Brasada Capital Management LP Makes New $903,000 Investment in Corning Incorporated (NYSE:GLW)

Brasada Capital Management LP purchased a new stake in Corning Incorporated (NYSE:GLW - Free Report) during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 19,000 shares of the electronics maker's stock, valued at approximately $903,000.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. Sound Income Strategies LLC boosted its position in shares of Corning by 76.7% during the 4th quarter. Sound Income Strategies LLC now owns 523 shares of the electronics maker's stock worth $25,000 after purchasing an additional 227 shares in the last quarter. Sierra Ocean LLC purchased a new stake in Corning during the fourth quarter worth about $25,000. Asset Planning Inc acquired a new position in Corning during the fourth quarter worth about $29,000. Mainstream Capital Management LLC purchased a new position in Corning in the fourth quarter valued at about $35,000. Finally, Rosenberg Matthew Hamilton increased its holdings in Corning by 202.4% in the fourth quarter. Rosenberg Matthew Hamilton now owns 747 shares of the electronics maker's stock valued at $35,000 after buying an additional 500 shares in the last quarter. Institutional investors and hedge funds own 69.80% of the company's stock.

Insider Activity at Corning

In other news, SVP Michael Alan Bell sold 2,209 shares of Corning stock in a transaction dated Thursday, January 30th. The stock was sold at an average price of $49.87, for a total value of $110,162.83. The transaction 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 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 sale, the chief operating officer now owns 152,944 shares of the company's stock, valued at $7,940,852.48. The trade was a 16.40 % decrease in their position. The disclosure for this sale can be found here. 0.40% of the stock is owned by insiders.

Corning Trading Up 0.7 %

Shares of NYSE GLW traded up $0.30 on Friday, reaching $44.18. 3,767,555 shares of the company traded hands, compared to its average volume of 5,977,020. The stock has a market capitalization of $37.85 billion, a PE ratio of 76.17, a P/E/G ratio of 1.50 and a beta of 1.03. Corning Incorporated has a fifty-two week low of $31.28 and a fifty-two week high of $55.33. The company has a current ratio of 1.62, a quick ratio of 1.07 and a debt-to-equity ratio of 0.62. The company has a 50 day moving average of $45.45 and a 200 day moving average of $47.58.

Corning (NYSE:GLW - Get Free Report) last released its earnings results on Wednesday, January 29th. The electronics maker reported $0.57 earnings per share (EPS) for the quarter, beating 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, equities research analysts forecast 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 given a $0.28 dividend. This represents a $1.12 annualized dividend and a dividend yield of 2.54%. The ex-dividend date was Friday, February 28th. Corning's dividend payout ratio (DPR) is currently 193.10%.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on GLW. Barclays reduced their price target on shares of Corning from $53.00 to $52.00 and set an "equal weight" rating on the stock in a report on Wednesday, January 29th. Hsbc Global Res raised Corning from a "hold" rating to a "strong-buy" rating in a research note on Thursday, January 30th. Citigroup lowered their target price on Corning from $58.00 to $50.00 and set a "buy" rating on the stock in a report on Monday, April 14th. HSBC raised Corning from a "hold" rating to a "buy" rating and boosted their price target for the stock from $51.00 to $60.00 in a report on Thursday, January 30th. Finally, StockNews.com lowered Corning from a "buy" rating to a "hold" rating in a research note on Tuesday, February 25th. 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 company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $53.31.

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.