Corning Incorporated (NYSE:GLW) Shares Purchased by Romano Brothers AND Company

Romano Brothers AND Company increased its holdings in Corning Incorporated (NYSE:GLW) by 6.6% in the 4th quarter, according to its most recent disclosure with the SEC. The firm owned 42,875 shares of the electronics maker’s stock after acquiring an additional 2,640 shares during the period. Romano Brothers AND Company’s holdings in Corning were worth $1,306,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in GLW. Cibc World Market Inc. boosted its position in shares of Corning by 22.1% during the first quarter. Cibc World Market Inc. now owns 65,555 shares of the electronics maker’s stock worth $2,420,000 after buying an additional 11,884 shares during the period. Prudential PLC acquired a new position in Corning during the 1st quarter worth $588,000. Sequoia Financial Advisors LLC lifted its holdings in Corning by 15.5% during the 1st quarter. Sequoia Financial Advisors LLC now owns 7,922 shares of the electronics maker’s stock worth $293,000 after buying an additional 1,062 shares during the last quarter. Vanguard Group Inc. lifted its holdings in Corning by 0.7% during the 1st quarter. Vanguard Group Inc. now owns 92,746,889 shares of the electronics maker’s stock worth $3,423,287,000 after buying an additional 671,480 shares during the last quarter. Finally, Baird Financial Group Inc. lifted its holdings in Corning by 24.4% during the 1st quarter. Baird Financial Group Inc. now owns 714,932 shares of the electronics maker’s stock worth $26,388,000 after buying an additional 140,098 shares during the last quarter. 69.80% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

GLW has been the subject of several analyst reports. Susquehanna reaffirmed a “positive” rating and set a $40.00 price objective on shares of Corning in a research note on Monday, April 1st. HSBC downgraded Corning from a “hold” rating to a “reduce” rating and set a $29.00 price objective for the company. in a research note on Thursday, February 1st. Barclays upped their price objective on Corning from $28.00 to $35.00 and gave the company an “equal weight” rating in a research note on Wednesday, January 31st. JPMorgan Chase & Co. upped their price objective on Corning from $34.00 to $36.00 and gave the company a “neutral” rating in a research note on Thursday. Finally, UBS Group upped their price objective on Corning from $34.00 to $35.00 and gave the company a “neutral” rating in a research note on Monday, April 8th. One analyst has rated the stock with a sell rating, five have issued a hold rating and four have given a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and an average target price of $34.56.

Insider Buying and Selling at Corning

In other news, Vice Chairman Lawrence D. Mcrae sold 77,464 shares of the firm’s stock in a transaction dated Thursday, March 21st. The stock was sold at an average price of $33.24, for a total transaction of $2,574,903.36. Following the completion of the sale, the insider now directly owns 215,254 shares in the company, valued at $7,155,042.96. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.40% of the stock is currently owned by corporate insiders.

Corning Trading Down 2.4 %

Shares of GLW traded down $0.78 during trading hours on Friday, hitting $31.49. The stock had a trading volume of 3,352,454 shares, compared to its average volume of 4,452,496. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.05 and a current ratio of 1.67. The firm has a market cap of $26.93 billion, a P/E ratio of 47.00, a P/E/G ratio of 1.79 and a beta of 1.08. The company’s fifty day simple moving average is $32.40 and its 200 day simple moving average is $30.36. Corning Incorporated has a 12-month low of $25.26 and a 12-month high of $36.01.

Corning (NYSE:GLW) last issued its earnings results on Tuesday, January 30th. The electronics maker reported $0.39 earnings per share for the quarter, hitting the consensus estimate of $0.39. The business had revenue of $2.99 billion for the quarter, compared to analyst estimates of $3.26 billion. Corning had a return on equity of 12.31% and a net margin of 4.62%. The business’s quarterly revenue was down 12.1% on a year-over-year basis. During the same period last year, the company posted $0.47 EPS. Equities research analysts forecast that Corning Incorporated will post 1.86 EPS for the current fiscal year.

Corning Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 28th. Shareholders of record on Thursday, February 29th were given a $0.28 dividend. This represents a $1.12 annualized dividend and a yield of 3.56%. The ex-dividend date was Wednesday, February 28th. Corning’s dividend payout ratio (DPR) is presently 167.16%.

About Corning

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.