Sanctuary Advisors LLC Boosts Holdings in Corning Incorporated (NYSE:GLW)

Sanctuary Advisors LLC increased its position in shares of Corning Incorporated (NYSE:GLW) by 1.6% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 126,602 shares of the electronics maker’s stock after buying an additional 2,038 shares during the quarter. Sanctuary Advisors LLC’s holdings in Corning were worth $6,329,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. Rational Advisors LLC raised its position in Corning by 42.3% in the fourth quarter. Rational Advisors LLC now owns 5,063 shares of the electronics maker’s stock valued at $241,000 after purchasing an additional 1,506 shares during the period. Catalyst Capital Advisors LLC acquired a new stake in shares of Corning during the 4th quarter worth about $2,922,000. FengHe Fund Management Pte. Ltd. raised its holdings in Corning by 28.1% in the 4th quarter. FengHe Fund Management Pte. Ltd. now owns 581,800 shares of the electronics maker’s stock valued at $27,647,000 after buying an additional 127,500 shares during the period. Sierra Ocean LLC acquired a new position in Corning in the fourth quarter valued at about $25,000. Finally, JFS Wealth Advisors LLC boosted its stake in Corning by 171.8% during the fourth quarter. JFS Wealth Advisors LLC now owns 810 shares of the electronics maker’s stock worth $38,000 after buying an additional 512 shares during the period. 69.80% of the stock is currently owned by institutional investors and hedge funds.

Corning Stock Down 0.6 %

Shares of Corning stock opened at $52.57 on Thursday. 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 company has a market capitalization of $45.03 billion, a P/E ratio of 90.64, a P/E/G ratio of 1.52 and a beta of 1.03. The company has a 50 day moving average of $49.69 and a 200 day moving average of $46.48.

Corning (NYSE:GLW) last released its quarterly earnings data on Wednesday, January 29th. The electronics maker reported $0.57 earnings per share (EPS) for the quarter, topping 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%. As a group, research analysts forecast that Corning Incorporated will post 2.33 EPS for the current fiscal year.

Corning Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Friday, February 28th will be issued a $0.28 dividend. 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 2.13%. Corning’s payout ratio is currently 193.11%.

Insider Transactions at Corning

In other Corning news, SVP John P. Bayne, Jr. sold 5,000 shares of the stock in a transaction that occurred on Friday, November 22nd. The shares were sold at an average price of $48.39, for a total value of $241,950.00. Following the transaction, the senior vice president now directly owns 6,700 shares in the company, valued at $324,213. This represents a 42.74 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, SVP Michael Alan Bell sold 2,209 shares of the business’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 disclosure for this sale can be found here. In the last 90 days, insiders have sold 46,085 shares of company stock valued at $2,345,436. Corporate insiders own 0.45% of the company’s stock.

Wall Street Analysts Forecast Growth

GLW has been the topic of several recent analyst reports. Morgan Stanley upped their price objective on shares of Corning from $39.00 to $48.00 and gave the stock an “equal weight” rating in a report on Tuesday, December 17th. JPMorgan Chase & Co. raised their price target on Corning from $55.00 to $60.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 30th. HSBC upgraded Corning from a “hold” rating to a “buy” rating and boosted their price objective for the company from $51.00 to $60.00 in a report on Thursday, January 30th. Hsbc Global Res upgraded Corning from a “hold” rating to a “strong-buy” rating in a report on Thursday, January 30th. Finally, UBS Group boosted their price target on shares of Corning from $46.00 to $51.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 30th. Three analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $53.00.

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.