Mizuho Securities USA LLC Acquires 23,095 Shares of Corning Incorporated (NYSE:GLW)

Mizuho Securities USA LLC boosted its stake in shares of Corning Incorporated (NYSE:GLW - Free Report) by 46.2% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 73,034 shares of the electronics maker's stock after purchasing an additional 23,095 shares during the period. Mizuho Securities USA LLC's holdings in Corning were worth $3,471,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Sound Income Strategies LLC boosted its stake in shares of Corning by 76.7% in the 4th quarter. Sound Income Strategies LLC now owns 523 shares of the electronics maker's stock worth $25,000 after buying an additional 227 shares during the last quarter. Sierra Ocean LLC purchased a new position in Corning in the fourth quarter worth about $25,000. Asset Planning Inc bought a new stake in shares of Corning during the 4th quarter valued at about $29,000. Rosenberg Matthew Hamilton increased its position 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, Mainstream Capital Management LLC bought a new position in shares of Corning in the 4th quarter worth approximately $35,000. Hedge funds and other institutional investors own 69.80% of the company's stock.

Corning Price Performance

GLW traded down $1.14 during trading on Tuesday, hitting $48.75. 2,102,540 shares of the company traded hands, compared to its average volume of 5,495,028. 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. The stock's 50-day simple moving average is $49.98 and its two-hundred day simple moving average is $47.78. The company has a market cap of $41.76 billion, a PE ratio of 84.03, a P/E/G ratio of 1.50 and a beta of 1.03.

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Corning (NYSE:GLW - Get Free Report) last released its quarterly earnings results on Wednesday, January 29th. The electronics maker reported $0.57 earnings per share 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, sell-side analysts anticipate that Corning Incorporated will post 2.33 earnings per share for the current fiscal year.

Corning Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Friday, February 28th will be given a dividend of $0.28 per share. The ex-dividend date of this dividend is Friday, February 28th. This represents a $1.12 annualized dividend and a yield of 2.30%. Corning's dividend payout ratio (DPR) is currently 193.10%.

Insiders Place Their Bets

In other Corning news, SVP Michael Alan Bell sold 2,209 shares of the business's stock in a transaction on 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 legal filing with the SEC, which is available at the SEC website. Also, COO Eric S. Musser sold 30,000 shares of the firm's stock in a transaction dated 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 completion of the sale, the chief operating officer now owns 152,944 shares of the company's stock, valued at $7,940,852.48. This trade represents a 16.40 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.40% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on GLW. Morgan Stanley boosted their target price on shares of Corning from $39.00 to $48.00 and gave the company an "equal weight" rating in a research 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. Citigroup raised their target price on Corning from $55.00 to $58.00 and gave the stock a "buy" rating in a report on Tuesday, January 21st. HSBC raised Corning from a "hold" rating to a "buy" rating and boosted their price target for the company from $51.00 to $60.00 in a report on Thursday, January 30th. Finally, Hsbc Global Res raised Corning from a "hold" rating to a "strong-buy" rating in a research report on Thursday, January 30th. Four analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $54.31.

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.