Private Advisor Group LLC Boosts Position in Corning Incorporated (NYSE:GLW)

Private Advisor Group LLC raised its position in Corning Incorporated (NYSE:GLW) by 5.2% in the fourth quarter, Holdings Channel.com reports. The institutional investor owned 115,919 shares of the electronics maker’s stock after purchasing an additional 5,690 shares during the period. Private Advisor Group LLC’s holdings in Corning were worth $5,508,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Sound Income Strategies LLC lifted its stake in Corning by 76.7% in the fourth 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 during the last quarter. Sierra Ocean LLC purchased a new stake in Corning in the fourth quarter valued at approximately $25,000. Asset Planning Inc purchased a new stake in Corning in the fourth quarter valued at approximately $29,000. Rosenberg Matthew Hamilton lifted its stake 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 last quarter. Finally, JFS Wealth Advisors LLC lifted its stake in Corning by 171.8% in the fourth quarter. JFS Wealth Advisors LLC now owns 810 shares of the electronics maker’s stock valued at $38,000 after buying an additional 512 shares during the last quarter. Hedge funds and other institutional investors own 69.80% of the company’s stock.

Corning Trading Down 0.8 %

Shares of Corning stock opened at $51.46 on Friday. The company has a 50-day moving average of $49.92 and a two-hundred day moving average of $46.65. Corning Incorporated has a 12-month low of $30.72 and a 12-month high of $55.33. 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 stock has a market cap of $44.08 billion, a PE ratio of 88.72, a price-to-earnings-growth ratio of 1.50 and a beta of 1.03.

Corning (NYSE:GLW) last issued 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%. On average, research analysts anticipate that Corning Incorporated will post 2.33 EPS for the current fiscal year.

Corning Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Friday, February 28th will be paid a $0.28 dividend. The ex-dividend date is Friday, February 28th. This represents a $1.12 dividend on an annualized basis and a yield of 2.18%. Corning’s payout ratio is 193.11%.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on the company. StockNews.com upgraded Corning from a “hold” rating to a “buy” rating in a research note on Tuesday, December 24th. UBS Group boosted their target price on Corning from $46.00 to $51.00 and gave the company a “neutral” rating in a report on Wednesday, October 30th. HSBC raised Corning from a “hold” rating to a “buy” rating and boosted their target price for the company from $51.00 to $60.00 in a report on Thursday, January 30th. Citigroup boosted their target price on Corning from $55.00 to $58.00 and gave the company a “buy” rating in a report on Tuesday, January 21st. Finally, JPMorgan Chase & Co. boosted their target price on Corning from $55.00 to $60.00 and gave the company an “overweight” rating in a report on Wednesday, October 30th. Three investment analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $53.00.

Insider Buying and Selling at Corning

In related news, SVP Michael Alan Bell sold 2,209 shares of the company’s stock in a transaction that occurred on Thursday, January 30th. The stock was sold at an average price of $49.87, for a total value of $110,162.83. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, COO Eric S. Musser sold 30,000 shares of the firm’s stock in a transaction on Friday, January 31st. The stock was 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 directly owns 152,944 shares of the company’s stock, valued at $7,940,852.48. The trade was a 16.40 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 41,085 shares of company stock worth $2,103,486. 0.40% of the stock is owned by corporate insiders.

Corning Company 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.