Parallel Advisors LLC Acquires 604 Shares of Corning Incorporated (NYSE:GLW)

Parallel Advisors LLC grew its holdings in shares of Corning Incorporated (NYSE:GLW) by 3.0% during the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 20,617 shares of the electronics maker’s stock after buying an additional 604 shares during the period. Parallel Advisors LLC’s holdings in Corning were worth $980,000 as of its most recent SEC filing.

A number of other hedge funds have also recently modified their holdings of GLW. GSA Capital Partners LLP boosted its holdings in shares of Corning by 2.6% during the 3rd quarter. GSA Capital Partners LLP now owns 10,665 shares of the electronics maker’s stock valued at $482,000 after buying an additional 274 shares in the last quarter. Empowered Funds LLC raised its position in shares of Corning by 2.9% in the 3rd quarter. Empowered Funds LLC now owns 17,777 shares of the electronics maker’s stock worth $803,000 after purchasing an additional 509 shares during the last quarter. Natixis Advisors LLC raised its position in shares of Corning by 10.1% in the 3rd quarter. Natixis Advisors LLC now owns 287,153 shares of the electronics maker’s stock worth $12,965,000 after purchasing an additional 26,364 shares during the last quarter. Quest Partners LLC purchased a new position in shares of Corning in the 3rd quarter worth about $106,000. Finally, Caprock Group LLC raised its position in shares of Corning by 2.5% in the 3rd quarter. Caprock Group LLC now owns 27,928 shares of the electronics maker’s stock worth $1,261,000 after purchasing an additional 682 shares during the last quarter. Institutional investors own 69.80% of the company’s stock.

Insider Activity at Corning

In related news, COO Eric S. Musser sold 30,000 shares of the business’s stock in a transaction that occurred on 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 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 sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, SVP Michael Alan Bell sold 2,209 shares of the business’s stock in a transaction that occurred on Thursday, January 30th. The shares were sold at an average price of $49.87, for a total value of $110,162.83. The disclosure for this sale can be found here. 0.45% of the stock is currently owned by corporate insiders.

Corning Price Performance

NYSE GLW opened at $48.84 on Thursday. Corning Incorporated has a 52 week low of $30.72 and a 52 week high of $55.33. The firm has a market capitalization of $41.83 billion, a P/E ratio of 84.20, 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. The company has a 50-day moving average price of $49.86 and a 200-day moving average price of $47.62.

Corning (NYSE:GLW) last released its quarterly earnings results on Wednesday, January 29th. The electronics maker reported $0.57 EPS for the quarter, beating the consensus estimate of $0.56 by $0.01. Corning had a net margin of 3.86% and a return on equity of 15.10%. Equities research analysts anticipate that Corning Incorporated will post 2.33 earnings per share for the current year.

Corning Dividend Announcement

The business 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 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 2.29%. Corning’s dividend payout ratio (DPR) is presently 193.10%.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on GLW shares. StockNews.com lowered Corning from a “buy” rating to a “hold” rating in a research report on Tuesday, February 25th. Barclays lowered their price target on Corning from $53.00 to $52.00 and set an “equal weight” rating for the company in a research report on Wednesday, January 29th. Morgan Stanley boosted their target price on Corning from $39.00 to $48.00 and gave the stock an “equal weight” rating in a research report on Tuesday, December 17th. Citigroup boosted their target price on Corning from $55.00 to $58.00 and gave the stock a “buy” rating in a research report on Tuesday, January 21st. Finally, Hsbc Global Res raised Corning from a “hold” rating to a “strong-buy” rating in a research report on Thursday, January 30th. Four equities research 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 company. According to MarketBeat, Corning has an average rating of “Moderate Buy” and an average target price of $54.31.

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.