LPL Financial LLC Raises Stake in Corning Incorporated (NYSE:GLW)

LPL Financial LLC lifted its position in shares of Corning Incorporated (NYSE:GLW - Free Report) by 1.8% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,107,368 shares of the electronics maker's stock after buying an additional 19,768 shares during the quarter. LPL Financial LLC owned about 0.13% of Corning worth $52,622,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of the company. Sound Income Strategies LLC lifted its stake in Corning by 76.7% in the fourth quarter. Sound Income Strategies LLC now owns 523 shares of the electronics maker's stock valued at $25,000 after buying an additional 227 shares during the period. 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. Institutional investors own 69.80% of the company's stock.

Insider Buying and Selling at Corning

In related news, 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 sale, 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 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 company's stock in a transaction that occurred on Thursday, January 30th. The shares were 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. Corporate insiders own 0.40% of the company's stock.

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Analysts Set New Price Targets

Several analysts have recently commented on GLW shares. StockNews.com downgraded Corning from a "buy" rating to a "hold" rating in a research note on Tuesday, February 25th. Bank of America raised their price objective on Corning from $65.00 to $68.00 and gave the company a "buy" rating in a research note on Wednesday, March 19th. HSBC raised Corning from a "hold" rating to a "buy" rating and upped their target price for the stock from $51.00 to $60.00 in a research report on Thursday, January 30th. 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. Finally, Hsbc Global Res upgraded shares of Corning from a "hold" rating to a "strong-buy" rating in a report on Thursday, January 30th. Four equities research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, Corning presently has a consensus rating of "Moderate Buy" and a consensus price target of $54.31.

Corning Stock Performance

Shares of Corning stock traded down $0.26 during mid-day trading on Tuesday, hitting $45.53. 6,700,113 shares of the stock were exchanged, compared to its average volume of 5,780,858. The company has a market capitalization of $39.00 billion, a P/E ratio of 78.49, a P/E/G ratio of 1.50 and a beta of 1.03. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.07 and a current ratio of 1.62. The company has a 50-day simple moving average of $49.64 and a 200 day simple moving average of $48.00. Corning Incorporated has a 12 month low of $30.72 and a 12 month high of $55.33.

Corning (NYSE:GLW - Get Free Report) last issued its quarterly earnings results 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%. Sell-side analysts anticipate that Corning Incorporated will post 2.33 earnings per share for the current fiscal year.

Corning Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 28th. Shareholders of record on Friday, February 28th were given a $0.28 dividend. This represents a $1.12 annualized dividend and a yield of 2.46%. The ex-dividend date was Friday, February 28th. Corning's dividend payout ratio is 193.10%.

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.