Fortress Financial Solutions LLC Takes $331,000 Position in Corning Incorporated (NYSE:GLW)

Fortress Financial Solutions LLC purchased a new stake in shares of Corning Incorporated (NYSE:GLW - Free Report) in the 4th quarter, according to the company in its most recent disclosure with the SEC. The firm purchased 6,960 shares of the electronics maker's stock, valued at approximately $331,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in GLW. Sound Income Strategies LLC lifted its stake in shares of Corning by 76.7% during 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. Rosenberg Matthew Hamilton raised its holdings in Corning by 202.4% in the 4th 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. Cassady Schiller Wealth Management LLC acquired a new stake in Corning during the third quarter worth approximately $39,000. RPg Family Wealth Advisory LLC bought a new stake in shares of Corning during the third quarter worth approximately $40,000. Finally, Union Bancaire Privee UBP SA bought a new position in shares of Corning during the fourth quarter worth approximately $40,000. 69.80% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several analysts recently issued reports on GLW shares. HSBC upgraded 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 research note on Thursday, January 30th. JPMorgan Chase & Co. upped their price target on shares of Corning from $55.00 to $60.00 and gave the company an "overweight" rating in a research note on Wednesday, October 30th. UBS Group raised their price target on shares of Corning from $46.00 to $51.00 and gave the stock a "neutral" rating in a research report on Wednesday, October 30th. Oppenheimer restated an "outperform" rating and set a $58.00 target price (up previously from $51.00) on shares of Corning in a research report on Wednesday, October 30th. Finally, Citigroup lifted their price target on shares of Corning from $55.00 to $58.00 and gave the company a "buy" rating in a research report on Tuesday, January 21st. Three analysts have rated the stock with a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $53.00.

Insider Transactions at Corning

In other Corning news, SVP John P. Bayne, Jr. sold 5,000 shares of the firm's stock in a transaction on Friday, November 22nd. The shares were sold at an average price of $48.39, for a total value of $241,950.00. Following the transaction, the senior vice president now directly owns 6,700 shares of the company's stock, valued at approximately $324,213. This trade represents a 42.74 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP Michael Alan Bell sold 2,209 shares of the business's stock in a transaction that occurred on 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. In the last 90 days, insiders have sold 46,085 shares of company stock worth $2,345,436. Company insiders own 0.40% of the company's stock.

Corning Trading Up 0.9 %

Corning stock traded up $0.47 during trading hours on Friday, hitting $52.58. The stock had a trading volume of 3,779,586 shares, compared to its average volume of 6,591,637. The stock has a market cap of $45.02 billion, a price-to-earnings ratio of 90.66, a P/E/G ratio of 1.55 and a beta of 1.03. The company has a quick ratio of 1.07, a current ratio of 1.62 and a debt-to-equity ratio of 0.62. The business's 50 day simple moving average is $49.52 and its 200-day simple moving average is $46.23. Corning Incorporated has a one year low of $30.72 and a one year high of $55.33.

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

Corning Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Friday, February 28th will be given a dividend of $0.28 per share. The ex-dividend date is Friday, February 28th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.13%. Corning's dividend payout ratio (DPR) is 193.11%.

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.