Investment House LLC Boosts Stock Position in Corning Incorporated (NYSE:GLW)

Investment House LLC boosted its holdings in shares of Corning Incorporated (NYSE:GLW) by 1.2% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 53,691 shares of the electronics maker’s stock after acquiring an additional 625 shares during the quarter. Investment House LLC’s holdings in Corning were worth $2,551,000 as of its most recent SEC filing.

Other large investors also recently bought and sold shares of the company. Sound Income Strategies LLC boosted its holdings in 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 acquiring an additional 227 shares during the period. Sierra Ocean LLC purchased a new position in Corning during the 4th quarter valued at $25,000. Asset Planning Inc purchased a new position in Corning during the 4th quarter valued at $29,000. Rosenberg Matthew Hamilton boosted its holdings in 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 acquiring an additional 500 shares during the period. Finally, Mainstream Capital Management LLC purchased a new stake in shares of Corning in the 4th quarter worth $35,000. Hedge funds and other institutional investors own 69.80% of the company’s stock.

Corning Trading Up 0.9 %

Shares of NYSE:GLW opened at $47.27 on Wednesday. The business’s 50-day moving average is $49.84 and its 200 day moving average is $47.57. Corning Incorporated has a 1 year low of $30.72 and a 1 year high of $55.33. The firm has a market capitalization of $40.49 billion, a P/E ratio of 81.49, a P/E/G ratio of 1.50 and a beta of 1.03. 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 (NYSE:GLW) last announced its earnings results on Wednesday, January 29th. The electronics maker reported $0.57 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.56 by $0.01. Corning had a return on equity of 15.10% and a net margin of 3.86%. On average, research analysts predict that Corning Incorporated will post 2.33 earnings per share for the current fiscal year.

Corning Announces Dividend

The company 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. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.37%. The ex-dividend date of this dividend is Friday, February 28th. Corning’s dividend payout ratio is presently 193.10%.

Analyst Upgrades and Downgrades

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

Insider Activity

In other news, SVP Michael Alan Bell sold 2,209 shares of the stock in a transaction dated Thursday, January 30th. The stock was sold at an average price of $49.87, for a total value of $110,162.83. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, COO Eric S. Musser sold 30,000 shares of the stock in a transaction dated 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 transaction, the chief operating officer now directly owns 152,944 shares in the company, valued at $7,940,852.48. This represents a 16.40 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.45% of the company’s stock.

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.