Corning Incorporated (NYSE:GLW) Shares Purchased by Horizon Investments LLC

Horizon Investments LLC lifted its stake in Corning Incorporated (NYSE:GLW - Free Report) by 261.7% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 66,901 shares of the electronics maker's stock after purchasing an additional 48,407 shares during the quarter. Horizon Investments LLC's holdings in Corning were worth $3,179,000 as of its most recent SEC filing.

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

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on the stock. Barclays cut their target price on shares of Corning from $53.00 to $52.00 and set an "equal weight" rating for the company in a report on Wednesday, January 29th. Hsbc Global Res raised shares of Corning from a "hold" rating to a "strong-buy" rating in a report on Thursday, January 30th. StockNews.com lowered shares of Corning from a "buy" rating to a "hold" rating in a research note on Tuesday, February 25th. Bank of America lifted their price target on Corning from $65.00 to $68.00 and gave the company a "buy" rating in a research note on Wednesday. Finally, HSBC raised Corning from a "hold" rating to a "buy" rating and upped their price target for the stock from $51.00 to $60.00 in a report on Thursday, January 30th. Four investment analysts have rated the stock with a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $54.31.

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Corning Price Performance

GLW stock traded down $0.18 during midday trading on Friday, reaching $48.49. The stock had a trading volume of 10,770,242 shares, compared to its average volume of 5,497,644. Corning Incorporated has a 52-week low of $30.72 and a 52-week 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. The company's fifty day simple moving average is $49.91 and its 200 day simple moving average is $47.67. The company has a market cap of $41.53 billion, a price-to-earnings ratio of 83.60, a price-to-earnings-growth ratio of 1.50 and a beta of 1.03.

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 for the quarter, topping 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%. As a group, sell-side analysts predict that Corning Incorporated will post 2.33 earnings per share for the current fiscal year.

Corning Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Friday, February 28th will be issued a $0.28 dividend. The ex-dividend date of this dividend is Friday, February 28th. This represents a $1.12 annualized dividend and a dividend yield of 2.31%. Corning's dividend payout ratio is presently 193.10%.

Insider Buying and Selling

In other news, COO Eric S. Musser sold 30,000 shares of Corning stock in a transaction 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 $7,940,852.48. The trade was a 16.40 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Michael Alan Bell sold 2,209 shares of the business's 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 disclosure for this sale can be found here. 0.45% of the stock is currently owned by company insiders.

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.