6,094 Shares in Corning Incorporated (NYSE:GLW) Acquired by Fidelity D & D Bancorp Inc.

Fidelity D & D Bancorp Inc. purchased a new stake in Corning Incorporated (NYSE:GLW) during the 1st quarter, Holdings Channel.com reports. The fund purchased 6,094 shares of the electronics maker’s stock, valued at approximately $201,000.

Several other hedge funds also recently added to or reduced their stakes in GLW. Norges Bank purchased a new position in Corning in the fourth quarter valued at approximately $247,721,000. Wellington Management Group LLP grew its position in shares of Corning by 9.0% during the fourth quarter. Wellington Management Group LLP now owns 31,312,779 shares of the electronics maker’s stock worth $953,474,000 after acquiring an additional 2,597,878 shares during the last quarter. Ameriprise Financial Inc. grew its position in shares of Corning by 15.0% during the third quarter. Ameriprise Financial Inc. now owns 17,615,078 shares of the electronics maker’s stock worth $536,114,000 after acquiring an additional 2,301,745 shares during the last quarter. Goldman Sachs Group Inc. grew its position in shares of Corning by 41.7% during the fourth quarter. Goldman Sachs Group Inc. now owns 6,212,356 shares of the electronics maker’s stock worth $189,166,000 after acquiring an additional 1,828,097 shares during the last quarter. Finally, Federated Hermes Inc. grew its position in shares of Corning by 1,329.2% during the fourth quarter. Federated Hermes Inc. now owns 1,321,494 shares of the electronics maker’s stock worth $40,239,000 after acquiring an additional 1,229,031 shares during the last quarter. 69.80% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, EVP Lewis A. Steverson sold 29,978 shares of the company’s stock in a transaction on Wednesday, May 1st. The stock was sold at an average price of $33.05, for a total transaction of $990,772.90. Following the completion of the transaction, the executive vice president now directly owns 31,294 shares in the company, valued at approximately $1,034,266.70. The sale was disclosed in a document filed with the SEC, which is available through this link. In other news, EVP Lewis A. Steverson sold 29,978 shares of the stock in a transaction on Wednesday, May 1st. The stock was sold at an average price of $33.05, for a total value of $990,772.90. Following the completion of the transaction, the executive vice president now owns 31,294 shares of the company’s stock, valued at $1,034,266.70. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, VP Jeffrey W. Evenson sold 12,830 shares of the stock in a transaction on Wednesday, June 5th. The stock was sold at an average price of $37.39, for a total value of $479,713.70. Following the completion of the transaction, the vice president now directly owns 57,280 shares of the company’s stock, valued at approximately $2,141,699.20. The disclosure for this sale can be found here. Insiders sold a total of 175,207 shares of company stock worth $5,876,067 in the last three months. 0.40% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on GLW. StockNews.com raised Corning from a “sell” rating to a “hold” rating in a report on Monday, April 1st. Mizuho raised their target price on Corning from $36.00 to $42.00 and gave the company a “neutral” rating in a report on Tuesday, June 18th. Morgan Stanley downgraded Corning from an “overweight” rating to an “equal weight” rating and lifted their price target for the stock from $35.00 to $38.00 in a research note on Thursday, June 13th. Fox Advisors raised Corning from an “equal weight” rating to an “overweight” rating and set a $45.00 price target for the company in a research note on Monday, June 17th. Finally, Citigroup lifted their price target on Corning from $38.00 to $45.00 and gave the stock a “buy” rating in a research note on Friday, June 21st. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat.com, Corning has a consensus rating of “Hold” and an average target price of $38.67.

Corning Stock Up 0.7 %

Corning stock traded up $0.26 during midday trading on Friday, hitting $38.85. 8,378,016 shares of the company were exchanged, compared to its average volume of 7,940,919. The company’s fifty day moving average price is $35.97 and its 200-day moving average price is $33.11. Corning Incorporated has a fifty-two week low of $25.26 and a fifty-two week high of $40.46. The company has a market cap of $33.28 billion, a PE ratio of 54.72, a price-to-earnings-growth ratio of 1.75 and a beta of 1.08. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.67 and a quick ratio of 1.02.

Corning (NYSE:GLW) last announced its earnings results 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 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. Corning’s quarterly revenue was down 11.5% on a year-over-year basis. On average, research analysts predict that Corning Incorporated will post 1.9 EPS for the current fiscal year.

Corning Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 27th. Investors of record on Friday, August 30th will be paid a dividend of $0.28 per share. The ex-dividend date is Thursday, August 29th. This represents a $1.12 dividend on an annualized basis and a yield of 2.88%. Corning’s payout ratio is currently 157.75%.

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.