Thompson Siegel & Walmsley LLC Buys Shares of 4,255 Corning Incorporated (NYSE:GLW)

Thompson Siegel & Walmsley LLC acquired a new position in shares of Corning Incorporated (NYSE:GLW) in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 4,255 shares of the electronics maker’s stock, valued at approximately $202,000.

A number of other hedge funds have also modified their holdings of GLW. Amundi increased its stake in shares of Corning by 139.0% during the 4th quarter. Amundi now owns 3,900,808 shares of the electronics maker’s stock worth $186,186,000 after purchasing an additional 2,268,436 shares in the last quarter. Raymond James Financial Inc. purchased a new position in shares of Corning during the 4th quarter worth approximately $92,522,000. Appaloosa LP purchased a new position in shares of Corning during the 4th quarter worth approximately $71,280,000. FMR LLC increased its stake in shares of Corning by 52.8% during the 3rd quarter. FMR LLC now owns 3,723,044 shares of the electronics maker’s stock worth $168,095,000 after purchasing an additional 1,285,836 shares in the last quarter. Finally, State Street Corp increased its stake in shares of Corning by 3.8% during the 3rd quarter. State Street Corp now owns 33,983,090 shares of the electronics maker’s stock worth $1,534,337,000 after purchasing an additional 1,242,718 shares in the last quarter. 69.80% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Corning

In related news, SVP Michael Alan Bell sold 2,209 shares of Corning stock in a transaction on Thursday, January 30th. The shares were sold at an average price of $49.87, for a total transaction of $110,162.83. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, COO Eric S. Musser sold 30,000 shares of Corning stock in a transaction 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 sale, the chief operating officer now directly owns 152,944 shares in the company, valued at $7,940,852.48. This trade represents 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.

Analyst Ratings Changes

A number of research analysts have recently weighed in on the stock. Citigroup raised their price objective on shares of Corning from $55.00 to $58.00 and gave the stock a “buy” rating in a research note on Tuesday, January 21st. Hsbc Global Res upgraded shares of Corning from a “hold” rating to a “strong-buy” rating in a research report on Thursday, January 30th. HSBC upgraded shares of Corning from a “hold” rating to a “buy” rating and raised their target price for the stock from $51.00 to $60.00 in a research report on Thursday, January 30th. Barclays decreased their target price on shares of Corning from $53.00 to $52.00 and set an “equal weight” rating on the stock in a research report on Wednesday, January 29th. Finally, Morgan Stanley raised their target price on shares of Corning from $39.00 to $48.00 and gave the stock an “equal weight” rating in a research report on Tuesday, December 17th. Four 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’s stock. According to data from MarketBeat.com, Corning currently has an average rating of “Moderate Buy” and a consensus price target of $53.00.

Corning Stock Up 2.8 %

Shares of GLW opened at $46.86 on Friday. The firm has a market cap of $40.13 billion, a PE ratio of 80.79, a price-to-earnings-growth ratio of 1.50 and a beta of 1.03. The company’s fifty day moving average is $49.88 and its two-hundred day moving average is $47.43. Corning Incorporated has a fifty-two week low of $30.72 and a fifty-two week high of $55.33. 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 posted its earnings results on Wednesday, January 29th. The electronics maker reported $0.57 earnings per share 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%. Analysts forecast that Corning Incorporated will post 2.33 earnings per share for the current year.

Corning Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Friday, February 28th will be issued a dividend of $0.28 per share. The ex-dividend date is Friday, February 28th. This represents a $1.12 annualized dividend and a dividend yield of 2.39%. Corning’s payout ratio is 193.10%.

About Corning

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.