61,500 Shares in Corning Incorporated (NYSE:GLW) Bought by Catalyst Capital Advisors LLC

Catalyst Capital Advisors LLC bought a new position in shares of Corning Incorporated (NYSE:GLW) in the 4th quarter, HoldingsChannel.com reports. The institutional investor bought 61,500 shares of the electronics maker’s stock, valued at approximately $2,922,000.

Several other large investors have also bought and sold shares of the stock. Sound Income Strategies LLC raised its position in shares of Corning by 76.7% in the 4th quarter. Sound Income Strategies LLC now owns 523 shares of the electronics maker’s stock worth $25,000 after acquiring an additional 227 shares in the last quarter. Sierra Ocean LLC bought a new position in shares of Corning in the 4th quarter worth about $25,000. Asset Planning Inc bought a new position in shares of Corning in the 4th quarter worth about $29,000. Rosenberg Matthew Hamilton raised its position in shares of 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 acquiring an additional 500 shares in the last quarter. Finally, JFS Wealth Advisors LLC raised its position in shares of Corning by 171.8% in the 4th quarter. JFS Wealth Advisors LLC now owns 810 shares of the electronics maker’s stock worth $38,000 after acquiring an additional 512 shares in the last quarter. 69.80% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on the company. Deutsche Bank Aktiengesellschaft lifted their price objective on Corning from $49.00 to $54.00 and gave the stock a “buy” rating in a research report on Wednesday, October 30th. Citigroup lifted their price objective on Corning from $55.00 to $58.00 and gave the stock a “buy” rating in a research report on Tuesday, January 21st. JPMorgan Chase & Co. lifted their price objective on Corning from $55.00 to $60.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 30th. Morgan Stanley lifted their price objective on Corning from $39.00 to $48.00 and gave the stock an “equal weight” rating in a research report on Tuesday, December 17th. Finally, Barclays decreased their target price 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. Three analysts have rated the stock with a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $53.00.

Corning Price Performance

GLW stock opened at $52.58 on Monday. The company has a market capitalization of $45.02 billion, a P/E ratio of 90.66, a price-to-earnings-growth ratio of 1.55 and a beta of 1.03. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.07 and a current ratio of 1.62. Corning Incorporated has a 52-week low of $30.72 and a 52-week high of $55.33. The business has a 50-day simple moving average of $49.52 and a two-hundred day simple moving average of $46.26.

Corning (NYSE:GLW) last released its quarterly earnings results on Wednesday, January 29th. The electronics maker reported $0.57 earnings per share (EPS) for the quarter, beating 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%. Research analysts expect that Corning Incorporated will post 2.33 EPS for the current fiscal year.

Corning Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Shareholders 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 yield of 2.13%. Corning’s dividend payout ratio (DPR) is currently 193.11%.

Insider Buying and Selling at Corning

In other 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 value of $1,557,600.00. Following the transaction, the chief operating officer now owns 152,944 shares in the company, valued at $7,940,852.48. The trade was a 16.40 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Michael Alan Bell sold 2,209 shares of the company’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. In the last quarter, insiders sold 46,085 shares of company stock worth $2,345,436. Insiders own 0.40% of the company’s stock.

Corning Company 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.