Wedgewood Investors Inc. PA Invests $384,000 in Corning Incorporated (NYSE:GLW)

Wedgewood Investors Inc. PA purchased a new position in Corning Incorporated (NYSE:GLW) in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm purchased 9,872 shares of the electronics maker’s stock, valued at approximately $384,000.

A number of other large investors also recently bought and sold shares of the business. Grove Bank & Trust grew its stake in shares of Corning by 21.5% in the second quarter. Grove Bank & Trust now owns 1,414 shares of the electronics maker’s stock worth $55,000 after acquiring an additional 250 shares during the last quarter. Burns J W & Co. Inc. NY grew its position in Corning by 1.9% during the 2nd quarter. Burns J W & Co. Inc. NY now owns 13,500 shares of the electronics maker’s stock valued at $524,000 after purchasing an additional 251 shares during the last quarter. Long Run Wealth Advisors LLC increased its stake in Corning by 0.8% during the 2nd quarter. Long Run Wealth Advisors LLC now owns 33,624 shares of the electronics maker’s stock valued at $1,306,000 after purchasing an additional 274 shares in the last quarter. Legacy Capital Group California Inc. raised its holdings in Corning by 1.0% in the second quarter. Legacy Capital Group California Inc. now owns 28,863 shares of the electronics maker’s stock worth $1,121,000 after buying an additional 278 shares during the last quarter. Finally, Alaska Permanent Fund Corp raised its holdings in Corning by 0.4% in the first quarter. Alaska Permanent Fund Corp now owns 83,551 shares of the electronics maker’s stock worth $2,754,000 after buying an additional 329 shares during the last quarter. 69.80% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Corning

In related news, VP Jeffrey W. Evenson sold 12,830 shares of the firm’s stock in a transaction on Wednesday, June 5th. The shares were sold at an average price of $37.39, for a total transaction of $479,713.70. Following the completion of the transaction, the vice president now directly owns 57,280 shares of the company’s stock, valued at $2,141,699.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.40% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on GLW. Susquehanna raised their price target on shares of Corning from $40.00 to $46.00 and gave the company a “positive” rating in a research report on Wednesday, July 31st. UBS Group boosted their price target on Corning from $38.00 to $44.00 and gave the stock a “neutral” rating in a research note on Tuesday, July 9th. Fox Advisors raised Corning from an “equal weight” rating to an “overweight” rating and set a $45.00 price target on the stock in a report on Monday, June 17th. Argus lifted their price objective on Corning from $40.00 to $50.00 and gave the stock a “buy” rating in a report on Tuesday, July 9th. Finally, Barclays upped their target price on shares of Corning from $36.00 to $40.00 and gave the company an “equal weight” rating in a research note on Wednesday, July 31st. Six equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $45.62.

Corning Stock Performance

GLW stock traded up $0.67 during midday trading on Friday, reaching $41.94. 2,893,101 shares of the company’s stock traded hands, compared to its average volume of 7,012,128. The stock’s 50-day moving average is $41.08 and its 200 day moving average is $36.18. The stock has a market cap of $35.93 billion, a P/E ratio of 59.07, a PEG ratio of 1.60 and a beta of 1.05. Corning Incorporated has a 52-week low of $25.26 and a 52-week high of $46.39. The company has a current ratio of 1.57, a quick ratio of 0.98 and a debt-to-equity ratio of 0.63.

Corning (NYSE:GLW) last released its quarterly earnings results on Tuesday, July 30th. The electronics maker reported $0.47 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.46 by $0.01. The business had revenue of $3.60 billion during the quarter, compared to analyst estimates of $3.55 billion. Corning had a return on equity of 12.69% and a net margin of 3.53%. Corning’s revenue for the quarter was up 3.5% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.45 earnings per share. As a group, analysts anticipate that Corning Incorporated will post 1.91 EPS for the current year.

Corning Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 27th. Shareholders of record on Friday, August 30th will be issued a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a yield of 2.67%. The ex-dividend date of this dividend is Friday, August 30th. Corning’s dividend payout ratio (DPR) is currently 157.75%.

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.