Fidelity D & D Bancorp Inc. Invests $201,000 in Corning Incorporated (NYSE:GLW)

Fidelity D & D Bancorp Inc. purchased a new position in shares of Corning Incorporated (NYSE:GLW) during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 6,094 shares of the electronics maker’s stock, valued at approximately $201,000.

A number of other hedge funds have also bought and sold shares of GLW. Alaska Permanent Fund Corp increased its holdings in Corning by 0.4% during the 1st quarter. Alaska Permanent Fund Corp now owns 83,551 shares of the electronics maker’s stock worth $2,754,000 after acquiring an additional 329 shares during the period. Level Four Advisory Services LLC increased its holdings in shares of Corning by 3.8% in the 4th quarter. Level Four Advisory Services LLC now owns 9,411 shares of the electronics maker’s stock worth $287,000 after buying an additional 343 shares during the last quarter. Madison Asset Management LLC raised its position in shares of Corning by 0.7% during the 4th quarter. Madison Asset Management LLC now owns 53,113 shares of the electronics maker’s stock valued at $1,617,000 after buying an additional 349 shares in the last quarter. Harvest Investment Advisors LLC raised its position in shares of Corning by 1.0% during the 3rd quarter. Harvest Investment Advisors LLC now owns 36,286 shares of the electronics maker’s stock valued at $1,106,000 after buying an additional 364 shares in the last quarter. Finally, Venture Visionary Partners LLC raised its position in shares of Corning by 2.0% during the 4th quarter. Venture Visionary Partners LLC now owns 19,359 shares of the electronics maker’s stock valued at $589,000 after buying an additional 380 shares in the last quarter. Institutional investors own 69.80% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on the stock. JPMorgan Chase & Co. upgraded shares of Corning from a “neutral” rating to an “overweight” rating and raised their price objective for the company from $37.00 to $43.00 in a research report on Thursday, May 30th. UBS Group lifted their target price on shares of Corning from $35.00 to $38.00 and gave the stock a “neutral” rating in a research report on Thursday, May 30th. Susquehanna reissued a “positive” rating and issued a $40.00 price target on shares of Corning in a report on Monday, April 1st. Mizuho raised their price target on shares of Corning from $36.00 to $42.00 and gave the stock a “neutral” rating in a report on Tuesday, June 18th. Finally, Morgan Stanley cut shares of Corning from an “overweight” rating to an “equal weight” rating and lifted their price target for the company from $35.00 to $38.00 in a research report on Thursday, June 13th. One research analyst has rated the stock with a sell rating, six have issued a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat, Corning presently has a consensus rating of “Hold” and an average target price of $38.67.

Corning Stock Performance

Shares of GLW traded up $0.26 during mid-day trading on Friday, hitting $38.85. 8,378,016 shares of the company traded hands, compared to its average volume of 7,940,919. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.02 and a current ratio of 1.67. The stock has a 50-day moving average price of $35.97 and a two-hundred day moving average price of $33.11. Corning Incorporated has a 1 year low of $25.26 and a 1 year high of $40.46. The stock has a market cap of $33.28 billion, a price-to-earnings ratio of 54.72, a P/E/G ratio of 1.75 and a beta of 1.08.

Corning (NYSE:GLW) last posted its quarterly earnings results on Tuesday, April 30th. The electronics maker reported $0.38 earnings per share for the quarter, topping analysts’ consensus estimates of $0.36 by $0.02. The business had revenue of $2.98 billion during the quarter, compared to analyst estimates of $3.12 billion. Corning had a net margin of 4.96% and a return on equity of 12.31%. The company’s revenue was down 11.5% on a year-over-year basis. During the same period in the prior year, the business posted $0.41 earnings per share. Equities analysts anticipate that Corning Incorporated will post 1.9 earnings per share for the current year.

Corning Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, September 27th. Investors of record on Friday, August 30th will be paid a dividend of $0.28 per share. The ex-dividend date of this dividend is Thursday, August 29th. This represents a $1.12 annualized dividend and a yield of 2.88%. Corning’s payout ratio is 157.75%.

Insider Buying and Selling at Corning

In other Corning news, VP Jeffrey W. Evenson sold 103,437 shares of the stock in a transaction on Monday, May 6th. The shares were sold at an average price of $33.19, for a total transaction of $3,433,074.03. Following the completion of the transaction, the vice president now owns 70,110 shares in the company, valued at $2,326,950.90. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other Corning news, VP Jeffrey W. Evenson sold 103,437 shares of the stock in a transaction on Monday, May 6th. The shares were sold at an average price of $33.19, for a total transaction of $3,433,074.03. Following the completion of the transaction, the vice president now owns 70,110 shares in the company, valued at $2,326,950.90. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Lewis A. Steverson sold 29,978 shares of the stock in a transaction on Wednesday, May 1st. The shares were sold at an average price of $33.05, for a total transaction of $990,772.90. Following the transaction, the executive vice president now owns 31,294 shares of the company’s stock, valued at approximately $1,034,266.70. The disclosure for this sale can be found here. Insiders sold 175,207 shares of company stock worth $5,876,067 over the last 90 days. 0.40% of the stock is owned by insiders.

About Corning

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.