7,224 Shares in Corning Incorporated (NYSE:GLW) Bought by SVB Wealth LLC

SVB Wealth LLC purchased a new stake in shares of Corning Incorporated (NYSE:GLW) during the 4th quarter, according to the company in its most recent filing with the SEC. The fund purchased 7,224 shares of the electronics maker’s stock, valued at approximately $343,000.

A number of other hedge funds have also modified their holdings of the company. Parkside Financial Bank & Trust boosted its position in Corning by 11.2% in the fourth quarter. Parkside Financial Bank & Trust now owns 4,984 shares of the electronics maker’s stock valued at $237,000 after buying an additional 502 shares during the last quarter. QRG Capital Management Inc. lifted its stake in Corning by 9.0% during the 4th quarter. QRG Capital Management Inc. now owns 38,429 shares of the electronics maker’s stock valued at $1,826,000 after acquiring an additional 3,189 shares during the period. Otter Creek Advisors LLC boosted its holdings in shares of Corning by 0.6% in the 4th quarter. Otter Creek Advisors LLC now owns 84,126 shares of the electronics maker’s stock valued at $3,998,000 after acquiring an additional 463 shares during the last quarter. Proficio Capital Partners LLC acquired a new stake in shares of Corning in the fourth quarter worth $8,996,000. Finally, Oppenheimer & Co. Inc. raised its holdings in shares of Corning by 6.8% during the fourth quarter. Oppenheimer & Co. Inc. now owns 185,597 shares of the electronics maker’s stock worth $8,820,000 after purchasing an additional 11,789 shares during the last quarter. 69.80% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

GLW has been the topic of several recent research reports. Citigroup upped their price target on shares of Corning from $55.00 to $58.00 and gave the company a “buy” rating in a report on Tuesday, January 21st. StockNews.com downgraded Corning from a “buy” rating to a “hold” rating in a research note on Tuesday, February 25th. Hsbc Global Res upgraded Corning from a “hold” rating to a “strong-buy” rating in a research report on Thursday, January 30th. Morgan Stanley upped their price objective on Corning from $39.00 to $48.00 and gave the stock an “equal weight” rating in a research report on Tuesday, December 17th. Finally, Barclays dropped their price objective on shares of Corning from $53.00 to $52.00 and set an “equal weight” rating on the stock in a research note on Wednesday, January 29th. Four investment analysts have rated the stock with a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $53.00.

Insider Buying and Selling

In other news, COO Eric S. Musser sold 30,000 shares of the business’s 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 sale, the chief operating officer now directly owns 152,944 shares of the company’s stock, valued at approximately $7,940,852.48. The trade was a 16.40 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, 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 transaction of $110,162.83. The disclosure for this sale can be found here. 0.40% of the stock is currently owned by company insiders.

Corning Stock Performance

GLW opened at $46.50 on Wednesday. The firm’s fifty day simple moving average is $50.16 and its two-hundred day simple moving average is $47.26. Corning Incorporated has a 52-week low of $30.72 and a 52-week high of $55.33. The company has a market cap of $39.83 billion, a price-to-earnings ratio of 80.17, a PEG ratio of 1.50 and a beta of 1.03. The company has a quick ratio of 1.07, a current ratio of 1.62 and a debt-to-equity ratio of 0.62.

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

Corning Dividend Announcement

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 issued a $0.28 dividend. The ex-dividend date is Friday, February 28th. This represents a $1.12 annualized dividend and a dividend yield of 2.41%. Corning’s dividend payout ratio is presently 193.10%.

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.