Stonegate Investment Group LLC Buys 1,469 Shares of Corning Incorporated (NYSE:GLW)

Stonegate Investment Group LLC boosted its stake in Corning Incorporated (NYSE:GLW) by 33.6% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 5,840 shares of the electronics maker’s stock after acquiring an additional 1,469 shares during the period. Stonegate Investment Group LLC’s holdings in Corning were worth $267,000 at the end of the most recent reporting period.

Several other large investors have also added to or reduced their stakes in GLW. Vermillion Wealth Management Inc. bought a new stake in Corning in the fourth quarter valued at $29,000. Putney Financial Group LLC bought a new stake in shares of Corning during the 4th quarter valued at $30,000. Mainstream Capital Management LLC bought a new stake in shares of Corning during the 4th quarter valued at $35,000. Transce3nd LLC bought a new stake in shares of Corning during the 4th quarter valued at $39,000. Finally, Union Bancaire Privee UBP SA bought a new stake in shares of Corning during the 4th quarter valued at $40,000. Institutional investors own 69.80% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have recently commented on GLW. JPMorgan Chase & Co. dropped their target price on shares of Corning from $62.00 to $50.00 and set an “overweight” rating on the stock in a report on Thursday, April 17th. Bank of America boosted their target price on shares of Corning from $65.00 to $68.00 and gave the company a “buy” rating in a report on Wednesday, March 19th. Mizuho set a $52.00 target price on shares of Corning in a report on Tuesday, April 15th. Wall Street Zen cut shares of Corning from a “buy” rating to a “hold” rating in a report on Tuesday, February 25th. Finally, Oppenheimer dropped their target price on shares of Corning from $58.00 to $55.00 and set an “outperform” rating on the stock in a report on Wednesday, April 30th. Four analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $53.75.

Insiders Place Their Bets

In other Corning news, VP John Z. Zhang sold 8,000 shares of the business’s stock in a transaction dated Monday, May 12th. The stock was sold at an average price of $46.91, for a total transaction of $375,280.00. Following the completion of the sale, the vice president now directly owns 9,610 shares in the company, valued at $450,805.10. The trade was a 45.43% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, SVP Michael Alan Bell sold 20,262 shares of the business’s stock in a transaction dated Wednesday, April 30th. The shares were sold at an average price of $44.06, for a total value of $892,743.72. The disclosure for this sale can be found here. In the last 90 days, insiders sold 75,796 shares of company stock valued at $3,632,635. 0.32% of the stock is owned by insiders.

Corning Price Performance

GLW opened at $50.42 on Monday. Corning Incorporated has a 1 year low of $37.18 and a 1 year high of $55.33. The stock has a 50-day moving average price of $47.08 and a 200-day moving average price of $47.82. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.69 and a quick ratio of 1.05. The firm has a market cap of $43.18 billion, a PE ratio of 96.96, a P/E/G ratio of 1.36 and a beta of 1.11.

Corning (NYSE:GLW) last issued its earnings results on Tuesday, April 29th. The electronics maker reported $0.54 earnings per share for the quarter, topping analysts’ consensus estimates of $0.51 by $0.03. Corning had a return on equity of 16.47% and a net margin of 3.34%. The business had revenue of $3.68 billion during the quarter, compared to analyst estimates of $3.63 billion. During the same quarter in the previous year, the firm earned $0.38 EPS. Corning’s revenue was up 12.9% on a year-over-year basis. Sell-side analysts predict that Corning Incorporated will post 2.33 earnings per share for the current fiscal year.

Corning Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 27th. Shareholders of record on Friday, May 30th will be given a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a yield of 2.22%. The ex-dividend date is Friday, May 30th. Corning’s dividend payout ratio (DPR) is 215.38%.

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.