Silverberg Bernstein Capital Management LLC Has $567,000 Position in Corning Incorporated (NYSE:GLW)

Silverberg Bernstein Capital Management LLC increased its position in Corning Incorporated (NYSE:GLW) by 184.8% during the first quarter, HoldingsChannel reports. The institutional investor owned 12,390 shares of the electronics maker’s stock after acquiring an additional 8,040 shares during the period. Silverberg Bernstein Capital Management LLC’s holdings in Corning were worth $567,000 as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. Oregon Public Employees Retirement Fund increased its position in Corning by 0.3% during the 4th quarter. Oregon Public Employees Retirement Fund now owns 66,063 shares of the electronics maker’s stock worth $3,139,000 after buying an additional 204 shares during the period. Principal Securities Inc. increased its position in Corning by 3.5% during the 4th quarter. Principal Securities Inc. now owns 6,170 shares of the electronics maker’s stock worth $293,000 after buying an additional 211 shares during the period. University of Texas Texas AM Investment Management Co. increased its position in Corning by 9.7% during the 4th quarter. University of Texas Texas AM Investment Management Co. now owns 2,422 shares of the electronics maker’s stock worth $115,000 after buying an additional 214 shares during the period. Bogart Wealth LLC increased its position in Corning by 18.3% during the 4th quarter. Bogart Wealth LLC now owns 1,419 shares of the electronics maker’s stock worth $67,000 after buying an additional 219 shares during the period. Finally, Allworth Financial LP increased its position in Corning by 1.1% during the 4th quarter. Allworth Financial LP now owns 19,581 shares of the electronics maker’s stock worth $930,000 after buying an additional 220 shares during the period. Institutional investors and hedge funds own 69.80% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on GLW. Bank of America increased their price objective on Corning from $65.00 to $68.00 and gave the stock a “buy” rating in a research report on Wednesday, March 19th. Mizuho set a $52.00 target price on Corning in a report on Tuesday, April 15th. JPMorgan Chase & Co. reduced their target price on Corning from $62.00 to $50.00 and set an “overweight” rating on the stock in a report on Thursday, April 17th. Citigroup reduced their target price on Corning from $58.00 to $50.00 and set a “buy” rating on the stock in a report on Monday, April 14th. Finally, Oppenheimer reduced their target price on Corning from $58.00 to $55.00 and set an “outperform” rating on the stock in a report on Wednesday, April 30th. Four investment analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $53.08.

Corning Stock Performance

NYSE:GLW opened at $50.03 on Tuesday. The stock’s 50-day simple moving average is $44.89 and its 200 day simple moving average is $47.57. Corning Incorporated has a twelve month low of $36.58 and a twelve month high of $55.33. The firm has a market capitalization of $42.85 billion, a PE ratio of 86.26, a price-to-earnings-growth ratio of 1.50 and a beta of 1.09. The company has a quick ratio of 1.07, a current ratio of 1.62 and a debt-to-equity ratio of 0.62.

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

Corning Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 27th. Stockholders of record on Friday, May 30th will be given a dividend of $0.28 per share. The ex-dividend date is Friday, May 30th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.24%. Corning’s dividend payout ratio (DPR) is 215.38%.

Insider Transactions at Corning

In other Corning news, SVP Michael Alan Bell sold 20,262 shares of Corning stock in a transaction that occurred on Wednesday, April 30th. The stock was sold at an average price of $44.06, for a total value of $892,743.72. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Stefan Becker sold 17,106 shares of Corning stock in a transaction that occurred on Thursday, May 29th. The stock was sold at an average price of $49.68, for a total value of $849,826.08. Following the completion of the sale, the senior vice president now owns 16,117 shares of the company’s stock, valued at approximately $800,692.56. The trade was a 51.49% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 75,796 shares of company stock worth $3,632,635 over the last ninety days. 0.40% of the stock is owned by insiders.

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.