New Age Alpha Advisors LLC Makes New $64,000 Investment in Corning Incorporated (NYSE:GLW)

New Age Alpha Advisors LLC acquired a new position in shares of Corning Incorporated (NYSE:GLW) during the first quarter, HoldingsChannel.com reports. The institutional investor acquired 1,402 shares of the electronics maker’s stock, valued at approximately $64,000.

A number of other hedge funds have also recently added to or reduced their stakes in the stock. Vermillion Wealth Management Inc. bought a new position in shares of Corning in the 4th quarter valued at $29,000. Putney Financial Group LLC bought a new position in shares of Corning in the 4th quarter valued at $30,000. Investment Management Corp VA ADV increased its stake in shares of Corning by 165.9% in the 1st quarter. Investment Management Corp VA ADV now owns 742 shares of the electronics maker’s stock valued at $34,000 after purchasing an additional 463 shares during the last quarter. Transce3nd LLC bought a new position in shares of Corning in the 4th quarter valued at $39,000. Finally, ORG Partners LLC increased its stake in shares of Corning by 115.8% in the 1st quarter. ORG Partners LLC now owns 887 shares of the electronics maker’s stock valued at $40,000 after purchasing an additional 476 shares during the last quarter. Institutional investors own 69.80% of the company’s stock.

Insider Activity

In other Corning news, CEO Wendell P. Weeks sold 82,103 shares of Corning stock in a transaction dated Thursday, August 7th. The stock was sold at an average price of $65.19, for a total transaction of $5,352,294.57. Following the transaction, the chief executive officer directly owned 809,295 shares of the company’s stock, valued at approximately $52,757,941.05. The trade was a 9.21% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Stefan Becker sold 17,106 shares of Corning stock in a transaction dated Thursday, May 29th. The stock was sold at an average price of $49.68, for a total value of $849,826.08. Following the transaction, the senior vice president directly owned 16,117 shares in the company, valued at $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. In the last three months, insiders sold 211,484 shares of company stock worth $12,813,804. 0.32% of the stock is owned by corporate insiders.

Corning Stock Down 1.2%

Shares of GLW opened at $65.00 on Tuesday. The company has a market capitalization of $55.68 billion, a PE ratio of 69.15, a PEG ratio of 1.48 and a beta of 1.08. Corning Incorporated has a 12 month low of $37.31 and a 12 month high of $66.50. The stock’s 50-day moving average price is $54.51 and its two-hundred day moving average price is $49.69. The company has a current ratio of 1.50, a quick ratio of 0.93 and a debt-to-equity ratio of 0.58.

Corning (NYSE:GLW) last announced its earnings results on Tuesday, July 29th. The electronics maker reported $0.60 EPS for the quarter, topping the consensus estimate of $0.57 by $0.03. The firm had revenue of $3.86 billion for the quarter, compared to the consensus estimate of $3.84 billion. Corning had a return on equity of 17.27% and a net margin of 5.77%. During the same period in the previous year, the business earned $0.47 EPS. On average, analysts anticipate that Corning Incorporated will post 2.33 EPS for the current year.

Corning Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, September 29th. Shareholders of record on Friday, August 29th will be issued a dividend of $0.28 per share. The ex-dividend date of this dividend is Friday, August 29th. This represents a $1.12 annualized dividend and a yield of 1.7%. Corning’s payout ratio is presently 119.15%.

Analyst Ratings Changes

Several equities analysts have recently issued reports on GLW shares. UBS Group lifted their price target on Corning from $57.00 to $65.00 and gave the company a “neutral” rating in a research note on Wednesday, August 6th. Barclays lifted their price target on Corning from $52.00 to $65.00 and gave the company an “equal weight” rating in a research note on Wednesday, July 30th. Susquehanna reiterated a “positive” rating and issued a $75.00 price target (up previously from $60.00) on shares of Corning in a research note on Wednesday, July 30th. Wolfe Research began coverage on Corning in a report on Tuesday, July 8th. They set an “outperform” rating on the stock. Finally, Citigroup raised their price objective on Corning from $52.00 to $60.00 and gave the company a “buy” rating in a report on Friday, July 11th. Three research analysts have rated the stock with a hold rating, ten have assigned a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $65.17.

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.