bLong Financial LLC Takes Position in Corning Incorporated (NYSE:GLW)

bLong Financial LLC acquired a new stake in Corning Incorporated (NYSE:GLW - Free Report) in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor acquired 5,650 shares of the electronics maker's stock, valued at approximately $268,000.

A number of other hedge funds also recently made changes to their positions in the business. Swedbank AB lifted its holdings in Corning by 60.2% during the 3rd quarter. Swedbank AB now owns 38,314 shares of the electronics maker's stock worth $1,730,000 after purchasing an additional 14,403 shares in the last quarter. Cornerstone Wealth Management LLC bought a new position in Corning in the third quarter valued at $214,000. Good Life Advisors LLC raised its position in Corning by 19.0% during the third quarter. Good Life Advisors LLC now owns 11,314 shares of the electronics maker's stock valued at $511,000 after purchasing an additional 1,804 shares in the last quarter. Bleakley Financial Group LLC lifted its stake in Corning by 10.1% during the third quarter. Bleakley Financial Group LLC now owns 12,316 shares of the electronics maker's stock worth $556,000 after purchasing an additional 1,130 shares during the last quarter. Finally, Sumitomo Mitsui DS Asset Management Company Ltd boosted its holdings in shares of Corning by 2.8% in the 3rd quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 80,776 shares of the electronics maker's stock worth $3,647,000 after purchasing an additional 2,179 shares in the last quarter. 69.80% of the stock is currently owned by institutional investors.

Insider Activity at Corning

In other Corning 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 value of $1,557,600.00. Following the transaction, the chief operating officer now directly 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 sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, SVP John P. Bayne, Jr. sold 5,000 shares of the company's stock in a transaction dated Friday, November 22nd. The shares were sold at an average price of $48.39, for a total transaction of $241,950.00. Following the sale, the senior vice president now directly owns 6,700 shares of the company's stock, valued at $324,213. The trade was a 42.74 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 46,085 shares of company stock valued at $2,345,436 over the last ninety days. Insiders own 0.45% of the company's stock.

Analysts Set New Price Targets

GLW has been the topic of a number of research reports. Citigroup raised their price objective on Corning from $55.00 to $58.00 and gave the company a "buy" rating in a report on Tuesday, January 21st. Morgan Stanley boosted their price objective on shares of 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 lifted their target price for the stock from $51.00 to $60.00 in a research report on Thursday, January 30th. StockNews.com raised Corning from a "hold" rating to a "buy" rating in a research note on Tuesday, December 24th. Finally, Barclays reduced their price target on Corning from $53.00 to $52.00 and set an "equal weight" rating on the stock in a research report on Wednesday, January 29th. Three analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Corning has a consensus rating of "Moderate Buy" and a consensus price target of $53.00.

Corning Trading Down 0.6 %

Corning stock traded down $0.32 during mid-day trading on Wednesday, reaching $52.57. 3,422,278 shares of the company traded hands, compared to its average volume of 5,614,243. The firm's 50 day moving average price is $49.69 and its 200 day moving average price is $46.48. Corning Incorporated has a 52-week low of $30.72 and a 52-week high of $55.33. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.62 and a quick ratio of 1.07. The firm has a market capitalization of $45.03 billion, a price-to-earnings ratio of 90.64, a P/E/G ratio of 1.52 and a beta of 1.03.

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

Corning Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Friday, February 28th will be issued a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.13%. The ex-dividend date is Friday, February 28th. Corning's payout ratio is currently 193.11%.

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.