Manchester Financial Inc. Buys 603 Shares of Corning Incorporated (NYSE:GLW)

Manchester Financial Inc. lifted its holdings in shares of Corning Incorporated (NYSE:GLW) by 70.0% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 1,464 shares of the electronics maker’s stock after purchasing an additional 603 shares during the period. Manchester Financial Inc.’s holdings in Corning were worth $64,000 as of its most recent filing with the SEC.

Several other large investors have also modified their holdings of GLW. Norges Bank acquired a new position in Corning in the fourth quarter valued at $280,667,000. First Trust Advisors LP raised its holdings in shares of Corning by 629.7% during the fourth quarter. First Trust Advisors LP now owns 2,480,472 shares of the electronics maker’s stock valued at $89,297,000 after purchasing an additional 2,140,539 shares during the period. KBC Group NV raised its holdings in shares of Corning by 331.3% during the fourth quarter. KBC Group NV now owns 1,464,415 shares of the electronics maker’s stock valued at $52,718,000 after purchasing an additional 1,124,877 shares during the period. Bowen Hanes & Co. Inc. raised its holdings in shares of Corning by 805.1% during the fourth quarter. Bowen Hanes & Co. Inc. now owns 1,194,259 shares of the electronics maker’s stock valued at $42,993,000 after purchasing an additional 1,062,315 shares during the period. Finally, Nuveen Asset Management LLC raised its holdings in shares of Corning by 40.4% during the fourth quarter. Nuveen Asset Management LLC now owns 3,665,989 shares of the electronics maker’s stock valued at $131,976,000 after purchasing an additional 1,055,275 shares during the period. Institutional investors own 74.33% of the company’s stock.

In other news, EVP Lewis A. Steverson sold 35,168 shares of the stock in a transaction that occurred on Friday, May 7th. The shares were sold at an average price of $46.03, for a total transaction of $1,618,783.04. Following the completion of the transaction, the executive vice president now directly owns 35,168 shares of the company’s stock, valued at approximately $1,618,783.04. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Roger W. Jr. Ferguson bought 1,324 shares of Corning stock in a transaction dated Wednesday, May 5th. The shares were bought at an average cost of $45.30 per share, with a total value of $59,977.20. Following the completion of the transaction, the director now directly owns 1,324 shares in the company, valued at $59,977.20. The disclosure for this purchase can be found here. Insiders sold a total of 70,521,807 shares of company stock valued at $3,066,001,063 over the last ninety days. 0.47% of the stock is currently owned by insiders.

Several equities analysts have recently weighed in on the stock. Barclays upgraded shares of Corning from an “equal weight” rating to an “overweight” rating and upped their price objective for the company from $31.00 to $44.00 in a report on Thursday, January 14th. Argus upped their price objective on shares of Corning from $42.00 to $54.00 and gave the company a “buy” rating in a report on Wednesday, April 7th. Morgan Stanley upped their price objective on shares of Corning from $37.00 to $40.00 and gave the company an “equal weight” rating in a report on Tuesday, May 4th. Oppenheimer raised shares of Corning from a “market perform” rating to an “outperform” rating and set a $45.00 target price for the company in a research report on Thursday, January 28th. Finally, Zacks Investment Research raised shares of Corning from a “hold” rating to a “buy” rating and set a $50.00 target price for the company in a research report on Tuesday, April 20th. Two analysts have rated the stock with a hold rating and nine have given a buy rating to the company. Corning currently has a consensus rating of “Buy” and an average price target of $42.80.

Shares of GLW stock opened at $45.14 on Wednesday. Corning Incorporated has a 52-week low of $18.82 and a 52-week high of $46.82. The company has a debt-to-equity ratio of 0.74, a quick ratio of 1.42 and a current ratio of 2.09. The company has a 50-day simple moving average of $44.60 and a two-hundred day simple moving average of $38.85. The company has a market capitalization of $38.43 billion, a price-to-earnings ratio of 225.70, a PEG ratio of 9.93 and a beta of 1.16.

Corning (NYSE:GLW) last issued its quarterly earnings data on Tuesday, April 27th. The electronics maker reported $0.45 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.43 by $0.02. Corning had a net margin of 2.71% and a return on equity of 11.50%. The business had revenue of $3.29 billion during the quarter, compared to the consensus estimate of $3.11 billion. During the same period in the prior year, the firm posted $0.20 EPS. The firm’s quarterly revenue was up 37.6% compared to the same quarter last year. On average, sell-side analysts forecast that Corning Incorporated will post 1.36 EPS for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 29th. Shareholders of record on Friday, May 28th will be given a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a yield of 2.13%. The ex-dividend date is Thursday, May 27th. Corning’s payout ratio is 54.55%.

Corning 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.

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Institutional Ownership by Quarter for Corning (NYSE:GLW)

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