Pallas Capital Advisors LLC Invests $286,000 in Corning Incorporated (NYSE:GLW)

Pallas Capital Advisors LLC bought a new position in Corning Incorporated (NYSE:GLW) during the first quarter, HoldingsChannel reports. The fund bought 6,258 shares of the electronics maker’s stock, valued at approximately $286,000.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Sierra Ocean LLC bought a new position in shares of Corning in the fourth quarter worth about $25,000. Asset Planning Inc purchased a new position in Corning in the 4th quarter worth approximately $29,000. Vermillion Wealth Management Inc. bought a new position in Corning in the 4th quarter worth approximately $29,000. Putney Financial Group LLC purchased a new stake in Corning during the 4th quarter valued at approximately $30,000. Finally, Mainstream Capital Management LLC purchased a new stake in Corning during the 4th quarter valued at approximately $35,000. 69.80% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of analysts have issued reports on the stock. Oppenheimer decreased their price target on shares of Corning from $58.00 to $55.00 and set an “outperform” rating on the stock in a research note on Wednesday, April 30th. JPMorgan Chase & Co. reduced their target price on Corning from $62.00 to $50.00 and set an “overweight” rating on the stock in a report on Thursday, April 17th. Wall Street Zen downgraded Corning from a “buy” rating to a “hold” rating in a research report on Tuesday, February 25th. Mizuho set a $52.00 price target on Corning in a research note on Tuesday, April 15th. Finally, Citigroup cut their price target on Corning from $58.00 to $50.00 and set a “buy” rating for the company in a report on Monday, April 14th. Four analysts have rated the stock with a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Corning currently has an average rating of “Moderate Buy” and a consensus target price of $53.08.

Corning Stock Down 2.5%

Corning stock opened at $49.54 on Friday. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.62 and a quick ratio of 1.07. The stock has a market capitalization of $42.43 billion, a PE ratio of 85.42, a price-to-earnings-growth ratio of 1.50 and a beta of 1.11. The business has a 50 day simple moving average of $46.19 and a 200-day simple moving average of $47.77. Corning Incorporated has a 12 month low of $37.05 and a 12 month high of $55.33.

Corning (NYSE:GLW) last issued its quarterly earnings results on Tuesday, April 29th. The electronics maker reported $0.54 earnings per share for the quarter, beating analysts’ consensus estimates of $0.51 by $0.03. Corning had a net margin of 3.86% and a return on equity of 15.10%. The firm had revenue of $3.68 billion for the quarter, compared to analyst estimates of $3.63 billion. During the same period last year, the company posted $0.38 EPS. Corning’s quarterly revenue was up 12.9% compared to the same quarter last year. On average, analysts anticipate that Corning Incorporated will post 2.33 EPS for the current fiscal year.

Corning Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, June 27th. Stockholders of record on Friday, May 30th will be issued a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a dividend yield of 2.26%. The ex-dividend date is Friday, May 30th. Corning’s dividend payout ratio is currently 215.38%.

Insider Activity

In related news, SVP Soumya Seetharam sold 14,313 shares of the stock in a transaction that occurred on Wednesday, May 28th. The stock was sold at an average price of $50.01, for a total value of $715,793.13. Following the completion of the transaction, the senior vice president now directly owns 31,505 shares in the company, valued at approximately $1,575,565.05. This represents a 31.24% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, SVP Stefan Becker sold 17,106 shares of the stock in a transaction on Thursday, May 29th. The stock was sold at an average price of $49.68, for a total value of $849,826.08. Following the transaction, the senior vice president now owns 16,117 shares of the company’s stock, valued at approximately $800,692.56. This represents a 51.49% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 75,796 shares of company stock worth $3,632,635 over the last ninety days. Corporate 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.