8,130 Shares in Corning Incorporated (NYSE:GLW) Bought by Stokes Family Office LLC

Stokes Family Office LLC bought a new position in Corning Incorporated (NYSE:GLW) in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm bought 8,130 shares of the electronics maker’s stock, valued at approximately $268,000.

Other hedge funds and other institutional investors have also modified their holdings of the company. Bridgefront Capital LLC acquired a new stake in shares of Corning in the fourth quarter worth $813,000. Natixis Advisors L.P. boosted its position in Corning by 29.6% during the fourth quarter. Natixis Advisors L.P. now owns 131,323 shares of the electronics maker’s stock valued at $3,998,000 after purchasing an additional 30,001 shares during the last quarter. Wahed Invest LLC boosted its position in Corning by 8.6% during the fourth quarter. Wahed Invest LLC now owns 12,982 shares of the electronics maker’s stock valued at $395,000 after purchasing an additional 1,028 shares during the last quarter. KMG Fiduciary Partners LLC acquired a new stake in Corning during the fourth quarter valued at $1,199,000. Finally, Belpointe Asset Management LLC boosted its position in Corning by 26.4% during the fourth quarter. Belpointe Asset Management LLC now owns 8,322 shares of the electronics maker’s stock valued at $253,000 after purchasing an additional 1,740 shares during the last quarter. Institutional investors and hedge funds own 69.80% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on GLW. Fox Advisors raised Corning from an “equal weight” rating to an “overweight” rating and set a $45.00 price objective for the company in a research report on Monday, June 17th. StockNews.com raised Corning from a “sell” rating to a “hold” rating in a research report on Monday, April 1st. UBS Group lifted their price objective on Corning from $38.00 to $44.00 and gave the company a “neutral” rating in a research report on Tuesday. Mizuho boosted their price target on Corning from $36.00 to $42.00 and gave the stock a “neutral” rating in a research report on Tuesday, June 18th. Finally, HSBC raised Corning from a “reduce” rating to a “hold” rating and set a $37.00 price target for the company in a research report on Tuesday. Eight analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $43.38.

Corning Stock Performance

GLW traded up $0.60 on Friday, hitting $45.65. 10,046,167 shares of the stock traded hands, compared to its average volume of 5,884,139. Corning Incorporated has a 52 week low of $25.26 and a 52 week high of $46.13. The company has a current ratio of 1.67, a quick ratio of 1.02 and a debt-to-equity ratio of 0.61. The firm has a market capitalization of $39.10 billion, a PE ratio of 64.68, a P/E/G ratio of 1.69 and a beta of 1.05. The business has a fifty day moving average price of $37.59 and a two-hundred day moving average price of $33.81.

Corning (NYSE:GLW) last released its quarterly earnings data on Tuesday, April 30th. The electronics maker reported $0.38 earnings per share for the quarter, beating the consensus estimate of $0.36 by $0.02. Corning had a return on equity of 12.31% and a net margin of 4.96%. The company had revenue of $2.98 billion for the quarter, compared to analyst estimates of $3.12 billion. During the same period in the prior year, the company posted $0.41 EPS. The company’s revenue was down 11.5% compared to the same quarter last year. On average, research analysts predict that Corning Incorporated will post 1.94 EPS for the current fiscal year.

Corning Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 27th. Stockholders of record on Friday, August 30th will be paid a $0.28 dividend. The ex-dividend date of this dividend is Thursday, August 29th. This represents a $1.12 annualized dividend and a dividend yield of 2.45%. Corning’s dividend payout ratio is currently 157.75%.

Insider Activity

In other news, VP Jeffrey W. Evenson sold 103,437 shares of the company’s stock in a transaction that occurred on Monday, May 6th. The stock was sold at an average price of $33.19, for a total value of $3,433,074.03. Following the sale, the vice president now directly owns 70,110 shares in the company, valued at approximately $2,326,950.90. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In other news, SVP John Z. Zhang sold 12,546 shares of the business’s stock in a transaction that occurred on Thursday, May 2nd. The stock was sold at an average price of $33.42, for a total value of $419,287.32. Following the transaction, the senior vice president now directly owns 11,355 shares of the company’s stock, valued at approximately $379,484.10. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Jeffrey W. Evenson sold 103,437 shares of the business’s stock in a transaction that occurred on Monday, May 6th. The stock was sold at an average price of $33.19, for a total value of $3,433,074.03. Following the completion of the transaction, the vice president now directly owns 70,110 shares in the company, valued at $2,326,950.90. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 175,207 shares of company stock worth $5,876,067. Company insiders own 0.40% of the company’s stock.

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.