Corning Incorporated (NYSE:GLW) Shares Purchased by HighPoint Advisor Group LLC

HighPoint Advisor Group LLC boosted its position in Corning Incorporated (NYSE:GLW) by 2.7% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 20,194 shares of the electronics maker’s stock after buying an additional 539 shares during the period. HighPoint Advisor Group LLC’s holdings in Corning were worth $1,058,000 as of its most recent SEC filing.

A number of other large investors also recently bought and sold shares of the company. Sound Income Strategies LLC increased 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 worth $25,000 after acquiring an additional 227 shares during the period. Sierra Ocean LLC acquired a new stake in Corning in the fourth quarter valued at about $25,000. Asset Planning Inc purchased a new stake in Corning in the 4th quarter valued at approximately $29,000. Mainstream Capital Management LLC acquired a new position in Corning during the 4th quarter worth approximately $35,000. Finally, Rosenberg Matthew Hamilton raised its stake in shares of Corning by 202.4% during the 4th quarter. Rosenberg Matthew Hamilton now owns 747 shares of the electronics maker’s stock worth $35,000 after buying an additional 500 shares in the last quarter. Hedge funds and other institutional investors own 69.80% of the company’s stock.

Insiders Place Their Bets

In other Corning 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 filing with the SEC, which is available through this link. Also, 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 value of $1,557,600.00. Following the transaction, the chief operating officer now owns 152,944 shares of the company’s stock, valued at approximately $7,940,852.48. This trade represents a 16.40 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.40% of the stock is currently owned by company insiders.

Corning Trading Down 0.6 %

Shares of GLW opened at $45.53 on Wednesday. Corning Incorporated has a 12 month low of $30.72 and a 12 month high of $55.33. The stock’s 50-day moving average is $49.64 and its two-hundred day moving average is $48.00. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.62 and a quick ratio of 1.07. The stock has a market cap of $39.00 billion, a PE ratio of 78.49, a P/E/G ratio of 1.50 and a beta of 1.03.

Corning (NYSE:GLW) last released its quarterly earnings results on Wednesday, January 29th. The electronics maker reported $0.57 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%. Equities analysts forecast that Corning Incorporated will post 2.33 earnings per share for the current fiscal year.

Corning Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, March 28th. Investors of record on Friday, February 28th were paid a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a yield of 2.46%. The ex-dividend date of this dividend was Friday, February 28th. Corning’s dividend payout ratio (DPR) is 193.10%.

Analysts Set New Price Targets

A number of research firms recently weighed in on GLW. Bank of America lifted their price target on Corning from $65.00 to $68.00 and gave the company a “buy” rating in a research note on Wednesday, March 19th. Citigroup upped their price target on shares of Corning from $55.00 to $58.00 and gave the stock a “buy” rating in a research note on Tuesday, January 21st. StockNews.com cut shares of Corning from a “buy” rating to a “hold” rating in a research note on Tuesday, February 25th. Hsbc Global Res upgraded shares of Corning from a “hold” rating to a “strong-buy” rating in a research report on Thursday, January 30th. Finally, Morgan Stanley raised their price objective on Corning from $39.00 to $48.00 and gave the company an “equal weight” rating in a research note on Tuesday, December 17th. Four research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, Corning presently has a consensus rating of “Moderate Buy” and an average target price of $54.31.

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.