KMG Fiduciary Partners LLC Raises Position in Corning Incorporated (NYSE:GLW)

KMG Fiduciary Partners LLC raised its holdings in shares of Corning Incorporated (NYSE:GLW) by 7.0% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 51,773 shares of the electronics maker’s stock after acquiring an additional 3,397 shares during the quarter. KMG Fiduciary Partners LLC’s holdings in Corning were worth $2,370,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also modified their holdings of GLW. Tallon Kerry Patrick purchased a new position in shares of Corning during the 4th quarter valued at $302,000. Van ECK Associates Corp lifted its stake in shares of Corning by 343.6% during the 4th quarter. Van ECK Associates Corp now owns 114,330 shares of the electronics maker’s stock valued at $5,433,000 after buying an additional 88,558 shares in the last quarter. LMR Partners LLP lifted its stake in shares of Corning by 140.1% during the 4th quarter. LMR Partners LLP now owns 1,200,442 shares of the electronics maker’s stock valued at $57,045,000 after buying an additional 700,442 shares in the last quarter. Assetmark Inc. lifted its stake in shares of Corning by 101.5% during the 4th quarter. Assetmark Inc. now owns 1,076 shares of the electronics maker’s stock valued at $51,000 after buying an additional 542 shares in the last quarter. Finally, Gotham Asset Management LLC purchased a new position in shares of Corning during the 4th quarter valued at $306,000. Hedge funds and other institutional investors own 69.80% of the company’s stock.

Analysts Set New Price Targets

GLW has been the topic of a number of analyst reports. Citigroup lowered their target price on shares of Corning from $58.00 to $50.00 and set a “buy” rating on the stock in a research note on Monday, April 14th. JPMorgan Chase & Co. lowered their target price on shares of Corning from $62.00 to $50.00 and set an “overweight” rating on the stock in a research note on Thursday, April 17th. Bank of America lifted their price target on shares of Corning from $65.00 to $68.00 and gave the company a “buy” rating in a report on Wednesday, March 19th. Mizuho set a $52.00 price target on shares of Corning in a report on Tuesday, April 15th. Finally, Oppenheimer reduced their price target on shares of Corning from $58.00 to $55.00 and set an “outperform” rating on the stock in a report on Wednesday, April 30th. Four analysts have rated the stock with a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Corning currently has a consensus rating of “Moderate Buy” and an average target price of $53.08.

Insider Activity at Corning

In related news, VP John Z. Zhang sold 8,000 shares of the company’s stock in a transaction dated Monday, May 12th. The shares were sold at an average price of $46.91, for a total transaction of $375,280.00. Following the transaction, the vice president now directly owns 9,610 shares in the company, valued at approximately $450,805.10. This represents a 45.43% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, SVP Michael Alan Bell sold 20,262 shares of the company’s stock in a transaction dated Wednesday, April 30th. The shares were sold at an average price of $44.06, for a total transaction of $892,743.72. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 75,796 shares of company stock worth $3,632,635. Insiders own 0.40% of the company’s stock.

Corning Stock Performance

Corning stock opened at $50.74 on Monday. The company’s 50-day moving average price is $45.28 and its 200-day moving average price is $47.68. Corning Incorporated has a twelve month low of $36.58 and a twelve month high of $55.33. The company has a quick ratio of 1.07, a current ratio of 1.62 and a debt-to-equity ratio of 0.62. The company has a market cap of $43.46 billion, a PE ratio of 87.48, a price-to-earnings-growth ratio of 1.50 and a beta of 1.11.

Corning (NYSE:GLW) last posted its earnings results on Tuesday, April 29th. The electronics maker reported $0.54 earnings per share for the quarter, topping analysts’ consensus estimates of $0.51 by $0.03. Corning had a net margin of 3.86% and a return on equity of 15.10%. The firm had revenue of $3.68 billion for the quarter, compared to the consensus estimate of $3.63 billion. During the same period in the previous year, the firm posted $0.38 EPS. The business’s quarterly revenue was up 12.9% on a year-over-year basis. On average, equities research analysts forecast that Corning Incorporated will post 2.33 EPS for the current fiscal year.

Corning Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, June 27th. Investors of record on Friday, May 30th will be issued a dividend of $0.28 per share. The ex-dividend date of this dividend is Friday, May 30th. This represents a $1.12 annualized dividend and a yield of 2.21%. Corning’s payout ratio is 215.38%.

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.