Fox Run Management L.L.C. Buys Shares of 54,183 Corning Incorporated (NYSE:GLW)

Fox Run Management L.L.C. purchased a new position in shares of Corning Incorporated (NYSE:GLW - Free Report) during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 54,183 shares of the electronics maker's stock, valued at approximately $2,575,000. Corning comprises 0.5% of Fox Run Management L.L.C.'s investment portfolio, making the stock its 4th largest holding.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Northstar Advisory Group LLC grew its holdings in Corning by 258.4% during the 4th quarter. Northstar Advisory Group LLC now owns 123,808 shares of the electronics maker's stock worth $5,883,000 after acquiring an additional 89,268 shares during the last quarter. Franklin Resources Inc. increased its holdings in Corning by 48.4% in the third quarter. Franklin Resources Inc. now owns 191,648 shares of the electronics maker's stock valued at $8,975,000 after purchasing an additional 62,514 shares during the period. FMR LLC raised its position in Corning by 52.8% during the 3rd 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 during the last quarter. Fifth Third Bancorp lifted its holdings in Corning by 16.8% during the 4th quarter. Fifth Third Bancorp now owns 111,448 shares of the electronics maker's stock worth $5,296,000 after buying an additional 16,001 shares during the period. Finally, First Financial Bank Trust Division grew its position in shares of Corning by 27.5% in the 4th quarter. First Financial Bank Trust Division now owns 138,153 shares of the electronics maker's stock valued at $6,565,000 after buying an additional 29,790 shares during the last quarter. Institutional investors and hedge funds own 69.80% of the company's stock.

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Corning Stock Down 1.5 %

NYSE:GLW traded down $0.77 on Tuesday, hitting $49.12. The stock had a trading volume of 1,285,209 shares, compared to its average volume of 5,495,028. The company has a quick ratio of 1.07, a current ratio of 1.62 and a debt-to-equity ratio of 0.62. Corning Incorporated has a 52 week low of $30.72 and a 52 week high of $55.33. The business's fifty day moving average is $49.98 and its 200 day moving average is $47.78. The company has a market cap of $42.08 billion, a PE ratio of 84.70, a P/E/G ratio of 1.50 and a beta of 1.03.

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

Corning Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Friday, February 28th will be given a $0.28 dividend. The ex-dividend date is Friday, February 28th. This represents a $1.12 annualized dividend and a yield of 2.28%. Corning's payout ratio is 193.10%.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on GLW shares. HSBC raised Corning from a "hold" rating to a "buy" rating and lifted their price objective for the stock from $51.00 to $60.00 in a research note on Thursday, January 30th. Morgan Stanley upped their price objective on shares of Corning from $39.00 to $48.00 and gave the company an "equal weight" rating in a research note on Tuesday, December 17th. Citigroup lifted their target price on shares of Corning from $55.00 to $58.00 and gave the stock a "buy" rating in a research note on Tuesday, January 21st. Barclays cut their price target on shares of Corning from $53.00 to $52.00 and set an "equal weight" rating on the stock in a research report on Wednesday, January 29th. Finally, Hsbc Global Res raised Corning from a "hold" rating to a "strong-buy" rating in a research report on Thursday, January 30th. Four investment analysts have rated the stock with a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $54.31.

Insider Buying and Selling at Corning

In other news, 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 sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, COO Eric S. Musser sold 30,000 shares of the 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 sale, the chief operating officer now directly owns 152,944 shares of the company's stock, valued at $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. Company insiders own 0.40% of the company's stock.

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.