Catalyst Capital Advisors LLC Buys New Position in Corning Incorporated (NYSE:GLW)

Catalyst Capital Advisors LLC purchased a new position in Corning Incorporated (NYSE:GLW - Free Report) during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 61,500 shares of the electronics maker's stock, valued at approximately $2,922,000.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Northstar Advisory Group LLC lifted its holdings in shares of Corning by 258.4% in the 4th quarter. Northstar Advisory Group LLC now owns 123,808 shares of the electronics maker's stock worth $5,883,000 after purchasing an additional 89,268 shares in the last quarter. Franklin Resources Inc. raised its holdings in Corning by 48.4% during the third 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 lifted its stake in shares of Corning by 52.8% in the third 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 holdings in shares of Corning by 16.8% during the fourth quarter. Fifth Third Bancorp now owns 111,448 shares of the electronics maker's stock valued at $5,296,000 after buying an additional 16,001 shares during the last quarter. Finally, First Financial Bank Trust Division increased its position in shares of Corning by 27.5% during 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 and hedge funds own 69.80% of the company's stock.

Corning Stock Performance

GLW stock traded down $0.81 during mid-day trading on Thursday, hitting $51.87. The company had a trading volume of 4,069,388 shares, compared to its average volume of 5,567,429. The firm has a market cap of $44.43 billion, a PE ratio of 89.42, a price-to-earnings-growth ratio of 1.53 and a beta of 1.03. The stock's fifty day moving average price is $49.79 and its two-hundred day moving average price is $46.58. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.07 and a current ratio of 1.62. Corning Incorporated has a 12 month low of $30.72 and a 12 month high of $55.33.

Corning (NYSE:GLW - Get Free Report) last posted its quarterly earnings results on Wednesday, January 29th. The electronics maker reported $0.57 earnings per share (EPS) for the quarter, beating the consensus estimate 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 forecast that Corning Incorporated will post 2.33 earnings per share for the current fiscal year.

Corning Dividend Announcement

The business 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 $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.16%. The ex-dividend date is Friday, February 28th. Corning's payout ratio is currently 193.10%.

Insider Activity

In other Corning news, SVP John P. Bayne, Jr. sold 5,000 shares of the firm's stock in a transaction dated Friday, November 22nd. The stock was sold at an average price of $48.39, for a total value of $241,950.00. Following the completion of the transaction, the senior vice president now owns 6,700 shares in the company, valued at $324,213. This trade represents a 42.74 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Michael Alan Bell sold 2,209 shares of the company'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 disclosure for this sale can be found here. Over the last three months, insiders sold 46,085 shares of company stock worth $2,345,436. 0.40% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on the stock. Oppenheimer reaffirmed an "outperform" rating and issued a $58.00 price target (up previously from $51.00) on shares of Corning in a research report on Wednesday, October 30th. HSBC raised Corning from a "hold" rating to a "buy" rating and lifted their target price for the company from $51.00 to $60.00 in a research report on Thursday, January 30th. Citigroup increased their price target on Corning from $55.00 to $58.00 and gave the company a "buy" rating in a research report on Tuesday, January 21st. UBS Group raised their price objective on Corning from $46.00 to $51.00 and gave the company a "neutral" rating in a research note on Wednesday, October 30th. Finally, Hsbc Global Res upgraded shares of Corning from a "hold" rating to a "strong-buy" rating in a research note on Thursday, January 30th. Three equities research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $53.00.

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.