GKV Capital Management Co. Inc. Invests $1.07 Million in Corning Incorporated (NYSE:GLW)

GKV Capital Management Co. Inc. purchased a new stake in shares of Corning Incorporated (NYSE:GLW - Free Report) during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor purchased 22,500 shares of the electronics maker's stock, valued at approximately $1,069,000.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Norges Bank purchased a new position in Corning during the 4th quarter valued at about $490,933,000. Amundi grew its stake in Corning by 139.0% during the fourth quarter. Amundi now owns 3,900,808 shares of the electronics maker's stock valued at $186,186,000 after acquiring an additional 2,268,436 shares in the last quarter. Mariner LLC increased its holdings in Corning by 134.0% during the 4th quarter. Mariner LLC now owns 3,869,358 shares of the electronics maker's stock worth $183,867,000 after acquiring an additional 2,215,840 shares during the period. Raymond James Financial Inc. purchased a new stake in Corning in the 4th quarter worth approximately $92,522,000. Finally, Appaloosa LP bought a new position in Corning in the 4th quarter valued at $71,280,000. 69.80% of the stock is owned by institutional investors.

Insider Activity

In related news, COO Eric S. Musser sold 30,000 shares of the firm's stock in a transaction dated Friday, January 31st. The stock was sold at an average price of $51.92, for a total transaction of $1,557,600.00. Following the sale, the chief operating officer now directly owns 152,944 shares of the company's stock, valued at $7,940,852.48. This trade represents a 16.40 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Michael Alan Bell sold 2,209 shares of the firm'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. Corporate insiders own 0.40% of the company's stock.

Analysts Set New Price Targets

GLW has been the topic of several research analyst reports. Citigroup decreased their price objective 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. JPMorgan Chase & Co. lowered their price target on Corning from $62.00 to $50.00 and set an "overweight" rating on the stock in a research report on Thursday, April 17th. Hsbc Global Res upgraded shares of Corning from a "hold" rating to a "strong-buy" rating in a research report on Thursday, January 30th. StockNews.com cut Corning from a "buy" rating to a "hold" rating in a research note on Tuesday, February 25th. Finally, Bank of America upped their price target on shares of Corning from $65.00 to $68.00 and gave the company a "buy" rating in a report on Wednesday, March 19th. Four equities research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $53.31.

Corning Stock Up 3.3 %

Shares of GLW stock traded up $1.33 on Tuesday, hitting $42.03. The stock had a trading volume of 1,358,146 shares, compared to its average volume of 6,251,695. The business has a 50 day moving average price of $46.19 and a 200 day moving average price of $47.66. Corning Incorporated has a one year low of $31.19 and a one year high of $55.33. The company has a market cap of $36.01 billion, a PE ratio of 72.46, a P/E/G ratio of 1.50 and a beta of 1.03. 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 - Get Free Report) last announced its earnings results on Wednesday, January 29th. The electronics maker reported $0.57 EPS for the quarter, topping analysts' consensus estimates of $0.56 by $0.01. Corning had a net margin of 3.86% and a return on equity of 15.10%. Research analysts anticipate that Corning Incorporated will post 2.33 earnings per share for the current fiscal year.

Corning Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 28th. Investors of record on Friday, February 28th were paid a $0.28 dividend. The ex-dividend date was Friday, February 28th. This represents a $1.12 dividend on an annualized basis and a yield of 2.66%. Corning's dividend payout ratio (DPR) is 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.