Leavell Investment Management Inc. Grows Position in Corning Incorporated (NYSE:GLW)

Leavell Investment Management Inc. increased its holdings in shares of Corning Incorporated (NYSE:GLW) by 13.9% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 11,689 shares of the electronics maker’s stock after buying an additional 1,425 shares during the period. Leavell Investment Management Inc.’s holdings in Corning were worth $555,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently made changes to their positions in 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. 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. Cassady Schiller Wealth Management LLC purchased a new position in shares of Corning during the 3rd quarter valued at approximately $39,000. RPg Family Wealth Advisory LLC purchased a new position in shares of Corning during the 3rd quarter valued at approximately $40,000. Finally, Union Bancaire Privee UBP SA purchased a new position in shares of Corning during the 4th quarter valued at approximately $40,000. Hedge funds and other institutional investors own 69.80% of the company’s stock.

Insider Buying and Selling

In related news, SVP John P. Bayne, Jr. sold 8,876 shares of the firm’s stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $49.09, for a total transaction of $435,722.84. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP Michael Alan Bell sold 2,209 shares of the firm’s stock in a transaction dated 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. In the last ninety days, insiders sold 46,085 shares of company stock valued at $2,345,436. 0.40% of the stock is currently owned by insiders.

Analyst Ratings Changes

A number of research analysts have recently issued reports on GLW shares. HSBC upgraded Corning from a “hold” rating to a “buy” rating and increased their target price for the company from $51.00 to $60.00 in a research report on Thursday, January 30th. UBS Group increased their price objective on Corning from $46.00 to $51.00 and gave the company a “neutral” rating in a research note on Wednesday, October 30th. 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. StockNews.com raised Corning from a “hold” rating to a “buy” rating in a research note on Tuesday, December 24th. Finally, 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. Three research analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, Corning has an average rating of “Moderate Buy” and an average price target of $53.00.

Corning Stock Down 0.0 %

Shares of GLW opened at $52.00 on Friday. Corning Incorporated has a 52-week low of $30.72 and a 52-week high of $55.33. The company has a market capitalization of $44.52 billion, a PE ratio of 89.65, a price-to-earnings-growth ratio of 1.55 and a beta of 1.03. The stock has a fifty day simple moving average of $49.41 and a two-hundred day simple moving average of $46.15. 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 earnings results on Wednesday, January 29th. The electronics maker reported $0.57 earnings per share (EPS) 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 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 given a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.15%. The ex-dividend date of this dividend is Friday, February 28th. Corning’s payout ratio is 193.11%.

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.