Alpha Windward LLC Boosts Position in Corning Incorporated (NYSE:GLW)

Alpha Windward LLC boosted its stake in shares of Corning Incorporated (NYSE:GLW) by 82.8% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 29,566 shares of the electronics maker’s stock after buying an additional 13,389 shares during the period. Corning accounts for approximately 0.6% of Alpha Windward LLC’s holdings, making the stock its 12th largest position. Alpha Windward LLC’s holdings in Corning were worth $888,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently bought and sold shares of GLW. BlackRock Inc. increased its position in Corning by 1,930.0% in the first quarter. BlackRock Inc. now owns 56,841,179 shares of the electronics maker’s stock valued at $1,534,712,000 after buying an additional 54,041,176 shares in the last quarter. Wedge Capital Management L L P NC purchased a new position in Corning during the first quarter valued at approximately $58,813,000. Janus Capital Management LLC increased its position in Corning by 60.3% in the first quarter. Janus Capital Management LLC now owns 5,657,868 shares of the electronics maker’s stock valued at $152,763,000 after buying an additional 2,127,260 shares in the last quarter. Gotham Asset Management LLC increased its position in Corning by 17,844.0% in the first quarter. Gotham Asset Management LLC now owns 1,717,781 shares of the electronics maker’s stock valued at $46,380,000 after buying an additional 1,708,208 shares in the last quarter. Finally, SG Americas Securities LLC increased its position in Corning by 127.9% in the first quarter. SG Americas Securities LLC now owns 329,209 shares of the electronics maker’s stock valued at $8,889,000 after buying an additional 1,510,245 shares in the last quarter. Hedge funds and other institutional investors own 72.68% of the company’s stock.

Corning Incorporated (NYSE GLW) opened at 31.85 on Friday. The company has a market cap of $29.31 billion, a price-to-earnings ratio of 8.44 and a beta of 1.41. The firm has a 50-day moving average price of $30.10 and a 200 day moving average price of $27.97. Corning Incorporated has a one year low of $20.76 and a one year high of $32.06.

Corning (NYSE:GLW) last posted its earnings results on Tuesday, April 25th. The electronics maker reported $0.39 earnings per share for the quarter, topping analysts’ consensus estimates of $0.35 by $0.04. Corning had a return on equity of 11.25% and a net margin of 42.69%. The firm had revenue of $2.38 billion for the quarter, compared to the consensus estimate of $2.37 billion. During the same quarter in the prior year, the business earned $0.28 EPS. The business’s revenue for the quarter was up 16.0% on a year-over-year basis. Equities analysts expect that Corning Incorporated will post $1.73 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Friday, September 29th. Shareholders of record on Thursday, August 31st will be issued a dividend of $0.155 per share. The ex-dividend date of this dividend is Tuesday, August 29th. This represents a $0.62 dividend on an annualized basis and a dividend yield of 1.95%. Corning’s dividend payout ratio (DPR) is 16.89%.

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GLW has been the subject of several research reports. Drexel Hamilton increased their target price on Corning from $14.50 to $17.50 and gave the company a “sell” rating in a research report on Wednesday, April 26th. Deutsche Bank AG reissued a “buy” rating and issued a $33.00 price target (up previously from $30.00) on shares of Corning in a research note on Saturday, April 29th. Goldman Sachs Group, Inc. (The) reissued a “neutral” rating and issued a $29.00 price target on shares of Corning in a research note on Wednesday, April 26th. Zacks Investment Research raised Corning from a “hold” rating to a “buy” rating and set a $30.00 price target for the company in a research note on Friday, April 21st. Finally, Citigroup Inc. cut Corning from a “buy” rating to a “neutral” rating and increased their price target for the company from $28.00 to $29.00 in a research note on Friday, March 31st. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company. Corning has a consensus rating of “Hold” and an average target price of $27.68.

In related news, insider Clark S. Kinlin sold 40,717 shares of the company’s stock in a transaction that occurred on Thursday, June 1st. The stock was sold at an average price of $29.62, for a total value of $1,206,037.54. Following the sale, the insider now owns 72,707 shares in the company, valued at approximately $2,153,581.34. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Wendell P. Weeks sold 153,500 shares of the company’s stock in a transaction that occurred on Monday, June 5th. The stock was sold at an average price of $29.58, for a total value of $4,540,530.00. Following the completion of the sale, the chief executive officer now owns 76,750 shares in the company, valued at approximately $2,270,265. The disclosure for this sale can be found here. Insiders have sold a total of 457,433 shares of company stock worth $13,393,083 in the last quarter. Company insiders own 0.59% of the company’s stock.

About Corning

Corning Incorporated is engaged in manufacturing specialty glass and ceramics. Its segments include Display Technologies, Optical Communications, Environmental Technologies, Specialty Materials, Life Sciences and All Other. The Display Technologies segment manufactures glass substrates for flat panel liquid crystal displays (LCDs).

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