Millstone Evans Group LLC Makes New Investment in Corning Incorporated (NYSE:GLW)

Millstone Evans Group LLC acquired a new position in shares of Corning Incorporated (NYSE:GLW - Free Report) in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 5,415 shares of the electronics maker's stock, valued at approximately $257,000.

Other large investors also recently added to or reduced their stakes in the company. Amundi raised its stake in shares of Corning by 139.0% during the fourth quarter. Amundi now owns 3,900,808 shares of the electronics maker's stock worth $186,186,000 after buying an additional 2,268,436 shares during the last quarter. Raymond James Financial Inc. acquired a new stake in shares of Corning during the fourth quarter worth $92,522,000. Appaloosa LP acquired a new stake in shares of Corning during the fourth quarter worth $71,280,000. FMR LLC raised its position in shares of Corning by 52.8% in the 3rd quarter. FMR LLC now owns 3,723,044 shares of the electronics maker's stock valued at $168,095,000 after acquiring an additional 1,285,836 shares during the period. Finally, State Street Corp raised its position in shares of Corning by 3.8% in the 3rd quarter. State Street Corp now owns 33,983,090 shares of the electronics maker's stock valued at $1,534,337,000 after acquiring an additional 1,242,718 shares during the period. 69.80% of the stock is currently owned by institutional investors and hedge funds.

Corning Stock Down 1.8 %

Corning stock traded down $0.92 during mid-day trading on Tuesday, reaching $48.97. The company's stock had a trading volume of 4,027,548 shares, compared to its average volume of 5,500,369. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.07 and a current ratio of 1.62. Corning Incorporated has a 12 month low of $30.72 and a 12 month high of $55.33. The business's 50 day simple moving average is $50.01 and its 200 day simple moving average is $47.83. The company has a market capitalization of $41.95 billion, a price-to-earnings ratio of 84.43, a price-to-earnings-growth ratio of 1.50 and a beta of 1.03.

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

Corning Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Friday, February 28th will be issued a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.29%. The ex-dividend date of this dividend is Friday, February 28th. Corning's payout ratio is presently 193.10%.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on the stock. HSBC raised shares of Corning from a "hold" rating to a "buy" rating and lifted their price target for the stock from $51.00 to $60.00 in a research report on Thursday, January 30th. Citigroup lifted their target price on Corning from $55.00 to $58.00 and gave the stock a "buy" rating in a report on Tuesday, January 21st. 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. Barclays cut their price objective on Corning from $53.00 to $52.00 and set an "equal weight" rating on the stock in a report on Wednesday, January 29th. Finally, StockNews.com cut Corning from a "buy" rating to a "hold" rating in a research note on Tuesday, February 25th. 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's stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $54.31.

Insider Activity at Corning

In other news, SVP Michael Alan Bell sold 2,209 shares of the firm's stock in a transaction dated Thursday, January 30th. The shares were sold at an average price of $49.87, for a total transaction of $110,162.83. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, COO Eric S. Musser sold 30,000 shares of the stock in a transaction dated Friday, January 31st. The shares were sold at an average price of $51.92, for a total transaction of $1,557,600.00. Following the completion of the transaction, the chief operating officer now directly owns 152,944 shares in the company, valued at approximately $7,940,852.48. This represents a 16.40 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.40% of the stock is owned by company insiders.

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.