Oak Thistle LLC Has $727,000 Holdings in Corning Incorporated (NYSE:GLW)

Oak Thistle LLC reduced its position in Corning Incorporated (NYSE:GLW) by 70.9% during the 1st quarter, HoldingsChannel.com reports. The firm owned 22,059 shares of the electronics maker’s stock after selling 53,617 shares during the quarter. Corning makes up about 0.7% of Oak Thistle LLC’s investment portfolio, making the stock its 19th largest holding. Oak Thistle LLC’s holdings in Corning were worth $727,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Cape Investment Advisory Inc. increased its position in Corning by 800.0% in the 4th quarter. Cape Investment Advisory Inc. now owns 900 shares of the electronics maker’s stock worth $27,000 after purchasing an additional 800 shares during the last quarter. SRS Capital Advisors Inc. increased its holdings in shares of Corning by 232.9% during the 3rd quarter. SRS Capital Advisors Inc. now owns 932 shares of the electronics maker’s stock valued at $28,000 after acquiring an additional 652 shares during the last quarter. Bruce G. Allen Investments LLC acquired a new position in shares of Corning during the 4th quarter valued at about $31,000. EverSource Wealth Advisors LLC increased its holdings in shares of Corning by 347.3% during the 4th quarter. EverSource Wealth Advisors LLC now owns 1,060 shares of the electronics maker’s stock valued at $32,000 after acquiring an additional 823 shares during the last quarter. Finally, Emfo LLC acquired a new position in shares of Corning during the 4th quarter valued at about $33,000. 69.80% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, VP Jeffrey W. Evenson sold 12,830 shares of the firm’s stock in a transaction that occurred on Wednesday, June 5th. The stock was sold at an average price of $37.39, for a total transaction of $479,713.70. Following the completion of the transaction, the vice president now owns 57,280 shares in the company, valued at approximately $2,141,699.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In related news, VP Jeffrey W. Evenson sold 12,830 shares of the firm’s stock in a transaction that occurred on Wednesday, June 5th. The stock was sold at an average price of $37.39, for a total transaction of $479,713.70. Following the completion of the transaction, the vice president now owns 57,280 shares in the company, valued at approximately $2,141,699.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, SVP John Z. Zhang sold 12,546 shares of the firm’s stock in a transaction that occurred on Thursday, May 2nd. The stock was sold at an average price of $33.42, for a total value of $419,287.32. Following the transaction, the senior vice president now owns 11,355 shares of the company’s stock, valued at approximately $379,484.10. The disclosure for this sale can be found here. Insiders sold 175,207 shares of company stock worth $5,876,067 in the last 90 days. 0.45% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of research analysts have recently commented on the company. JPMorgan Chase & Co. raised Corning from a “neutral” rating to an “overweight” rating and increased their price objective for the company from $37.00 to $43.00 in a report on Thursday, May 30th. Bank of America increased their price objective on Corning from $38.00 to $42.00 and gave the company a “buy” rating in a report on Friday, June 14th. Mizuho increased their target price on Corning from $36.00 to $42.00 and gave the company a “neutral” rating in a research note on Tuesday, June 18th. Fox Advisors upgraded Corning from an “equal weight” rating to an “overweight” rating and set a $45.00 target price for the company in a research note on Monday, June 17th. Finally, Susquehanna restated a “positive” rating and set a $40.00 target price on shares of Corning in a research note on Monday, April 1st. 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. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $38.67.

Corning Stock Performance

Shares of GLW stock traded down $0.19 during mid-day trading on Monday, reaching $38.66. The stock had a trading volume of 4,079,977 shares, compared to its average volume of 5,429,682. The firm’s 50 day simple moving average is $35.97 and its 200 day simple moving average is $33.16. The company has a quick ratio of 1.02, a current ratio of 1.67 and a debt-to-equity ratio of 0.61. Corning Incorporated has a one year low of $25.26 and a one year high of $40.46. The firm has a market cap of $33.12 billion, a PE ratio of 54.45, a P/E/G ratio of 1.77 and a beta of 1.05.

Corning (NYSE:GLW) last announced its quarterly earnings data on Tuesday, April 30th. The electronics maker reported $0.38 EPS for the quarter, topping analysts’ consensus estimates of $0.36 by $0.02. The company had revenue of $2.98 billion during the quarter, compared to the consensus estimate of $3.12 billion. Corning had a return on equity of 12.31% and a net margin of 4.96%. The company’s quarterly revenue was down 11.5% on a year-over-year basis. During the same quarter last year, the company earned $0.41 EPS. On average, analysts forecast that Corning Incorporated will post 1.9 EPS 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 given a dividend of $0.28 per share. The ex-dividend date is Thursday, August 29th. This represents a $1.12 annualized dividend and a dividend yield of 2.90%. 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.