Lifeworks Advisors LLC Purchases 12,061 Shares of Corning Incorporated (NYSE:GLW)

Lifeworks Advisors LLC raised its position in Corning Incorporated (NYSE:GLW) by 19.7% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 73,359 shares of the electronics maker’s stock after buying an additional 12,061 shares during the quarter. Lifeworks Advisors LLC’s holdings in Corning were worth $3,486,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Sound Income Strategies LLC raised its stake in Corning by 76.7% in the 4th quarter. Sound Income Strategies LLC now owns 523 shares of the electronics maker’s stock valued at $25,000 after acquiring an additional 227 shares during the period. Sierra Ocean LLC purchased a new position in shares of Corning in the fourth quarter worth about $25,000. Asset Planning Inc bought a new stake in shares of Corning in the fourth quarter valued at approximately $29,000. Mainstream Capital Management LLC purchased a new stake in shares of Corning during the 4th quarter valued at approximately $35,000. Finally, Rosenberg Matthew Hamilton boosted its holdings in Corning by 202.4% in the 4th quarter. Rosenberg Matthew Hamilton now owns 747 shares of the electronics maker’s stock worth $35,000 after buying an additional 500 shares during the period. Hedge funds and other institutional investors own 69.80% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on GLW shares. StockNews.com cut shares of Corning from a “buy” rating to a “hold” rating in a report on Tuesday, February 25th. Citigroup boosted their price objective on Corning from $55.00 to $58.00 and gave the company a “buy” rating in a research note on Tuesday, January 21st. Hsbc Global Res upgraded Corning from a “hold” rating to a “strong-buy” rating in a research note on Thursday, January 30th. HSBC upgraded Corning from a “hold” rating to a “buy” rating and upped their price target for the company from $51.00 to $60.00 in a research report on Thursday, January 30th. Finally, Morgan Stanley raised their price objective on shares of Corning from $39.00 to $48.00 and gave the company an “equal weight” rating in a research report on Tuesday, December 17th. Four investment analysts have rated the stock with a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, Corning has an average rating of “Moderate Buy” and a consensus target price of $53.00.

Insider Transactions at Corning

In related news, SVP Michael Alan Bell sold 2,209 shares of the firm’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 transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, 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 completion of the sale, the chief operating officer now 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. Company insiders own 0.40% of the company’s stock.

Corning Stock Performance

NYSE:GLW opened at $45.89 on Friday. The company has a market capitalization of $39.31 billion, a price-to-earnings ratio of 79.13, a PEG ratio of 1.50 and a beta of 1.03. The business has a 50 day moving average of $50.06 and a 200 day moving average of $47.28. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.62 and a quick ratio of 1.07. Corning Incorporated has a 1-year low of $30.72 and a 1-year high of $55.33.

Corning (NYSE:GLW) last announced its quarterly earnings data 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 net margin of 3.86% and a return on equity of 15.10%. On average, sell-side analysts predict that Corning Incorporated will post 2.33 earnings per share for the current fiscal year.

Corning Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Friday, February 28th will be paid a dividend of $0.28 per share. The ex-dividend date of this dividend is Friday, February 28th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.44%. Corning’s dividend payout ratio (DPR) is currently 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.