Truvestments Capital LLC Purchases 2,867 Shares of Corning Incorporated (NYSE:GLW)

Truvestments Capital LLC grew its position in shares of Corning Incorporated (NYSE:GLW) by 3.8% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 79,184 shares of the electronics maker’s stock after buying an additional 2,867 shares during the quarter. Corning makes up about 1.0% of Truvestments Capital LLC’s investment portfolio, making the stock its 19th biggest position. Truvestments Capital LLC’s holdings in Corning were worth $3,763,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in the company. Sound Income Strategies LLC grew its stake in shares of Corning by 76.7% during the fourth quarter. Sound Income Strategies LLC now owns 523 shares of the electronics maker’s stock valued at $25,000 after purchasing an additional 227 shares during the last quarter. Sierra Ocean LLC acquired a new position in Corning in the fourth quarter valued at approximately $25,000. Asset Planning Inc acquired a new position in Corning in the fourth quarter valued at approximately $29,000. Rosenberg Matthew Hamilton lifted its holdings in Corning by 202.4% in the fourth quarter. Rosenberg Matthew Hamilton now owns 747 shares of the electronics maker’s stock valued at $35,000 after buying an additional 500 shares during the period. Finally, Mainstream Capital Management LLC acquired a new stake in Corning in the fourth quarter worth $35,000. 69.80% of the stock is owned by institutional investors.

Insider Transactions at Corning

In other Corning news, SVP Michael Alan Bell sold 2,209 shares of Corning stock in a transaction dated Thursday, January 30th. The shares were sold at an average price of $49.87, for a total value of $110,162.83. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, COO Eric S. Musser sold 30,000 shares of Corning 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 of the company’s stock, valued at $7,940,852.48. This trade represents a 16.40 % decrease in their position. The disclosure for this sale can be found here. 0.40% of the stock is currently owned by corporate insiders.

Corning Stock Performance

Shares of GLW opened at $44.91 on Wednesday. The firm has a 50-day moving average of $49.96 and a 200-day moving average of $47.42. Corning Incorporated has a one year low of $30.72 and a one year high of $55.33. The company has a market cap of $38.47 billion, a PE ratio of 77.44, a price-to-earnings-growth ratio of 1.50 and a beta of 1.03. 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 announced its quarterly earnings data on Wednesday, January 29th. The electronics maker reported $0.57 EPS for the quarter, beating analysts’ consensus estimates of $0.56 by $0.01. Corning had a net margin of 3.86% and a return on equity of 15.10%. As a group, equities analysts forecast that Corning Incorporated will post 2.33 earnings per share for the current year.

Corning Dividend Announcement

The business also recently announced 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. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.49%. The ex-dividend date is Friday, February 28th. Corning’s dividend payout ratio is presently 193.10%.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on GLW shares. 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 report on Thursday, January 30th. Barclays cut 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. Citigroup increased their target price on shares of Corning from $55.00 to $58.00 and gave the stock a “buy” rating in a report on Tuesday, January 21st. Morgan Stanley raised their price objective on shares of Corning from $39.00 to $48.00 and gave the stock an “equal weight” rating in a report on Tuesday, December 17th. Finally, StockNews.com lowered shares of Corning from a “buy” rating to a “hold” rating in a report on Tuesday, February 25th. Four equities research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $53.00.

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.