Corning Incorporated (NYSE:GLW) Shares Acquired by Kwmg LLC

Kwmg LLC boosted its position in shares of Corning Incorporated (NYSE:GLW) by 7.0% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 129,785 shares of the electronics maker’s stock after purchasing an additional 8,525 shares during the period. Kwmg LLC’s holdings in Corning were worth $4,548,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. Ameritas Advisory Services LLC grew its holdings in Corning by 24.6% during the 1st quarter. Ameritas Advisory Services LLC now owns 7,905 shares of the electronics maker’s stock valued at $276,000 after purchasing an additional 1,561 shares in the last quarter. Parsons Capital Management Inc. RI bought a new position in Corning during the 1st quarter valued at $210,000. ExodusPoint Capital Management LP boosted its stake in Corning by 249.5% during the 4th quarter. ExodusPoint Capital Management LP now owns 209,717 shares of the electronics maker’s stock valued at $6,698,000 after acquiring an additional 149,717 shares during the last quarter. Penserra Capital Management LLC boosted its stake in Corning by 7.5% during the 4th quarter. Penserra Capital Management LLC now owns 184,451 shares of the electronics maker’s stock valued at $5,890,000 after acquiring an additional 12,839 shares during the last quarter. Finally, Alight Capital Management LP bought a new position in Corning during the 4th quarter valued at $1,437,000. 67.74% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, EVP Lewis A. Steverson sold 16,710 shares of the business’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 sale, the executive vice president now directly owns 29,378 shares in the company, valued at approximately $1,006,196.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CEO Wendell P. Weeks sold 100,000 shares of the business’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 sale, the chief executive officer now directly owns 847,474 shares in the company, valued at approximately $28,627,671.72. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Lewis A. Steverson sold 16,710 shares of the business’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 transaction of $572,317.50. Following the sale, the executive vice president now owns 29,378 shares in the company, valued at approximately $1,006,196.50. The disclosure for this sale can be found here. Insiders own 0.40% of the company’s stock.

Corning Price Performance

Shares of GLW stock traded down $0.25 during midday trading on Friday, reaching $31.23. 5,427,930 shares of the company were exchanged, compared to its average volume of 2,688,620. Corning Incorporated has a 12 month low of $28.98 and a 12 month high of $37.10. The company has a market cap of $26.64 billion, a P/E ratio of 42.78, a PEG ratio of 2.80 and a beta of 1.06. The company’s 50 day moving average price is $32.96 and its two-hundred day moving average price is $33.15. The company has a debt-to-equity ratio of 0.64, a quick ratio of 1.03 and a current ratio of 1.65.

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

Corning Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 28th. Investors of record on Thursday, August 31st will be issued a $0.28 dividend. The ex-dividend date of this dividend is Wednesday, August 30th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 3.59%. Corning’s payout ratio is currently 153.42%.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on the stock. Oppenheimer reiterated an “outperform” rating and set a $42.00 price objective on shares of Corning in a research note on Monday, July 31st. UBS Group lowered shares of Corning from a “buy” rating to a “neutral” rating and lifted their price target for the company from $38.00 to $39.00 in a report on Friday, July 14th. Citigroup raised shares of Corning from a “neutral” rating to a “buy” rating and lifted their price target for the company from $36.00 to $40.00 in a report on Thursday, June 15th. StockNews.com started coverage on shares of Corning in a report on Thursday, August 17th. They issued a “hold” rating for the company. Finally, Morgan Stanley raised shares of Corning from an “equal weight” rating to an “overweight” rating and boosted their target price for the company from $35.00 to $38.00 in a research note on Friday, June 9th. Four equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat, Corning presently has an average rating of “Moderate Buy” and an average price target of $39.00.

Corning 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.