Evoke Wealth LLC increased its position in shares of Corning Incorporated (NYSE:GLW – Get Rating) by 5.8% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 14,492 shares of the electronics maker’s stock after purchasing an additional 800 shares during the quarter. Evoke Wealth LLC’s holdings in Corning were worth $535,000 at the end of the most recent quarter.
A number of other hedge funds have also made changes to their positions in GLW. Norges Bank acquired a new stake in Corning in the 4th quarter valued at about $281,919,000. Envestnet Asset Management Inc. boosted its stake in shares of Corning by 77.1% in the 1st quarter. Envestnet Asset Management Inc. now owns 3,083,940 shares of the electronics maker’s stock valued at $113,828,000 after purchasing an additional 1,342,976 shares during the last quarter. American Century Companies Inc. boosted its stake in shares of Corning by 26.9% in the 4th quarter. American Century Companies Inc. now owns 5,456,844 shares of the electronics maker’s stock valued at $203,158,000 after purchasing an additional 1,157,290 shares during the last quarter. Geode Capital Management LLC boosted its stake in Corning by 7.1% during the 4th quarter. Geode Capital Management LLC now owns 14,305,409 shares of the electronics maker’s stock worth $531,311,000 after acquiring an additional 943,020 shares during the last quarter. Finally, Los Angeles Capital Management LLC bought a new position in Corning during the 1st quarter worth approximately $29,668,000. Institutional investors and hedge funds own 68.71% of the company’s stock.
Corning Price Performance
Shares of GLW opened at $37.38 on Wednesday. The company has a market cap of $31.60 billion, a price-to-earnings ratio of 16.04, a PEG ratio of 2.57 and a beta of 0.99. Corning Incorporated has a 1-year low of $30.63 and a 1-year high of $43.47. The company’s fifty day simple moving average is $33.88 and its 200 day simple moving average is $36.11. The company has a current ratio of 1.43, a quick ratio of 0.91 and a debt-to-equity ratio of 0.56.
Corning Announces Dividend
The company also recently announced a quarterly dividend, which will be paid on Thursday, September 29th. Investors of record on Wednesday, August 31st will be issued a dividend of $0.27 per share. The ex-dividend date of this dividend is Tuesday, August 30th. This represents a $1.08 dividend on an annualized basis and a yield of 2.89%. Corning’s payout ratio is 46.35%.
Insider Buying and Selling
In related news, SVP John P. Bayne, Jr. sold 5,575 shares of the business’s stock in a transaction on Monday, August 1st. The shares were sold at an average price of $36.70, for a total transaction of $204,602.50. Following the transaction, the senior vice president now directly owns 7,345 shares in the company, valued at $269,561.50. The sale was disclosed in a filing with the SEC, which is available through this link. 0.36% of the stock is owned by corporate insiders.
Wall Street Analysts Forecast Growth
Several research analysts recently weighed in on GLW shares. Susquehanna Bancshares reduced their price objective on shares of Corning from $48.00 to $46.00 and set a “positive” rating on the stock in a research note on Wednesday, July 27th. StockNews.com lowered shares of Corning from a “buy” rating to a “hold” rating in a research note on Monday, August 1st. UBS Group cut their price target on shares of Corning to $40.00 and set an “outperform” rating on the stock in a research note on Wednesday, July 27th. Citigroup lowered shares of Corning from a “buy” rating to a “neutral” rating and cut their price target for the company from $46.00 to $37.00 in a research note on Monday, May 23rd. Finally, Credit Suisse Group started coverage on shares of Corning in a research note on Tuesday. They issued a “neutral” rating and a $36.00 price target on the stock. Six research analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat.com, Corning currently has an average rating of “Moderate Buy” and a consensus target price of $42.18.
Corning Incorporated engages in display technologies, optical communications, environmental technologies, specialty materials, and life sciences businesses worldwide. The company's Display Technologies segment offers glass substrates for liquid crystal displays and organic light-emitting diodes used in televisions, notebook computers, desktop monitors, tablets, and handheld devices.
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