Corning Incorporated (NYSE:GLW) Position Raised by Minneapolis Portfolio Management Group LLC

Minneapolis Portfolio Management Group LLC grew its stake in Corning Incorporated (NYSE:GLW) by 0.3% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 918,919 shares of the electronics maker’s stock after purchasing an additional 3,186 shares during the period. Corning comprises approximately 5.8% of Minneapolis Portfolio Management Group LLC’s investment portfolio, making the stock its largest holding. Minneapolis Portfolio Management Group LLC’s holdings in Corning were worth $43,667,000 at the end of the most recent reporting period.

Several other hedge funds have also bought and sold shares of GLW. Sound Income Strategies LLC lifted its position in shares of Corning by 76.7% during the 4th 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 in the last quarter. Sierra Ocean LLC purchased a new position in shares of Corning during the 4th quarter valued at approximately $25,000. Asset Planning Inc purchased a new position in shares of Corning during the 4th quarter valued at approximately $29,000. Rosenberg Matthew Hamilton lifted its position in shares of Corning by 202.4% during the 4th quarter. Rosenberg Matthew Hamilton now owns 747 shares of the electronics maker’s stock valued at $35,000 after buying an additional 500 shares in the last quarter. Finally, Mainstream Capital Management LLC purchased a new position in shares of Corning during the 4th quarter valued at approximately $35,000. Hedge funds and other institutional investors own 69.80% of the company’s stock.

Insider Transactions at Corning

In related news, SVP Michael Alan Bell sold 2,209 shares of the firm’s stock in a transaction dated Thursday, January 30th. The stock was sold at an average price of $49.87, for a total transaction of $110,162.83. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, COO Eric S. Musser sold 30,000 shares of the firm’s stock in a transaction dated 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 $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. Company insiders own 0.40% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on GLW shares. Hsbc Global Res raised Corning from a “hold” rating to a “strong-buy” rating in a research note on Thursday, January 30th. Barclays reduced their price objective on Corning from $53.00 to $52.00 and set an “equal weight” rating for the company in a research note on Wednesday, January 29th. Morgan Stanley increased 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. HSBC raised Corning from a “hold” rating to a “buy” rating and increased their price objective for the company from $51.00 to $60.00 in a research note on Thursday, January 30th. Finally, Bank of America increased their price objective on Corning from $65.00 to $68.00 and gave the company a “buy” rating in a research note on Wednesday, March 19th. Four equities research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $54.31.

Corning Stock Down 0.4 %

Shares of GLW opened at $48.49 on Monday. The company has a market capitalization of $41.53 billion, a PE ratio of 83.60, a price-to-earnings-growth 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 Incorporated has a 52-week low of $30.72 and a 52-week high of $55.33. The stock has a fifty day simple moving average of $49.91 and a two-hundred day simple moving average of $47.72.

Corning (NYSE:GLW) last released its quarterly earnings results on Wednesday, January 29th. The electronics maker reported $0.57 earnings per share for the quarter, topping analysts’ consensus estimates of $0.56 by $0.01. Corning had a return on equity of 15.10% and a net margin of 3.86%. As a group, equities analysts forecast that Corning Incorporated will post 2.33 EPS 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. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.31%. The ex-dividend date is Friday, February 28th. 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.