Price T Rowe Associates Inc. MD Acquires 4,464,893 Shares of Corning Incorporated (NYSE:GLW)

Price T Rowe Associates Inc. MD lifted its stake in shares of Corning Incorporated (NYSE:GLW) by 35.1% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 17,200,828 shares of the electronics maker’s stock after buying an additional 4,464,893 shares during the quarter. Price T Rowe Associates Inc. MD owned about 2.01% of Corning worth $566,941,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds also recently modified their holdings of the stock. Cape Investment Advisory Inc. increased its stake in 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 purchasing an additional 800 shares in the last quarter. Access Investment Management LLC acquired a new stake in shares of Corning in the 1st quarter valued at about $28,000. EverSource Wealth Advisors LLC increased its position in Corning by 347.3% in the 4th 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. Emfo LLC acquired a new position in Corning during the 4th quarter worth approximately $33,000. Finally, Future Financial Wealth Managment LLC bought a new position in Corning in the first quarter worth approximately $33,000. Institutional investors own 69.80% of the company’s stock.

Analysts Set New Price Targets

Several research firms have recently commented on GLW. Mizuho boosted their price objective on Corning from $36.00 to $42.00 and gave the company a “neutral” rating in a report on Tuesday, June 18th. Citigroup upped their price objective on shares of Corning from $45.00 to $51.00 and gave the stock a “buy” rating in a report on Friday, July 12th. Morgan Stanley reiterated an “equal weight” rating and set a $39.00 price objective on shares of Corning in a report on Friday. StockNews.com upgraded shares of Corning from a “sell” rating to a “hold” rating in a report on Monday, April 1st. Finally, HSBC upgraded Corning from a “reduce” rating to a “hold” rating and set a $37.00 price target for the company in a research note on Tuesday, July 9th. Eight research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $44.31.

Insider Buying and Selling

In other Corning news, VP Martin J. Curran sold 16,416 shares of the business’s stock in a transaction on Friday, May 3rd. The stock was sold at an average price of $33.70, for a total value of $553,219.20. Following the sale, the vice president now directly owns 65,598 shares in the company, valued at $2,210,652.60. The sale was disclosed in a filing with the SEC, which is accessible through this link. In related news, VP Martin J. Curran sold 16,416 shares of Corning stock in a transaction dated Friday, May 3rd. The stock was sold at an average price of $33.70, for a total value of $553,219.20. Following the completion of the sale, the vice president now owns 65,598 shares of the company’s stock, valued at approximately $2,210,652.60. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, VP Jeffrey W. Evenson sold 12,830 shares of Corning stock in a transaction dated 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 transaction, the vice president now owns 57,280 shares of the company’s stock, valued at approximately $2,141,699.20. The disclosure for this sale can be found here. In the last quarter, insiders have sold 175,207 shares of company stock valued at $5,876,067. 0.40% of the stock is owned by company insiders.

Corning Stock Performance

Corning stock traded down $0.35 during mid-day trading on Monday, reaching $42.50. 3,367,356 shares of the company’s stock were exchanged, compared to its average volume of 5,984,599. The business’s fifty day simple moving average is $39.85 and its 200 day simple moving average is $34.94. The company has a quick ratio of 1.02, a current ratio of 1.67 and a debt-to-equity ratio of 0.61. Corning Incorporated has a one year low of $25.26 and a one year high of $46.39. The firm has a market capitalization of $36.41 billion, a PE ratio of 60.07, a P/E/G ratio of 1.58 and a beta of 1.05.

Corning (NYSE:GLW) last issued its quarterly earnings results on Tuesday, April 30th. The electronics maker reported $0.38 earnings per share for the quarter, topping analysts’ consensus estimates of $0.36 by $0.02. The company had revenue of $2.98 billion for 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% on a year-over-year basis. During the same period in the previous year, the firm earned $0.41 EPS. On average, sell-side analysts expect that Corning Incorporated will post 1.94 earnings per share for the current year.

Corning Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, September 27th. Investors of record on Friday, August 30th will be issued a $0.28 dividend. The ex-dividend date of this dividend is Thursday, August 29th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.64%. Corning’s dividend payout ratio (DPR) is presently 157.75%.

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.