DRW Securities LLC Makes New Investment in Corning Incorporated (NYSE:GLW)

DRW Securities LLC bought a new position in Corning Incorporated (NYSE:GLW - Free Report) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 6,483 shares of the electronics maker's stock, valued at approximately $307,000.

A number of other institutional investors also recently modified their holdings of the stock. Norges Bank bought a new position in shares of Corning in the fourth quarter valued at approximately $490,933,000. Amundi grew its stake in Corning by 139.0% in the 4th quarter. Amundi now owns 3,900,808 shares of the electronics maker's stock valued at $186,186,000 after buying an additional 2,268,436 shares in the last quarter. Raymond James Financial Inc. bought a new position in Corning in the 4th quarter worth about $92,522,000. Appaloosa LP bought a new stake in Corning during the 4th quarter worth approximately $71,280,000. Finally, Vanguard Group Inc. raised its position in shares of Corning by 0.9% in the fourth quarter. Vanguard Group Inc. now owns 99,903,247 shares of the electronics maker's stock worth $4,747,402,000 after buying an additional 916,528 shares in the last quarter. Institutional investors and hedge funds own 69.80% of the company's stock.

Corning Price Performance

Shares of GLW stock traded down $0.14 during mid-day trading on Wednesday, reaching $41.64. The stock had a trading volume of 1,001,594 shares, compared to its average volume of 5,923,263. The business has a 50-day simple moving average of $47.10 and a 200 day simple moving average of $47.76. Corning Incorporated has a 12-month low of $30.72 and a 12-month high of $55.33. The company has a market cap of $35.68 billion, a P/E ratio of 71.79, a price-to-earnings-growth ratio of 1.50 and a beta of 1.03. The company has a current ratio of 1.62, a quick ratio of 1.07 and a debt-to-equity ratio of 0.62.

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Corning (NYSE:GLW - Get Free Report) last issued its quarterly earnings data on Wednesday, January 29th. The electronics maker reported $0.57 EPS for the quarter, topping 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 anticipate that Corning Incorporated will post 2.33 earnings per share for the current year.

Corning Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 28th. Investors of record on Friday, February 28th were issued a $0.28 dividend. This represents a $1.12 annualized dividend and a yield of 2.69%. The ex-dividend date of this dividend was Friday, February 28th. Corning's payout ratio is currently 193.10%.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on GLW shares. Barclays reduced their price objective on Corning from $53.00 to $52.00 and set an "equal weight" rating on the stock in a research report on Wednesday, January 29th. Morgan Stanley lifted their price target on shares of Corning from $39.00 to $48.00 and gave the company an "equal weight" rating in a report on Tuesday, December 17th. Hsbc Global Res raised Corning from a "hold" rating to a "strong-buy" rating in a research report on Thursday, January 30th. StockNews.com downgraded shares of Corning from a "buy" rating to a "hold" rating in a research note on Tuesday, February 25th. Finally, Bank of America increased their price objective on shares of Corning from $65.00 to $68.00 and gave the company a "buy" rating in a research report on Wednesday, March 19th. Four research 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 company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $54.08.

Insider Transactions at Corning

In other news, COO Eric S. Musser sold 30,000 shares of Corning 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 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 sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Michael Alan Bell sold 2,209 shares of the business's stock in a transaction dated 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. Company insiders own 0.40% of the company's stock.

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.