West Oak Capital LLC Acquires 800 Shares of Corning Incorporated (NYSE:GLW)

West Oak Capital LLC increased its stake in Corning Incorporated (NYSE:GLW) by 1.6% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 50,890 shares of the electronics maker’s stock after acquiring an additional 800 shares during the period. West Oak Capital LLC’s holdings in Corning were worth $1,557,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Peoples Bank KS bought a new stake in shares of Corning in the third quarter worth about $25,000. OFI Invest Asset Management purchased a new stake in Corning in the third quarter worth about $25,000. Janiczek Wealth Management LLC boosted its position in Corning by 173.6% during the 3rd quarter. Janiczek Wealth Management LLC now owns 900 shares of the electronics maker’s stock valued at $27,000 after acquiring an additional 571 shares in the last quarter. Quarry LP purchased a new position in shares of Corning during the 2nd quarter worth approximately $32,000. Finally, SRS Capital Advisors Inc. raised its position in shares of Corning by 232.9% in the 3rd quarter. SRS Capital Advisors Inc. now owns 932 shares of the electronics maker’s stock worth $28,000 after acquiring an additional 652 shares in the last quarter. Hedge funds and other institutional investors own 69.80% of the company’s stock.

Insider Activity at Corning

In other Corning news, Vice Chairman Lawrence D. Mcrae sold 77,464 shares of the firm’s stock in a transaction dated Thursday, March 21st. The stock was sold at an average price of $33.24, for a total value of $2,574,903.36. Following the transaction, the insider now directly owns 215,254 shares of the company’s stock, valued at $7,155,042.96. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.40% of the stock is owned by company insiders.

Corning Stock Performance

GLW traded up $0.05 during midday trading on Thursday, hitting $33.07. 731,884 shares of the company traded hands, compared to its average volume of 4,792,948. The company’s 50-day moving average is $32.05 and its 200 day moving average is $30.25. Corning Incorporated has a 52 week low of $25.26 and a 52 week high of $36.01. The firm has a market capitalization of $28.29 billion, a PE ratio of 49.28, a price-to-earnings-growth ratio of 1.84 and a beta of 1.08. The company has a quick ratio of 1.05, a current ratio of 1.67 and a debt-to-equity ratio of 0.61.

Corning (NYSE:GLW) last issued its quarterly earnings data on Tuesday, January 30th. The electronics maker reported $0.39 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.39. Corning had a net margin of 4.62% and a return on equity of 12.31%. The company had revenue of $2.99 billion for the quarter, compared to the consensus estimate of $3.26 billion. During the same quarter in the prior year, the firm earned $0.47 earnings per share. The firm’s revenue for the quarter was down 12.1% compared to the same quarter last year. On average, research analysts expect that Corning Incorporated will post 1.86 EPS for the current year.

Corning Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, March 28th. Investors of record on Thursday, February 29th will be issued a $0.28 dividend. This represents a $1.12 annualized dividend and a dividend yield of 3.39%. The ex-dividend date is Wednesday, February 28th. Corning’s payout ratio is currently 167.16%.

Analyst Ratings Changes

Several equities research analysts recently weighed in on GLW shares. StockNews.com lowered Corning from a “hold” rating to a “sell” rating in a research report on Sunday. Barclays boosted their target price on shares of Corning from $28.00 to $35.00 and gave the company an “equal weight” rating in a report on Wednesday, January 31st. HSBC cut shares of Corning from a “hold” rating to a “reduce” rating and set a $29.00 price target for the company. in a research report on Thursday, February 1st. Finally, UBS Group upped their price objective on shares of Corning from $29.00 to $32.00 and gave the stock a “neutral” rating in a report on Thursday, January 11th. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $32.88.

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.