Corning Incorporated (NYSE:GLW) Shares Acquired by Azzad Asset Management Inc. ADV

Azzad Asset Management Inc. ADV lifted its position in Corning Incorporated (NYSE:GLW) by 1.4% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 77,448 shares of the electronics maker’s stock after buying an additional 1,044 shares during the quarter. Azzad Asset Management Inc. ADV’s holdings in Corning were worth $3,009,000 at the end of the most recent reporting period.

Other hedge funds have also recently bought and sold shares of the company. Norges Bank purchased a new position in shares of Corning in the fourth quarter valued at approximately $247,721,000. Price T Rowe Associates Inc. MD lifted its holdings in Corning by 35.1% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 17,200,828 shares of the electronics maker’s stock worth $566,941,000 after buying an additional 4,464,893 shares in the last quarter. Wellington Management Group LLP boosted its position in Corning by 9.0% in the 4th quarter. Wellington Management Group LLP now owns 31,312,779 shares of the electronics maker’s stock valued at $953,474,000 after buying an additional 2,597,878 shares during the period. Goldman Sachs Group Inc. boosted its position in Corning by 41.7% in the 4th quarter. Goldman Sachs Group Inc. now owns 6,212,356 shares of the electronics maker’s stock valued at $189,166,000 after buying an additional 1,828,097 shares during the period. Finally, Natixis grew its stake in shares of Corning by 2,405.2% in the first quarter. Natixis now owns 1,807,801 shares of the electronics maker’s stock worth $59,585,000 after acquiring an additional 1,735,638 shares in the last quarter. Institutional investors and hedge funds own 69.80% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on the company. Argus lifted their target price on Corning from $40.00 to $50.00 and gave the company a “buy” rating in a report on Tuesday, July 9th. UBS Group boosted their price objective on Corning from $38.00 to $44.00 and gave the stock a “neutral” rating in a research report on Tuesday, July 9th. Oppenheimer restated an “outperform” rating and set a $47.00 target price (down from $50.00) on shares of Corning in a research note on Wednesday, July 31st. Mizuho upgraded shares of Corning from a “neutral” rating to an “outperform” rating and lifted their price target for the stock from $44.00 to $47.00 in a research note on Wednesday, August 21st. Finally, JPMorgan Chase & Co. increased their price objective on shares of Corning from $47.00 to $55.00 and gave the company an “overweight” rating in a research report on Monday, July 29th. Six equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $45.62.

Insider Buying and Selling

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

Corning Stock Performance

Shares of Corning stock traded down $0.03 during trading on Friday, reaching $41.84. The company’s stock had a trading volume of 5,231,414 shares, compared to its average volume of 6,036,816. The company has a 50-day moving average price of $41.31 and a two-hundred day moving average price of $36.47. Corning Incorporated has a fifty-two week low of $25.26 and a fifty-two week high of $46.39. The firm has a market cap of $35.84 billion, a PE ratio of 58.93, a P/E/G ratio of 1.63 and a beta of 1.05. 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 posted its quarterly earnings data on Tuesday, July 30th. The electronics maker reported $0.47 EPS for the quarter, beating analysts’ consensus estimates of $0.46 by $0.01. Corning had a net margin of 3.53% and a return on equity of 12.69%. The company had revenue of $3.60 billion for the quarter, compared to analyst estimates of $3.55 billion. During the same period in the previous year, the business posted $0.45 earnings per share. Corning’s quarterly revenue was up 3.5% on a year-over-year basis. On average, analysts forecast that Corning Incorporated will post 1.91 EPS for the current year.

Corning Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, September 27th. Stockholders of record on Friday, August 30th will be paid a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a dividend yield of 2.68%. The ex-dividend date of this dividend is Friday, August 30th. Corning’s dividend payout ratio (DPR) is presently 157.75%.

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.