Everpar Advisors LLC Makes New Investment in Corning Incorporated (NYSE:GLW)

Everpar Advisors LLC purchased a new position in shares of Corning Incorporated (NYSE:GLW) in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 24,944 shares of the electronics maker’s stock, valued at approximately $760,000.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Ameriprise Financial Inc. raised its position in shares of Corning by 15.0% during the 3rd quarter. Ameriprise Financial Inc. now owns 17,615,078 shares of the electronics maker’s stock valued at $536,114,000 after acquiring an additional 2,301,745 shares during the last quarter. Wellington Management Group LLP grew its holdings in shares of Corning by 7.7% in the 3rd quarter. Wellington Management Group LLP now owns 28,714,901 shares of the electronics maker’s stock valued at $874,943,000 after buying an additional 2,055,388 shares during the period. Federated Hermes Inc. boosted its stake in Corning by 1,329.2% in the 4th quarter. Federated Hermes Inc. now owns 1,321,494 shares of the electronics maker’s stock worth $40,239,000 after purchasing an additional 1,229,031 shares during the period. Assenagon Asset Management S.A. boosted its stake in Corning by 302.7% in the 4th quarter. Assenagon Asset Management S.A. now owns 1,496,362 shares of the electronics maker’s stock worth $45,564,000 after purchasing an additional 1,124,787 shares during the period. Finally, Morgan Stanley boosted its stake in Corning by 5.1% in the 3rd quarter. Morgan Stanley now owns 21,899,529 shares of the electronics maker’s stock worth $667,279,000 after purchasing an additional 1,060,450 shares during the period. Institutional investors own 69.80% of the company’s stock.

Insider Buying and Selling at Corning

In other news, VP Jeffrey W. Evenson sold 103,437 shares of the firm’s stock in a transaction that occurred on Monday, May 6th. The shares were sold at an average price of $33.19, for a total transaction of $3,433,074.03. Following the transaction, the vice president now directly owns 70,110 shares of the company’s stock, valued at $2,326,950.90. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, VP Jeffrey W. Evenson sold 103,437 shares of the stock in a transaction that occurred on Monday, May 6th. The shares were sold at an average price of $33.19, for a total transaction of $3,433,074.03. Following the sale, the vice president now owns 70,110 shares in the company, valued at approximately $2,326,950.90. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Lewis A. Steverson sold 29,978 shares of the stock in a transaction that occurred 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 sale, the executive vice president now owns 31,294 shares in the company, valued at approximately $1,034,266.70. The disclosure for this sale can be found here. Insiders have sold a total of 239,841 shares of company stock valued at $7,971,257 in the last three months. 0.45% of the stock is currently owned by company insiders.

Corning Stock Performance

Shares of GLW stock traded down $0.01 on Tuesday, reaching $33.43. The stock had a trading volume of 3,997,451 shares, compared to its average volume of 4,860,802. The company has a quick ratio of 1.02, a current ratio of 1.67 and a debt-to-equity ratio of 0.61. The firm’s 50-day moving average is $32.40 and its two-hundred day moving average is $30.74. The firm has a market capitalization of $28.64 billion, a price-to-earnings ratio of 47.08, a P/E/G ratio of 1.71 and a beta of 1.07. Corning Incorporated has a 12 month low of $25.26 and a 12 month high of $36.01.

Corning (NYSE:GLW) last released its quarterly earnings results 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. The firm had revenue of $2.98 billion for the quarter, compared to analysts’ expectations of $3.12 billion. Corning had a net margin of 4.96% and a return on equity of 12.31%. The business’s revenue was down 11.5% on a year-over-year basis. During the same period in the prior year, the firm earned $0.41 EPS. On average, research analysts expect that Corning Incorporated will post 1.9 EPS for the current fiscal year.

Corning Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, June 27th. Shareholders of record on Friday, May 31st will be issued a $0.28 dividend. The ex-dividend date is Thursday, May 30th. This represents a $1.12 annualized dividend and a yield of 3.35%. Corning’s dividend payout ratio is currently 157.75%.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on GLW shares. Mizuho started coverage on shares of Corning in a research note on Tuesday. They issued a “neutral” rating and a $36.00 target price for the company. Susquehanna reaffirmed a “positive” rating and issued a $40.00 target price on shares of Corning in a research note on Monday, April 1st. StockNews.com upgraded shares of Corning from a “sell” rating to a “hold” rating in a research note on Monday, April 1st. Barclays increased their price objective on shares of Corning from $28.00 to $35.00 and gave the stock an “equal weight” rating in a research note on Wednesday, January 31st. Finally, Morgan Stanley restated an “overweight” rating and set a $35.00 price objective on shares of Corning in a research note on Monday, April 22nd. One analyst has rated the stock with a sell rating, six have issued a hold rating and four have assigned a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $35.00.

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.