Rodgers Brothers Inc. Reduces Holdings in Corning Incorporated (NYSE:GLW)

Rodgers Brothers Inc. decreased its position in Corning Incorporated (NYSE:GLW) by 1.0% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 132,855 shares of the electronics maker’s stock after selling 1,400 shares during the period. Corning accounts for approximately 1.2% of Rodgers Brothers Inc.’s investment portfolio, making the stock its 23rd largest position. Rodgers Brothers Inc.’s holdings in Corning were worth $5,781,000 at the end of the most recent quarter.

Several other institutional investors have also recently bought and sold shares of the company. Bluefin Capital Management LLC purchased a new stake in shares of Corning in the 1st quarter valued at approximately $300,000. Verition Fund Management LLC boosted its position in shares of Corning by 6.5% during the 1st quarter. Verition Fund Management LLC now owns 12,228 shares of the electronics maker’s stock worth $532,000 after purchasing an additional 741 shares during the period. Cornerstone Capital Inc. boosted its position in shares of Corning by 429.5% during the 1st quarter. Cornerstone Capital Inc. now owns 347,448 shares of the electronics maker’s stock worth $15,117,000 after purchasing an additional 281,832 shares during the period. State of Wisconsin Investment Board boosted its position in shares of Corning by 35.2% during the 1st quarter. State of Wisconsin Investment Board now owns 1,359,596 shares of the electronics maker’s stock worth $59,156,000 after purchasing an additional 354,043 shares during the period. Finally, IHT Wealth Management LLC purchased a new position in shares of Corning during the 1st quarter worth approximately $228,000. 67.12% of the stock is owned by institutional investors and hedge funds.

NYSE:GLW traded down $0.26 during midday trading on Thursday, hitting $40.60. 43,930 shares of the company were exchanged, compared to its average volume of 3,494,451. The stock has a fifty day moving average of $41.79. Corning Incorporated has a fifty-two week low of $29.07 and a fifty-two week high of $46.82. The company has a quick ratio of 1.63, a current ratio of 2.31 and a debt-to-equity ratio of 0.68. The firm has a market capitalization of $34.57 billion, a P/E ratio of 31.43, a PEG ratio of 1.09 and a beta of 1.15.

Corning (NYSE:GLW) last announced its quarterly earnings results on Tuesday, April 27th. The electronics maker reported $0.45 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.43 by $0.02. Corning had a net margin of 9.89% and a return on equity of 13.66%. The firm had revenue of $3.29 billion for the quarter, compared to analyst estimates of $3.11 billion. During the same period last year, the business earned $0.20 EPS. Corning’s revenue for the quarter was up 37.6% compared to the same quarter last year. On average, equities analysts anticipate that Corning Incorporated will post 2.09 earnings per share for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Wednesday, September 29th. Investors of record on Tuesday, August 31st will be paid a dividend of $0.24 per share. The ex-dividend date of this dividend is Monday, August 30th. This represents a $0.96 annualized dividend and a yield of 2.36%. Corning’s dividend payout ratio is currently 69.06%.

GLW has been the subject of a number of research analyst reports. Zacks Investment Research raised shares of Corning from a “hold” rating to a “buy” rating and set a $50.00 price objective for the company in a research report on Tuesday, April 20th. JPMorgan Chase & Co. raised shares of Corning from a “neutral” rating to an “overweight” rating and set a $55.00 price target for the company in a research report on Monday, April 19th. Morgan Stanley raised their price target on shares of Corning from $37.00 to $40.00 and gave the company an “equal weight” rating in a research report on Wednesday, April 28th. Finally, Argus raised their price target on shares of Corning from $42.00 to $54.00 and gave the company a “buy” rating in a research report on Wednesday, April 7th. Two equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. Corning has an average rating of “Buy” and an average price target of $42.80.

In other Corning news, Director Roger W. Jr. Ferguson acquired 1,420 shares of the company’s stock in a transaction on Monday, June 14th. The shares were bought at an average cost of $42.14 per share, for a total transaction of $59,838.80. Also, VP Clark S. Kinlin sold 54,799 shares of Corning stock in a transaction on Wednesday, May 5th. The shares were sold at an average price of $45.41, for a total transaction of $2,488,422.59. Following the completion of the transaction, the vice president now owns 107,943 shares in the company, valued at $4,901,691.63. The disclosure for this sale can be found here. Over the last quarter, insiders have purchased 5,553 shares of company stock worth $239,744 and have sold 307,256 shares worth $13,776,016. 0.48% of the stock is owned by company insiders.

Corning Company Profile

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.

See Also: 52 Week Highs

Want to see what other hedge funds are holding GLW? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Corning Incorporated (NYSE:GLW).

Institutional Ownership by Quarter for Corning (NYSE:GLW)

Receive News & Ratings for Corning Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Corning and related companies with MarketBeat.com's FREE daily email newsletter.