Bryn Mawr Capital Management LLC Purchases 23,257 Shares of Corning Incorporated (NYSE:GLW)

Bryn Mawr Capital Management LLC raised its position in shares of Corning Incorporated (NYSE:GLW) by 134.7% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 40,528 shares of the electronics maker’s stock after purchasing an additional 23,257 shares during the period. Bryn Mawr Capital Management LLC’s holdings in Corning were worth $1,926,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in GLW. Sound Income Strategies LLC raised its holdings in shares of Corning by 76.7% during the 4th quarter. Sound Income Strategies LLC now owns 523 shares of the electronics maker’s stock valued at $25,000 after buying an additional 227 shares in the last quarter. Sierra Ocean LLC purchased a new stake in Corning in the fourth quarter worth approximately $25,000. Asset Planning Inc bought a new position in Corning during the fourth quarter valued at approximately $29,000. Rosenberg Matthew Hamilton raised its stake in shares of Corning by 202.4% during the fourth quarter. Rosenberg Matthew Hamilton now owns 747 shares of the electronics maker’s stock worth $35,000 after acquiring an additional 500 shares in the last quarter. Finally, JFS Wealth Advisors LLC lifted its holdings in shares of Corning by 171.8% in the 4th quarter. JFS Wealth Advisors LLC now owns 810 shares of the electronics maker’s stock worth $38,000 after acquiring an additional 512 shares during the last quarter. Institutional investors own 69.80% of the company’s stock.

Corning Price Performance

Shares of GLW stock opened at $51.87 on Friday. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.07 and a current ratio of 1.62. Corning Incorporated has a fifty-two week low of $30.72 and a fifty-two week high of $55.33. The firm has a market cap of $44.43 billion, a P/E ratio of 89.42, a P/E/G ratio of 1.53 and a beta of 1.03. The business’s 50 day moving average price is $49.79 and its 200-day moving average price is $46.58.

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

Corning Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Friday, February 28th will be given a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a dividend yield of 2.16%. The ex-dividend date of this dividend is Friday, February 28th. Corning’s dividend payout ratio is currently 193.10%.

Analyst Ratings Changes

Several equities analysts recently commented on the stock. Barclays reduced their target price on shares of Corning from $53.00 to $52.00 and set an “equal weight” rating on the stock in a report on Wednesday, January 29th. Oppenheimer reaffirmed an “outperform” rating and set a $58.00 price objective (up from $51.00) on shares of Corning in a research note on Wednesday, October 30th. JPMorgan Chase & Co. lifted their price objective on Corning from $55.00 to $60.00 and gave the stock an “overweight” rating in a report on Wednesday, October 30th. HSBC upgraded Corning from a “hold” rating to a “buy” rating and increased their target price for the company from $51.00 to $60.00 in a report on Thursday, January 30th. Finally, Citigroup lifted their price target on Corning from $55.00 to $58.00 and gave the stock a “buy” rating in a research note on Tuesday, January 21st. Three analysts have rated the stock with a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $53.00.

Insider Buying and Selling

In related news, SVP Michael Alan Bell sold 2,209 shares of Corning stock in a transaction that occurred on Thursday, January 30th. The stock was sold at an average price of $49.87, for a total transaction of $110,162.83. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, COO Eric S. Musser sold 30,000 shares of the company’s stock in a transaction dated Friday, January 31st. The stock was sold at an average price of $51.92, for a total transaction of $1,557,600.00. Following the completion of the sale, the chief operating officer now owns 152,944 shares in the company, valued at approximately $7,940,852.48. This trade represents a 16.40 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 41,085 shares of company stock valued at $2,103,486 over the last three months. Corporate insiders own 0.40% of the company’s stock.

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.