38,628 Shares in Corning Incorporated (NYSE:GLW) Bought by Secured Retirement Advisors LLC

Secured Retirement Advisors LLC purchased a new position in Corning Incorporated (NYSE:GLW) in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 38,628 shares of the electronics maker’s stock, valued at approximately $1,836,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Northstar Advisory Group LLC boosted its holdings in Corning by 258.4% during the fourth quarter. Northstar Advisory Group LLC now owns 123,808 shares of the electronics maker’s stock worth $5,883,000 after buying an additional 89,268 shares in the last quarter. Franklin Resources Inc. boosted its holdings in shares of Corning by 48.4% during the 3rd quarter. Franklin Resources Inc. now owns 191,648 shares of the electronics maker’s stock worth $8,975,000 after purchasing an additional 62,514 shares during the last quarter. FMR LLC boosted its stake in Corning by 52.8% during the third quarter. FMR LLC now owns 3,723,044 shares of the electronics maker’s stock worth $168,095,000 after buying an additional 1,285,836 shares during the last quarter. Fifth Third Bancorp grew its stake in shares of Corning by 16.8% in the 4th quarter. Fifth Third Bancorp now owns 111,448 shares of the electronics maker’s stock valued at $5,296,000 after buying an additional 16,001 shares during the period. Finally, First Financial Bank Trust Division raised its position in Corning by 27.5% in the fourth quarter. First Financial Bank Trust Division now owns 138,153 shares of the electronics maker’s stock valued at $6,565,000 after purchasing an additional 29,790 shares during the period. Institutional investors and hedge funds own 69.80% of the company’s stock.

Corning Price Performance

NYSE:GLW opened at $52.58 on Friday. Corning Incorporated has a one year low of $30.72 and a one year high of $55.33. The stock has a market cap of $45.02 billion, a P/E ratio of 90.66, a PEG ratio of 1.55 and a beta of 1.03. The company has a fifty day moving average price of $49.52 and a 200 day moving average price of $46.23. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.62 and a quick ratio of 1.07.

Corning (NYSE:GLW) last released its quarterly earnings data on Wednesday, January 29th. The electronics maker reported $0.57 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.56 by $0.01. Corning had a return on equity of 15.10% and a net margin of 3.86%. Analysts anticipate that Corning Incorporated will post 2.33 earnings per share for the current year.

Corning Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Friday, February 28th will be paid a dividend of $0.28 per share. The ex-dividend date is Friday, February 28th. This represents a $1.12 annualized dividend and a dividend yield of 2.13%. Corning’s dividend payout ratio is currently 193.11%.

Insider Buying and Selling at Corning

In other Corning news, COO Eric S. Musser sold 30,000 shares of the stock in a transaction that occurred on Friday, January 31st. The shares were sold at an average price of $51.92, for a total transaction of $1,557,600.00. Following the transaction, the chief operating officer now owns 152,944 shares in the company, valued at $7,940,852.48. This represents a 16.40 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, SVP John P. Bayne, Jr. sold 5,000 shares of the company’s stock in a transaction dated Friday, November 22nd. The stock was sold at an average price of $48.39, for a total transaction of $241,950.00. Following the sale, the senior vice president now directly owns 6,700 shares of the company’s stock, valued at $324,213. This represents a 42.74 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 46,085 shares of company stock worth $2,345,436. Insiders own 0.40% of the company’s stock.

Analysts Set New Price Targets

Several research firms have recently commented on GLW. Citigroup lifted their price objective on Corning from $55.00 to $58.00 and gave the company a “buy” rating in a research note on Tuesday, January 21st. Deutsche Bank Aktiengesellschaft raised their target price on Corning from $49.00 to $54.00 and gave the stock a “buy” rating in a research report on Wednesday, October 30th. Morgan Stanley lifted their target price on Corning from $39.00 to $48.00 and gave the stock an “equal weight” rating in a research report on Tuesday, December 17th. HSBC upgraded shares of Corning from a “hold” rating to a “buy” rating and increased their target price for the stock from $51.00 to $60.00 in a research note on Thursday, January 30th. Finally, JPMorgan Chase & Co. lifted their price objective on shares of Corning from $55.00 to $60.00 and gave the company an “overweight” rating in a research report on Wednesday, October 30th. Three equities research analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, Corning presently has an average rating of “Moderate Buy” and a consensus target price of $53.00.

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.