Toroso Investments LLC Increases Stake in Corning Incorporated (NYSE:GLW)

Toroso Investments LLC grew its position in Corning Incorporated (NYSE:GLW – Get Rating) by 0.9% during the 3rd quarter, Holdings Channel reports. The fund owned 33,331 shares of the electronics maker’s stock after buying an additional 306 shares during the quarter. Toroso Investments LLC’s holdings in Corning were worth $967,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. IHT Wealth Management LLC purchased a new stake in shares of Corning in the third quarter valued at about $299,000. B. Riley Wealth Advisors Inc. boosted its holdings in shares of Corning by 1.7% in the third quarter. B. Riley Wealth Advisors Inc. now owns 119,666 shares of the electronics maker’s stock valued at $3,473,000 after acquiring an additional 1,999 shares in the last quarter. Teachers Retirement System of The State of Kentucky purchased a new stake in shares of Corning in the third quarter valued at about $6,323,000. M&T Bank Corp boosted its holdings in shares of Corning by 3.3% in the third quarter. M&T Bank Corp now owns 249,405 shares of the electronics maker’s stock valued at $7,237,000 after acquiring an additional 7,924 shares in the last quarter. Finally, VisionPoint Advisory Group LLC boosted its holdings in shares of Corning by 10.5% in the third quarter. VisionPoint Advisory Group LLC now owns 20,590 shares of the electronics maker’s stock valued at $598,000 after acquiring an additional 1,960 shares in the last quarter. Hedge funds and other institutional investors own 67.79% of the company’s stock.

Insider Activity

In other news, VP John Z. Zhang sold 4,655 shares of the business’s stock in a transaction that occurred on Friday, February 3rd. The shares were sold at an average price of $36.00, for a total value of $167,580.00. Following the completion of the transaction, the vice president now owns 5,744 shares of the company’s stock, valued at $206,784. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. In related news, insider Li Fang sold 19,909 shares of the company’s stock in a transaction that occurred on Tuesday, March 7th. The shares were sold at an average price of $35.17, for a total transaction of $700,199.53. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, VP John Z. Zhang sold 4,655 shares of the company’s stock in a transaction that occurred on Friday, February 3rd. The stock was sold at an average price of $36.00, for a total transaction of $167,580.00. Following the transaction, the vice president now directly owns 5,744 shares of the company’s stock, valued at approximately $206,784. The disclosure for this sale can be found here. Company insiders own 0.36% of the company’s stock.

Corning Stock Performance

Shares of GLW opened at $32.82 on Friday. The company has a current ratio of 1.44, a quick ratio of 0.88 and a debt-to-equity ratio of 0.54. The stock has a market cap of $27.78 billion, a P/E ratio of 21.31, a PEG ratio of 2.26 and a beta of 1.07. The company has a 50-day moving average of $35.10 and a two-hundred day moving average of $33.35. Corning Incorporated has a 12-month low of $28.98 and a 12-month high of $38.71.

Corning (NYSE:GLW – Get Rating) last announced its earnings results on Tuesday, January 31st. The electronics maker reported $0.47 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.44 by $0.03. The company had revenue of $3.63 billion during the quarter, compared to analysts’ expectations of $3.54 billion. Corning had a net margin of 9.27% and a return on equity of 14.82%. The firm’s quarterly revenue was down 2.2% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.54 earnings per share. As a group, research analysts predict that Corning Incorporated will post 1.96 EPS for the current fiscal year.

Corning Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, March 30th. Stockholders of record on Tuesday, February 28th will be given a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a dividend yield of 3.41%. The ex-dividend date of this dividend is Monday, February 27th. This is a positive change from Corning’s previous quarterly dividend of $0.27. Corning’s payout ratio is currently 72.73%.

Wall Street Analyst Weigh In

GLW has been the topic of several analyst reports. Susquehanna lifted their target price on shares of Corning from $39.00 to $40.00 and gave the company a “positive” rating in a report on Thursday, February 2nd. JPMorgan Chase & Co. decreased their price objective on shares of Corning from $44.00 to $40.00 and set an “overweight” rating on the stock in a report on Tuesday, December 20th. UBS Group boosted their price objective on shares of Corning from $37.00 to $40.00 and gave the stock a “buy” rating in a report on Wednesday, January 11th. Morgan Stanley decreased their price objective on shares of Corning from $36.00 to $35.00 and set an “equal weight” rating on the stock in a report on Tuesday, December 13th. Finally, StockNews.com assumed coverage on shares of Corning in a report on Thursday. They set a “hold” rating on the stock. Six research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $37.78.

Corning Profile

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Corning, Inc engages in the provision of glass for notebook computers, flat panel desktop monitors, display televisions, and other information display applications, carrier network and enterprise network products for the telecommunications industry, ceramic substrates for gasoline and diesel engines in automotive and heavy-duty vehicle markets, laboratory products for the scientific community and polymer products for biotechnology applications, optical materials for the semiconductor industry and the scientific community, and polycrystalline silicon products and other technologies.