Mystic Asset Management Inc. Makes New Investment in Corning Incorporated (NYSE:GLW)

Mystic Asset Management Inc. bought a new position in shares of Corning Incorporated (NYSE:GLW - Free Report) during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 15,115 shares of the electronics maker's stock, valued at approximately $718,000.

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

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Insider Transactions 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 stock was 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. This trade represents a 16.40 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP Michael Alan Bell sold 2,209 shares of Corning 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. 0.45% of the stock is currently owned by insiders.

Analyst Ratings Changes

Several analysts have recently commented on the company. Citigroup increased 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 raised their price target on Corning from $39.00 to $48.00 and gave the company 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. HSBC upgraded Corning from a "hold" rating to a "buy" rating and raised their price target for the company from $51.00 to $60.00 in a report on Thursday, January 30th. Finally, StockNews.com cut Corning from a "buy" rating to a "hold" rating in a report on Tuesday, February 25th. Four analysts have rated the stock with a hold rating, ten have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $54.31.

Corning Trading Down 0.4 %

GLW traded down $0.18 during midday trading on Friday, reaching $48.49. 10,770,242 shares of the company were exchanged, compared to its average volume of 5,492,071. The stock has a market capitalization of $41.53 billion, a P/E ratio of 83.60, a PEG 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 stock's 50-day simple moving average is $49.91 and its 200 day simple moving average is $47.63. 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 released 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%. As a group, analysts forecast that Corning Incorporated will post 2.33 earnings per share for the current fiscal year.

Corning Announces Dividend

The firm also recently declared 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. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.31%. The ex-dividend date of this dividend is Friday, February 28th. Corning's dividend payout ratio is currently 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.