Figure 8 Investment Strategies LLC Purchases Shares of 51,745 Corning Incorporated (NYSE:GLW)

Figure 8 Investment Strategies LLC acquired a new position in shares of Corning Incorporated (NYSE:GLW - Free Report) during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 51,745 shares of the electronics maker's stock, valued at approximately $2,459,000. Corning makes up about 2.4% of Figure 8 Investment Strategies LLC's investment portfolio, making the stock its 14th biggest position.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. Wellington Management Group LLP lifted its stake in shares of Corning by 0.3% during the third quarter. Wellington Management Group LLP now owns 39,225,452 shares of the electronics maker's stock worth $1,771,029,000 after purchasing an additional 133,214 shares in the last quarter. State Street Corp lifted its stake in shares of Corning by 3.8% during the third quarter. State Street Corp now owns 33,983,090 shares of the electronics maker's stock worth $1,534,337,000 after purchasing an additional 1,242,718 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its stake in shares of Corning by 0.8% during the third quarter. Charles Schwab Investment Management Inc. now owns 4,853,076 shares of the electronics maker's stock worth $219,116,000 after purchasing an additional 38,168 shares in the last quarter. FMR LLC lifted its stake in shares of Corning by 52.8% during the third quarter. FMR LLC now owns 3,723,044 shares of the electronics maker's stock worth $168,095,000 after purchasing an additional 1,285,836 shares in the last quarter. Finally, Stifel Financial Corp lifted its stake in shares of Corning by 1.9% during the third quarter. Stifel Financial Corp now owns 2,810,435 shares of the electronics maker's stock worth $126,893,000 after purchasing an additional 52,667 shares in the last quarter. Institutional investors and hedge funds own 69.80% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on GLW. Morgan Stanley lifted their target price on Corning from $39.00 to $48.00 and gave the stock an "equal weight" rating in a research report on Tuesday, December 17th. JPMorgan Chase & Co. lifted their target price on Corning from $55.00 to $60.00 and gave the stock an "overweight" rating in a research report on Wednesday, October 30th. Hsbc Global Res raised Corning from a "hold" rating to a "strong-buy" rating in a research report on Thursday, January 30th. HSBC raised Corning from a "hold" rating to a "buy" rating and lifted their target price for the stock from $51.00 to $60.00 in a research report on Thursday, January 30th. Finally, UBS Group lifted their target price on Corning from $46.00 to $51.00 and gave the stock a "neutral" rating in a research report on Wednesday, October 30th. Three equities research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, Corning has a consensus rating of "Moderate Buy" and an average price target of $53.00.

Corning Stock Up 0.5 %

Corning stock traded up $0.27 during midday trading on Tuesday, hitting $52.81. The stock had a trading volume of 3,409,351 shares, compared to its average volume of 5,684,950. 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 has a market cap of $45.22 billion, a P/E ratio of 91.06, a P/E/G ratio of 1.55 and a beta of 1.03. Corning Incorporated has a 12 month low of $30.72 and a 12 month high of $55.33. The business has a fifty day moving average price of $49.60 and a 200 day moving average price of $46.39.

Corning (NYSE:GLW - Get Free Report) last issued its earnings results on Wednesday, January 29th. The electronics maker reported $0.57 EPS for the quarter, beating 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%. Research analysts predict that Corning Incorporated will post 2.33 EPS for the current year.

Corning Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Friday, February 28th will be paid a $0.28 dividend. The ex-dividend date is Friday, February 28th. This represents a $1.12 dividend on an annualized basis and a yield of 2.12%. Corning's payout ratio is currently 193.11%.

Insider Buying and Selling at Corning

In other Corning news, SVP John P. Bayne, Jr. sold 5,000 shares of Corning stock in a transaction that occurred on Friday, November 22nd. The stock was sold at an average price of $48.39, for a total value of $241,950.00. Following the completion of the transaction, the senior vice president now directly owns 6,700 shares in the company, valued at $324,213. The trade was a 42.74 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. 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 sold a total of 46,085 shares of company stock worth $2,345,436 over the last ninety days. Company insiders own 0.40% of the company's stock.

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.