Garrison Point Advisors LLC Boosts Stock Position in Corning Incorporated (NYSE:GLW)

Garrison Point Advisors LLC grew its position in Corning Incorporated (NYSE:GLW - Free Report) by 75.9% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 15,656 shares of the electronics maker's stock after purchasing an additional 6,756 shares during the quarter. Garrison Point Advisors LLC's holdings in Corning were worth $744,000 as of its most recent filing with the SEC.

Several other large investors also recently modified their holdings of GLW. Sound Income Strategies LLC boosted its holdings 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 in the last quarter. Sierra Ocean LLC acquired a new position in shares of Corning during the 4th quarter valued at $25,000. Asset Planning Inc bought a new position in Corning during the fourth quarter worth $29,000. Rosenberg Matthew Hamilton grew its holdings in Corning by 202.4% in the fourth quarter. Rosenberg Matthew Hamilton now owns 747 shares of the electronics maker's stock worth $35,000 after purchasing an additional 500 shares during the period. Finally, Mainstream Capital Management LLC bought a new stake in Corning in the fourth quarter valued at $35,000. 69.80% of the stock is currently owned by institutional investors and hedge funds.

Corning Stock Performance

Shares of NYSE:GLW traded down $0.43 during mid-day trading on Friday, reaching $41.26. The company had a trading volume of 5,331,785 shares, compared to its average volume of 5,897,015. Corning Incorporated has a one year low of $30.72 and a one 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 company's 50-day moving average price is $47.79 and its 200-day moving average price is $47.81. The firm has a market cap of $35.35 billion, a price-to-earnings ratio of 70.77, a PEG ratio of 1.50 and a beta of 1.03.

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

Corning Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 28th. Shareholders of record on Friday, February 28th were issued a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a yield of 2.71%. The ex-dividend date of this dividend was Friday, February 28th. Corning's dividend payout ratio (DPR) is presently 193.10%.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on the stock. Bank of America increased their price objective on shares of Corning from $65.00 to $68.00 and gave the stock a "buy" rating in a research report on Wednesday, March 19th. Morgan Stanley increased their price target on Corning from $39.00 to $48.00 and gave the stock an "equal weight" rating in a report on Tuesday, December 17th. Hsbc Global Res upgraded Corning from a "hold" rating to a "strong-buy" rating in a report on Thursday, January 30th. StockNews.com cut Corning from a "buy" rating to a "hold" rating in a report on Tuesday, February 25th. Finally, HSBC raised shares of Corning from a "hold" rating to a "buy" rating and lifted their price target for the company from $51.00 to $60.00 in a research report on Thursday, January 30th. Four equities research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Corning has a consensus rating of "Moderate Buy" and a consensus target price of $54.31.

Insiders Place Their Bets

In related news, COO Eric S. Musser sold 30,000 shares of the business's stock in a transaction on 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 sale, the chief operating officer now directly owns 152,944 shares in the company, valued at approximately $7,940,852.48. The trade was a 16.40 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, SVP Michael Alan Bell sold 2,209 shares of the firm'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.