Corning Incorporated (NYSE:GLW) Shares Purchased by Investment House LLC

Investment House LLC increased its stake in shares of Corning Incorporated (NYSE:GLW) by 1.2% during the 4th quarter, Holdings Channel reports. The fund owned 53,691 shares of the electronics maker’s stock after purchasing an additional 625 shares during the quarter. Investment House LLC’s holdings in Corning were worth $2,551,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently bought and sold shares of GLW. Amundi grew its holdings in Corning by 139.0% during the fourth quarter. Amundi now owns 3,900,808 shares of the electronics maker’s stock worth $186,186,000 after acquiring an additional 2,268,436 shares during the period. Raymond James Financial Inc. acquired a new stake in Corning during the fourth quarter worth about $92,522,000. Appaloosa LP acquired a new stake in Corning during the fourth quarter worth about $71,280,000. FMR LLC grew its holdings in Corning by 52.8% in the third quarter. FMR LLC now owns 3,723,044 shares of the electronics maker’s stock valued at $168,095,000 after purchasing an additional 1,285,836 shares during the period. Finally, State Street Corp grew its holdings in Corning by 3.8% in the third quarter. State Street Corp now owns 33,983,090 shares of the electronics maker’s stock valued at $1,534,337,000 after purchasing an additional 1,242,718 shares during the period. 69.80% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several analysts have commented on the company. Citigroup raised their price objective on Corning from $55.00 to $58.00 and gave the company a “buy” rating in a report on Tuesday, January 21st. Morgan Stanley raised their price objective on Corning from $39.00 to $48.00 and gave the company an “equal weight” rating in a report on Tuesday, December 17th. HSBC raised Corning from a “hold” rating to a “buy” rating and raised their price objective for the company from $51.00 to $60.00 in a report on Thursday, January 30th. StockNews.com lowered Corning from a “buy” rating to a “hold” rating in a report on Tuesday, February 25th. Finally, Hsbc Global Res raised Corning from a “hold” rating to a “strong-buy” rating in a report on Thursday, January 30th. Four investment 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’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $53.00.

Corning Trading Up 0.9 %

Shares of GLW opened at $47.27 on Wednesday. The company has a current ratio of 1.62, a quick ratio of 1.07 and a debt-to-equity ratio of 0.62. The firm has a market capitalization of $40.49 billion, a P/E ratio of 81.49, a price-to-earnings-growth ratio of 1.50 and a beta of 1.03. The stock’s fifty day simple moving average is $49.84 and its 200 day simple moving average is $47.57. Corning Incorporated has a twelve month low of $30.72 and a twelve month high of $55.33.

Corning (NYSE:GLW) last announced its quarterly earnings results on Wednesday, January 29th. The electronics maker reported $0.57 earnings per share (EPS) for the quarter, beating 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%. On average, equities research analysts forecast that Corning Incorporated will post 2.33 earnings per share for the current year.

Corning Dividend Announcement

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 issued a dividend of $0.28 per share. The ex-dividend date is Friday, February 28th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.37%. Corning’s dividend payout ratio (DPR) is presently 193.10%.

Insider Buying and Selling

In other Corning news, COO Eric S. Musser sold 30,000 shares of Corning 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 directly owns 152,944 shares in the company, valued at approximately $7,940,852.48. The trade was a 16.40 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, SVP Michael Alan Bell sold 2,209 shares of Corning stock in a transaction on Thursday, January 30th. The shares were sold at an average price of $49.87, for a total transaction of $110,162.83. The disclosure for this sale can be found here. 0.45% of the stock is owned by corporate insiders.

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.