Convergence Investment Partners LLC Purchases Shares of 20,872 Corning Incorporated (NYSE:GLW)

Convergence Investment Partners LLC acquired a new position in Corning Incorporated (NYSE:GLW) in the 2nd quarter, Holdings Channel reports. The firm acquired 20,872 shares of the electronics maker’s stock, valued at approximately $811,000.

Several other large investors also recently made changes to their positions in the business. Cape Investment Advisory Inc. increased its holdings in Corning by 800.0% in the 4th quarter. Cape Investment Advisory Inc. now owns 900 shares of the electronics maker’s stock valued at $27,000 after purchasing an additional 800 shares in the last quarter. Access Investment Management LLC acquired a new position in shares of Corning during the first quarter worth about $28,000. EverSource Wealth Advisors LLC boosted its position in shares of Corning by 347.3% in the fourth quarter. EverSource Wealth Advisors LLC now owns 1,060 shares of the electronics maker’s stock worth $32,000 after buying an additional 823 shares during the period. Future Financial Wealth Managment LLC acquired a new stake in shares of Corning in the first quarter valued at about $33,000. Finally, Register Financial Advisors LLC purchased a new stake in shares of Corning during the 1st quarter valued at about $33,000. Institutional investors and hedge funds own 69.80% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on GLW shares. Bank of America lowered their price target on shares of Corning from $47.00 to $46.00 and set a “buy” rating for the company in a report on Wednesday, July 31st. Barclays raised their target price on Corning from $36.00 to $40.00 and gave the company an “equal weight” rating in a research note on Wednesday, July 31st. Argus lifted their target price on Corning from $40.00 to $50.00 and gave the stock a “buy” rating in a research report on Tuesday, July 9th. Deutsche Bank Aktiengesellschaft raised Corning from a “hold” rating to a “buy” rating and set a $46.00 price target for the company in a report on Wednesday, July 31st. Finally, Hsbc Global Res upgraded Corning from a “moderate sell” rating to a “hold” rating in a report on Tuesday, July 9th. Six investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $45.62.

Insider Activity at Corning

In other Corning news, VP Jeffrey W. Evenson sold 12,830 shares of Corning stock in a transaction that occurred on Wednesday, June 5th. The shares were sold at an average price of $37.39, for a total value of $479,713.70. Following the transaction, the vice president now owns 57,280 shares in the company, valued at $2,141,699.20. The transaction was disclosed in a document filed with the SEC, which is available at this link. Company insiders own 0.40% of the company’s stock.

Corning Price Performance

Shares of NYSE GLW opened at $41.85 on Tuesday. Corning Incorporated has a twelve month low of $25.26 and a twelve month high of $46.39. The company has a market capitalization of $35.81 billion, a price-to-earnings ratio of 58.94, a price-to-earnings-growth ratio of 1.62 and a beta of 1.04. The business has a 50 day simple moving average of $41.35 and a 200-day simple moving average of $36.61. The company has a current ratio of 1.57, a quick ratio of 0.98 and a debt-to-equity ratio of 0.63.

Corning (NYSE:GLW) last announced its quarterly earnings data on Tuesday, July 30th. The electronics maker reported $0.47 earnings per share for the quarter, beating the consensus estimate of $0.46 by $0.01. The business had revenue of $3.60 billion during the quarter, compared to analyst estimates of $3.55 billion. Corning had a return on equity of 12.69% and a net margin of 3.53%. The company’s revenue was up 3.5% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.45 earnings per share. As a group, equities research analysts expect that Corning Incorporated will post 1.91 earnings per share for the current year.

Corning Dividend Announcement

The firm 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 Friday, August 30th. This represents a $1.12 annualized dividend and a dividend yield of 2.68%. Corning’s dividend payout ratio is currently 157.75%.

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.