189,315 Shares in Corning Incorporated (NYSE:GLW) Acquired by Proficio Capital Partners LLC

Proficio Capital Partners LLC acquired a new position in Corning Incorporated (NYSE:GLW - Free Report) in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 189,315 shares of the electronics maker's stock, valued at approximately $8,996,000.

A number of other institutional investors and hedge funds have also modified their holdings of GLW. Wellington Management Group LLP lifted its position in Corning by 0.3% during the 3rd quarter. Wellington Management Group LLP now owns 39,225,452 shares of the electronics maker's stock worth $1,771,029,000 after acquiring an additional 133,214 shares during the last quarter. State Street Corp increased its stake in shares of Corning by 3.8% in the third quarter. State Street Corp now owns 33,983,090 shares of the electronics maker's stock worth $1,534,337,000 after purchasing an additional 1,242,718 shares during the period. Charles Schwab Investment Management Inc. lifted its position in shares of Corning by 0.8% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 4,853,076 shares of the electronics maker's stock worth $219,116,000 after purchasing an additional 38,168 shares during the last quarter. FMR LLC boosted its stake in Corning by 52.8% during the 3rd quarter. FMR LLC now owns 3,723,044 shares of the electronics maker's stock valued at $168,095,000 after purchasing an additional 1,285,836 shares during the period. Finally, Stifel Financial Corp grew its holdings in Corning by 1.9% in the 3rd quarter. Stifel Financial Corp now owns 2,810,435 shares of the electronics maker's stock valued at $126,893,000 after buying an additional 52,667 shares during the last quarter. 69.80% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Corning

In other news, SVP Michael Alan Bell sold 2,209 shares of the firm'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 transaction of $110,162.83. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, COO Eric S. Musser sold 30,000 shares of Corning stock in a transaction that occurred on Friday, January 31st. The shares were sold at an average price of $51.92, for a total transaction of $1,557,600.00. Following the completion of the transaction, the chief operating officer now owns 152,944 shares of the company's stock, valued at $7,940,852.48. This trade represents a 16.40 % decrease in their position. The disclosure for this sale can be found here. 0.40% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on GLW shares. Morgan Stanley upped their price target on Corning from $39.00 to $48.00 and gave the stock an "equal weight" rating in a report on Tuesday, December 17th. HSBC upgraded shares of Corning from a "hold" rating to a "buy" rating and upped their target price for the company from $51.00 to $60.00 in a research note on Thursday, January 30th. Barclays decreased their price target on shares of Corning from $53.00 to $52.00 and set an "equal weight" rating on the stock in a research report on Wednesday, January 29th. Citigroup upped their price objective on shares of Corning from $55.00 to $58.00 and gave the company a "buy" rating in a research report on Tuesday, January 21st. Finally, Hsbc Global Res raised Corning from a "hold" rating to a "strong-buy" rating in a research 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 company's stock. Based on data from MarketBeat, Corning has an average rating of "Moderate Buy" and an average target price of $53.00.

Corning Price Performance

Shares of GLW stock traded up $0.63 during trading hours on Wednesday, hitting $47.12. The company had a trading volume of 5,720,288 shares, compared to its average volume of 5,389,947. Corning Incorporated has a 12 month low of $30.72 and a 12 month high of $55.33. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.07 and a current ratio of 1.62. The firm's fifty day moving average is $50.16 and its 200 day moving average is $47.26. The firm has a market capitalization of $40.36 billion, a price-to-earnings ratio of 81.23, a PEG ratio of 1.50 and a beta of 1.03.

Corning (NYSE:GLW - Get Free Report) last announced its quarterly earnings results on Wednesday, January 29th. The electronics maker reported $0.57 earnings per share 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%. On average, sell-side analysts predict that Corning Incorporated will post 2.33 EPS for the current fiscal year.

Corning Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Friday, February 28th will be given a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.38%. The ex-dividend date of this dividend is Friday, February 28th. Corning's dividend payout ratio (DPR) is currently 193.10%.

Corning 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.