Corning Incorporated (NYSE:GLW) Shares Bought by Convergence Investment Partners LLC

Convergence Investment Partners LLC raised its stake in Corning Incorporated (NYSE:GLW - Free Report) by 195.7% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 35,354 shares of the electronics maker's stock after purchasing an additional 23,396 shares during the period. Convergence Investment Partners LLC's holdings in Corning were worth $1,680,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also added to or reduced their stakes in the company. Sound Income Strategies LLC raised its stake 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 acquiring an additional 227 shares in the last quarter. Sierra Ocean LLC purchased a new position in Corning in the fourth quarter worth $25,000. Asset Planning Inc acquired a new position in shares of Corning during the fourth quarter worth $29,000. Rosenberg Matthew Hamilton lifted its holdings in shares of Corning by 202.4% during the 4th quarter. Rosenberg Matthew Hamilton now owns 747 shares of the electronics maker's stock valued at $35,000 after purchasing an additional 500 shares during the last quarter. Finally, JFS Wealth Advisors LLC lifted its holdings in shares of Corning by 171.8% during the 4th quarter. JFS Wealth Advisors LLC now owns 810 shares of the electronics maker's stock valued at $38,000 after purchasing an additional 512 shares during the last quarter. 69.80% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other Corning news, COO Eric S. Musser sold 30,000 shares of the stock in a transaction that occurred on Friday, January 31st. The stock was 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 owns 152,944 shares in the company, valued at approximately $7,940,852.48. This represents a 16.40 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, SVP Michael Alan Bell sold 2,209 shares of the business's stock in a transaction that occurred on 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 have sold 41,085 shares of company stock valued at $2,103,486. Corporate insiders own 0.40% of the company's stock.

Corning Stock Performance

GLW traded down $0.41 during midday trading on Friday, hitting $51.46. 4,700,845 shares of the company were exchanged, compared to its average volume of 5,541,942. The company's 50 day simple moving average is $49.85 and its 200 day simple moving average is $46.61. The firm has a market capitalization 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 company has a current ratio of 1.62, a quick ratio of 1.07 and a debt-to-equity ratio of 0.62.

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

Corning Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Friday, February 28th will be paid a $0.28 dividend. This represents a $1.12 annualized dividend and a dividend yield of 2.18%. The ex-dividend date of this dividend is Friday, February 28th. Corning's dividend payout ratio is currently 193.11%.

Wall Street Analyst Weigh In

GLW has been the topic of several recent analyst reports. Deutsche Bank Aktiengesellschaft upped their target price on Corning from $49.00 to $54.00 and gave the company a "buy" rating in a research report on Wednesday, October 30th. JPMorgan Chase & Co. increased their price objective on shares of Corning from $55.00 to $60.00 and gave the company an "overweight" rating in a research report on Wednesday, October 30th. Morgan Stanley lifted their target price on shares of Corning from $39.00 to $48.00 and gave the stock an "equal weight" rating in a research note on Tuesday, December 17th. Oppenheimer restated an "outperform" rating and set a $58.00 price target (up previously from $51.00) on shares of Corning in a research note on Wednesday, October 30th. Finally, Hsbc Global Res raised shares of Corning from a "hold" rating to a "strong-buy" rating in a report on Thursday, January 30th. Three 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 stock. According to MarketBeat.com, Corning has a consensus rating of "Moderate Buy" and an average price target of $53.00.

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.