Cornerstone Select Advisors LLC Takes $275,000 Position in Corning Incorporated (NYSE:GLW)

Cornerstone Select Advisors LLC bought a new stake in Corning Incorporated (NYSE:GLW) in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 5,778 shares of the electronics maker’s stock, valued at approximately $275,000.

Other large investors also recently modified their holdings of the company. Sound Income Strategies LLC increased its stake in shares of Corning by 76.7% in 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 during the last quarter. Sierra Ocean LLC acquired a new position in Corning in the fourth quarter worth about $25,000. Asset Planning Inc acquired a new stake in Corning during the fourth quarter valued at approximately $29,000. Mainstream Capital Management LLC acquired a new position in shares of Corning in the 4th quarter worth approximately $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 acquiring an additional 500 shares in the last quarter. 69.80% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Corning

In related news, SVP Michael Alan Bell sold 20,262 shares of the firm’s stock in a transaction that occurred on Wednesday, April 30th. The shares were sold at an average price of $44.06, for a total transaction of $892,743.72. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 0.40% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have commented on GLW shares. 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 note on Wednesday, January 29th. Hsbc Global Res upgraded Corning from a “hold” rating to a “strong-buy” rating in a research note on Thursday, January 30th. HSBC upgraded Corning from a “hold” rating to a “buy” rating and raised their target price for the company from $51.00 to $60.00 in a research note on Thursday, January 30th. JPMorgan Chase & Co. lowered their price target on shares of Corning from $62.00 to $50.00 and set an “overweight” rating for the company in a research report on Thursday, April 17th. Finally, StockNews.com downgraded shares of Corning from a “buy” rating to a “hold” rating in a research report on Tuesday, February 25th. 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 company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $53.08.

Corning Price Performance

NYSE GLW opened at $44.84 on Wednesday. Corning Incorporated has a 12 month low of $33.30 and a 12 month high of $55.33. The firm has a market capitalization of $38.42 billion, a PE ratio of 77.32, a P/E/G ratio of 1.50 and a beta of 1.09. The company’s 50 day simple moving average is $44.62 and its 200 day simple moving average is $47.53. 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 issued its quarterly earnings results on Tuesday, April 29th. The electronics maker reported $0.54 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.51 by $0.03. The company had revenue of $3.68 billion for the quarter, compared to analysts’ expectations of $3.63 billion. Corning had a return on equity of 15.10% and a net margin of 3.86%. The firm’s revenue for the quarter was up 12.9% on a year-over-year basis. During the same period last year, the firm earned $0.38 EPS. As a group, equities 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, June 27th. Stockholders of record on Friday, May 30th will be given a dividend of $0.28 per share. The ex-dividend date is Friday, May 30th. This represents a $1.12 annualized dividend and a dividend yield of 2.50%. Corning’s dividend payout ratio (DPR) is 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.