Bryn Mawr Capital Management LLC Boosts Stock Position in Corning Incorporated (NYSE:GLW)

Bryn Mawr Capital Management LLC raised its holdings in Corning Incorporated (NYSE:GLW - Free Report) by 134.7% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 40,528 shares of the electronics maker's stock after acquiring an additional 23,257 shares during the period. Bryn Mawr Capital Management LLC's holdings in Corning were worth $1,926,000 at the end of the most recent reporting period.

A number of other large investors have also recently modified their holdings of GLW. Northstar Advisory Group LLC raised its stake in Corning by 258.4% in 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. increased its holdings in shares of Corning by 48.4% in the 3rd quarter. Franklin Resources Inc. now owns 191,648 shares of the electronics maker's stock worth $8,975,000 after buying an additional 62,514 shares during the last quarter. FMR LLC raised its position in shares of 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 buying an additional 1,285,836 shares in the last quarter. Fifth Third Bancorp lifted its holdings in shares of Corning by 16.8% during the 4th quarter. Fifth Third Bancorp now owns 111,448 shares of the electronics maker's stock worth $5,296,000 after acquiring an additional 16,001 shares during the last quarter. Finally, First Financial Bank Trust Division grew its position in Corning by 27.5% in the fourth 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. Institutional investors own 69.80% of the company's stock.

Insiders Place Their Bets

In other news, SVP John P. Bayne, Jr. sold 8,876 shares of the stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $49.09, for a total value of $435,722.84. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 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 value of $1,557,600.00. Following the sale, the chief operating officer now owns 152,944 shares in the company, valued at $7,940,852.48. This represents a 16.40 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 41,085 shares of company stock worth $2,103,486. 0.40% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of research firms have weighed in on GLW. UBS Group raised their price target on Corning from $46.00 to $51.00 and gave the company a "neutral" rating in a research report on Wednesday, October 30th. HSBC raised Corning from a "hold" rating to a "buy" rating and raised their price objective for the company from $51.00 to $60.00 in a report on Thursday, January 30th. Citigroup upped their target price on Corning from $55.00 to $58.00 and gave the stock a "buy" rating in a research note on Tuesday, January 21st. 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 note on Wednesday, January 29th. Finally, JPMorgan Chase & Co. upped their price objective on shares of Corning from $55.00 to $60.00 and gave the company an "overweight" rating in a research note on Wednesday, October 30th. Three research analysts have rated the stock with a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, Corning currently has a consensus rating of "Moderate Buy" and a consensus price target of $53.00.

Corning Trading Down 0.8 %

Shares of Corning stock traded down $0.41 during trading on Friday, reaching $51.46. 4,700,845 shares of the stock were exchanged, compared to its average volume of 5,541,942. The company has a quick ratio of 1.07, a current ratio of 1.62 and a debt-to-equity ratio of 0.62. The firm has a market cap of $44.08 billion, a price-to-earnings ratio of 88.72, a price-to-earnings-growth ratio of 1.52 and a beta of 1.03. Corning Incorporated has a 1 year low of $30.72 and a 1 year high of $55.33. The stock's fifty day moving average is $49.85 and its 200 day moving average is $46.61.

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

Corning Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Shareholders 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 yield of 2.18%. The ex-dividend date is Friday, February 28th. Corning's payout ratio is currently 193.11%.

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.