Concentric Capital Strategies LP Makes New $7.65 Million Investment in Corning Incorporated (NYSE:GLW)

Concentric Capital Strategies LP acquired a new position in Corning Incorporated (NYSE:GLW) during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 160,946 shares of the electronics maker’s stock, valued at approximately $7,648,000.

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

Insider Activity

In related news, SVP Michael Alan Bell sold 20,262 shares of the business’s stock in a transaction dated Wednesday, April 30th. The shares were sold at an average price of $44.06, for a total value of $892,743.72. The transaction was disclosed in a document filed with the SEC, which is available through this link. Insiders own 0.40% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on GLW shares. HSBC upgraded Corning from a “hold” rating to a “buy” rating and lifted their target price for the company from $51.00 to $60.00 in a research report on Thursday, January 30th. Citigroup decreased their target price on shares of Corning from $58.00 to $50.00 and set a “buy” rating on the stock in a research report on Monday, April 14th. Mizuho set a $52.00 price target on shares of Corning in a research report on Tuesday, April 15th. JPMorgan Chase & Co. decreased their price objective on shares of Corning from $62.00 to $50.00 and set an “overweight” rating on the stock in a report on Thursday, April 17th. Finally, Bank of America upped their price target on Corning from $65.00 to $68.00 and gave the stock a “buy” rating in a research note on Wednesday, March 19th. Four investment analysts have rated the stock with a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $53.08.

Corning Trading Down 1.3 %

GLW opened at $44.84 on Wednesday. The firm has a market cap of $38.42 billion, a price-to-earnings ratio of 77.32, a price-to-earnings-growth ratio of 1.50 and a beta of 1.09. Corning Incorporated has a 52 week low of $33.30 and a 52 week high of $55.33. The business’s 50 day moving average is $44.62 and its two-hundred day moving average is $47.53. 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 released its quarterly earnings results on Tuesday, April 29th. The electronics maker reported $0.54 EPS for the quarter, beating the consensus estimate of $0.51 by $0.03. Corning had a net margin of 3.86% and a return on equity of 15.10%. The firm had revenue of $3.68 billion during the quarter, compared to the consensus estimate of $3.63 billion. During the same quarter in the prior year, the firm earned $0.38 EPS. Corning’s revenue for the quarter was up 12.9% on a year-over-year basis. On average, research analysts predict that Corning Incorporated will post 2.33 EPS for the current year.

Corning Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 27th. Investors of record on Friday, May 30th will be issued a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a yield of 2.50%. The ex-dividend date of this dividend is Friday, May 30th. Corning’s dividend payout ratio is presently 215.38%.

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.