences businesses worldwide. 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.