Corning Incorporated (NYSE:GLW) Shares Bought by Cobblestone Capital Advisors LLC NY

Cobblestone Capital Advisors LLC NY boosted its holdings in shares of Corning Incorporated (NYSE:GLW - Free Report) by 147.3% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 33,323 shares of the electronics maker's stock after acquiring an additional 19,849 shares during the period. Cobblestone Capital Advisors LLC NY's holdings in Corning were worth $1,584,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Oregon Public Employees Retirement Fund raised its holdings in Corning by 0.3% in the 4th quarter. Oregon Public Employees Retirement Fund now owns 66,063 shares of the electronics maker's stock valued at $3,139,000 after acquiring an additional 204 shares during the last quarter. Principal Securities Inc. increased its stake in Corning by 3.5% in the fourth quarter. Principal Securities Inc. now owns 6,170 shares of the electronics maker's stock valued at $293,000 after purchasing an additional 211 shares during the last quarter. Bogart Wealth LLC lifted its position in Corning by 18.3% during the fourth quarter. Bogart Wealth LLC now owns 1,419 shares of the electronics maker's stock worth $67,000 after buying an additional 219 shares during the period. Buffington Mohr McNeal boosted its stake in Corning by 2.1% in the 4th quarter. Buffington Mohr McNeal now owns 10,461 shares of the electronics maker's stock worth $497,000 after buying an additional 220 shares during the last quarter. Finally, Allworth Financial LP grew its holdings in Corning by 1.1% in the 4th quarter. Allworth Financial LP now owns 19,581 shares of the electronics maker's stock valued at $930,000 after buying an additional 220 shares during the period. 69.80% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Corning

In related news, SVP Michael Alan Bell sold 2,209 shares of the stock in a transaction dated Thursday, January 30th. The shares were sold at an average price of $49.87, for a total transaction of $110,162.83. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 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 completion of the transaction, the chief operating officer now owns 152,944 shares of the company's stock, valued at approximately $7,940,852.48. The trade was a 16.40 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.40% of the company's stock.

Corning Stock Up 1.3 %

GLW traded up $0.63 on Wednesday, reaching $47.12. The company's stock had a trading volume of 5,718,059 shares, compared to its average volume of 5,394,183. Corning Incorporated has a 1 year low of $30.72 and a 1 year high of $55.33. The business's 50 day moving average is $50.16 and its 200 day moving average is $47.26. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.62 and a quick ratio of 1.07. The stock has a market cap of $40.36 billion, a price-to-earnings ratio of 81.23, a price-to-earnings-growth 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 EPS for the quarter, beating 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, research analysts forecast that Corning Incorporated will post 2.33 EPS 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 issued a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a yield of 2.38%. The ex-dividend date is Friday, February 28th. Corning's dividend payout ratio is currently 193.10%.

Analysts Set New Price Targets

GLW has been the topic of several research analyst reports. HSBC raised shares of Corning from a "hold" rating to a "buy" rating and raised their target price for the stock from $51.00 to $60.00 in a research report on Thursday, January 30th. Barclays dropped their price objective on Corning from $53.00 to $52.00 and set an "equal weight" rating for the company in a report on Wednesday, January 29th. Morgan Stanley lifted their target price on Corning from $39.00 to $48.00 and gave the company an "equal weight" rating in a report on Tuesday, December 17th. StockNews.com lowered Corning from a "buy" rating to a "hold" rating in a research note on Tuesday, February 25th. Finally, Hsbc Global Res raised Corning from a "hold" rating to a "strong-buy" rating in a research note on Thursday, January 30th. Four research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price 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.