Cerity Partners LLC Acquires 8,111 Shares of Corning Incorporated (NYSE:GLW)

Cerity Partners LLC raised its stake in Corning Incorporated (NYSE:GLW - Free Report) by 1.6% during the fourth quarter, according to its most recent disclosure with the SEC. The fund owned 521,929 shares of the electronics maker's stock after buying an additional 8,111 shares during the quarter. Cerity Partners LLC owned approximately 0.06% of Corning worth $24,727,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in the stock. Sound Income Strategies LLC increased its position in Corning by 76.7% in the 4th quarter. Sound Income Strategies LLC now owns 523 shares of the electronics maker's stock valued at $25,000 after acquiring an additional 227 shares during the period. Sierra Ocean LLC acquired a new position in shares of Corning during the fourth quarter valued at $25,000. Asset Planning Inc bought a new stake in shares of Corning during the fourth quarter valued at about $29,000. Rosenberg Matthew Hamilton lifted its holdings in Corning by 202.4% in the fourth quarter. Rosenberg Matthew Hamilton now owns 747 shares of the electronics maker's stock worth $35,000 after purchasing an additional 500 shares during the period. Finally, Mainstream Capital Management LLC bought a new position in Corning in the 4th quarter valued at about $35,000. 69.80% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

GLW has been the topic of a number of recent analyst reports. Morgan Stanley boosted their price target on shares of Corning from $39.00 to $48.00 and gave the stock an "equal weight" rating in a research report on Tuesday, December 17th. Hsbc Global Res upgraded Corning from a "hold" rating to a "strong-buy" rating in a research report on Thursday, January 30th. HSBC raised Corning from a "hold" rating to a "buy" rating and increased their price target for the company from $51.00 to $60.00 in a research note on Thursday, January 30th. StockNews.com downgraded Corning from a "buy" rating to a "hold" rating in a research note on Tuesday, February 25th. Finally, Bank of America raised their target price on Corning from $65.00 to $68.00 and gave the company a "buy" rating in a research note on Wednesday, March 19th. Four 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. According to data from MarketBeat.com, Corning has an average rating of "Moderate Buy" and an average price target of $54.31.

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Insider Activity at Corning

In other news, COO Eric S. Musser sold 30,000 shares of the business's stock in a transaction on Friday, January 31st. The shares were sold at an average price of $51.92, for a total transaction of $1,557,600.00. Following the transaction, the chief operating officer now directly owns 152,944 shares in the company, valued at $7,940,852.48. The trade was a 16.40 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, SVP Michael Alan Bell sold 2,209 shares of the stock in a transaction on Thursday, January 30th. The stock was 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. 0.40% of the stock is currently owned by insiders.

Corning Trading Up 1.8 %

Shares of NYSE:GLW traded up $0.73 during mid-day trading on Monday, hitting $41.99. The stock had a trading volume of 1,101,625 shares, compared to its average volume of 5,911,313. The company's 50 day moving average is $47.57 and its 200-day moving average is $47.81. Corning Incorporated has a 12-month low of $30.72 and a 12-month high of $55.33. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.07 and a current ratio of 1.62. The company has a market cap of $35.98 billion, a PE ratio of 72.40, a P/E/G ratio of 1.50 and a beta of 1.03.

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 return on equity of 15.10% and a net margin of 3.86%. On average, sell-side analysts predict that Corning Incorporated will post 2.33 EPS for the current year.

Corning Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, March 28th. Investors of record on Friday, February 28th were issued a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a dividend yield of 2.67%. The ex-dividend date of this dividend was Friday, February 28th. Corning's dividend payout ratio is currently 193.10%.

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.