5,504 Shares in Corning Incorporated (NYSE:GLW) Purchased by Stevens Capital Management LP

Stevens Capital Management LP acquired a new stake in Corning Incorporated (NYSE:GLW - Free Report) in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 5,504 shares of the electronics maker's stock, valued at approximately $262,000.

Other hedge funds have also recently modified their holdings of the company. Northstar Advisory Group LLC boosted its position in Corning by 258.4% during the fourth quarter. Northstar Advisory Group LLC now owns 123,808 shares of the electronics maker's stock valued at $5,883,000 after purchasing an additional 89,268 shares in the last quarter. Franklin Resources Inc. lifted its position in shares of Corning by 48.4% during the third quarter. Franklin Resources Inc. now owns 191,648 shares of the electronics maker's stock valued at $8,975,000 after buying an additional 62,514 shares during the last quarter. FMR LLC boosted its holdings in shares of Corning by 52.8% in the 3rd quarter. FMR LLC now owns 3,723,044 shares of the electronics maker's stock valued at $168,095,000 after buying an additional 1,285,836 shares in the last quarter. Fifth Third Bancorp grew its position in shares of Corning by 16.8% in the 4th quarter. Fifth Third Bancorp now owns 111,448 shares of the electronics maker's stock worth $5,296,000 after buying an additional 16,001 shares during the last quarter. Finally, First Financial Bank Trust Division raised its stake in shares of Corning by 27.5% during the 4th quarter. First Financial Bank Trust Division now owns 138,153 shares of the electronics maker's stock worth $6,565,000 after acquiring an additional 29,790 shares in the last quarter. Hedge funds and other institutional investors own 69.80% of the company's stock.

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Analysts Set New Price Targets

Several equities research analysts have weighed in on GLW shares. Barclays lowered their target price on shares of 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. StockNews.com cut Corning from a "buy" rating to a "hold" rating in a research note on Tuesday, February 25th. Citigroup boosted their price target on Corning from $55.00 to $58.00 and gave the stock a "buy" rating in a research note on Tuesday, January 21st. Finally, Morgan Stanley increased their price objective on shares of Corning from $39.00 to $48.00 and gave the company an "equal weight" rating in a research report on Tuesday, December 17th. Four equities research 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. Based on data from MarketBeat.com, Corning presently has an average rating of "Moderate Buy" and an average price target of $54.31.

Insider Activity at Corning

In related news, SVP Michael Alan Bell sold 2,209 shares of the firm's stock in a transaction dated Thursday, January 30th. The shares were 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 business's stock in a transaction that occurred on Friday, January 31st. The stock was sold at an average price of $51.92, for a total value of $1,557,600.00. Following the sale, the chief operating officer now owns 152,944 shares of the company's stock, valued at approximately $7,940,852.48. This trade represents a 16.40 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.40% of the stock is owned by company insiders.

Corning Stock Performance

Shares of NYSE:GLW traded down $0.92 during midday trading on Tuesday, reaching $48.97. The company's stock had a trading volume of 4,027,548 shares, compared to its average volume of 5,506,704. The firm has a market capitalization of $41.95 billion, a PE ratio of 84.43, a P/E/G ratio of 1.50 and a beta of 1.03. The stock has a fifty day moving average of $49.98 and a 200 day moving average of $47.78. Corning Incorporated has a twelve month low of $30.72 and a twelve month high of $55.33. 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 quarterly earnings results on Wednesday, January 29th. The electronics maker reported $0.57 earnings per share for the quarter, topping 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, equities analysts expect that Corning Incorporated will post 2.33 EPS for the current fiscal year.

Corning Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Stockholders 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 2.29%. The ex-dividend date of this dividend is Friday, February 28th. Corning's dividend payout ratio (DPR) is presently 193.10%.

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.