Founders Capital Management Purchases 45,912 Shares of Corning Incorporated (NYSE:GLW)

Founders Capital Management increased its position in Corning Incorporated (NYSE:GLWFree Report) by 42.4% in the 1st quarter, HoldingsChannel.com reports. The fund owned 154,068 shares of the electronics maker’s stock after acquiring an additional 45,912 shares during the quarter. Corning accounts for about 3.4% of Founders Capital Management’s investment portfolio, making the stock its 13th biggest holding. Founders Capital Management’s holdings in Corning were worth $5,078,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors also recently modified their holdings of the company. Cape Investment Advisory Inc. grew its holdings in Corning by 800.0% during the fourth 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 during the period. SRS Capital Advisors Inc. lifted its position in shares of Corning by 232.9% in the third quarter. SRS Capital Advisors Inc. now owns 932 shares of the electronics maker’s stock valued at $28,000 after acquiring an additional 652 shares in the last quarter. Bruce G. Allen Investments LLC purchased a new position in shares of Corning in the fourth quarter valued at about $31,000. EverSource Wealth Advisors LLC lifted 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 valued at $32,000 after acquiring an additional 823 shares in the last quarter. Finally, Emfo LLC purchased a new position in shares of Corning in the fourth quarter valued at about $33,000. Institutional investors own 69.80% of the company’s stock.

Insider Activity

In other news, VP Jeffrey W. Evenson sold 12,830 shares of the company’s stock in a transaction that occurred on Wednesday, June 5th. The stock was sold at an average price of $37.39, for a total transaction of $479,713.70. Following the transaction, the vice president now owns 57,280 shares of the company’s stock, valued at $2,141,699.20. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In other news, VP Jeffrey W. Evenson sold 12,830 shares of the company’s stock in a transaction that occurred on Wednesday, June 5th. The stock was sold at an average price of $37.39, for a total transaction of $479,713.70. Following the transaction, the vice president now owns 57,280 shares of the company’s stock, valued at $2,141,699.20. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, VP Martin J. Curran sold 16,416 shares of the stock in a transaction that occurred on Friday, May 3rd. The stock was sold at an average price of $33.70, for a total value of $553,219.20. Following the completion of the transaction, the vice president now directly owns 65,598 shares in the company, valued at approximately $2,210,652.60. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 175,207 shares of company stock valued at $5,876,067. 0.40% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several brokerages have recently commented on GLW. Fox Advisors upgraded Corning from an “equal weight” rating to an “overweight” rating and set a $45.00 price objective on the stock in a research report on Monday. UBS Group boosted their price objective on Corning from $35.00 to $38.00 and gave the company a “neutral” rating in a research report on Thursday, May 30th. Susquehanna reiterated a “positive” rating and issued a $40.00 target price on shares of Corning in a research report on Monday, April 1st. Mizuho boosted their target price on Corning from $36.00 to $42.00 and gave the stock a “neutral” rating in a research report on Tuesday. Finally, JPMorgan Chase & Co. upgraded Corning from a “neutral” rating to an “overweight” rating and boosted their target price for the stock from $37.00 to $43.00 in a research report on Thursday, May 30th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and six have given a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $37.92.

View Our Latest Research Report on Corning

Corning Trading Down 0.8 %

GLW stock traded down $0.33 during midday trading on Thursday, reaching $39.88. 11,562,329 shares of the company traded hands, compared to its average volume of 5,178,947. Corning Incorporated has a 52-week low of $25.26 and a 52-week high of $40.45. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.02 and a current ratio of 1.67. The business has a 50 day moving average of $35.00 and a 200-day moving average of $32.68. The firm has a market capitalization of $34.16 billion, a price-to-earnings ratio of 56.17, a P/E/G ratio of 1.83 and a beta of 1.08.

Corning (NYSE:GLWGet Free Report) last issued its quarterly earnings data on Tuesday, April 30th. The electronics maker reported $0.38 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.36 by $0.02. Corning had a return on equity of 12.31% and a net margin of 4.96%. The business had revenue of $2.98 billion for the quarter, compared to the consensus estimate of $3.12 billion. During the same period in the prior year, the business posted $0.41 earnings per share. The company’s quarterly revenue was down 11.5% compared to the same quarter last year. As a group, sell-side analysts expect that Corning Incorporated will post 1.9 earnings per share for the current fiscal year.

Corning Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, June 27th. Stockholders of record on Friday, May 31st will be paid a dividend of $0.28 per share. The ex-dividend date is Friday, May 31st. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.81%. Corning’s dividend payout ratio is 157.75%.

Corning Company Profile

(Free Report)

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.

See Also

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Institutional Ownership by Quarter for Corning (NYSE:GLW)

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