O Shaughnessy Asset Management LLC Acquires 7,867 Shares of Corning Incorporated (NYSE:GLW)

O Shaughnessy Asset Management LLC grew its holdings in shares of Corning Incorporated (NYSE:GLW - Free Report) by 16.3% in the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 56,046 shares of the electronics maker's stock after acquiring an additional 7,867 shares during the period. O Shaughnessy Asset Management LLC's holdings in Corning were worth $2,663,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of the business. Sound Income Strategies LLC lifted its holdings in 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 during the period. Sierra Ocean LLC bought a new position in shares of Corning during the fourth quarter worth about $25,000. Asset Planning Inc acquired a new position in shares of Corning in the fourth quarter worth approximately $29,000. Rosenberg Matthew Hamilton boosted its holdings in Corning by 202.4% in the fourth quarter. Rosenberg Matthew Hamilton now owns 747 shares of the electronics maker's stock valued at $35,000 after acquiring an additional 500 shares during the last quarter. Finally, Mainstream Capital Management LLC bought a new stake in Corning in the fourth quarter valued at approximately $35,000. Institutional investors and hedge funds own 69.80% of the company's stock.

Corning Stock Up 2.8 %

Shares of GLW traded up $1.12 during trading hours on Tuesday, reaching $40.73. The stock had a trading volume of 1,928,109 shares, compared to its average volume of 6,160,984. The company has a market capitalization of $34.90 billion, a price-to-earnings ratio of 70.14, a P/E/G ratio of 1.50 and a beta of 1.03. The firm has a 50-day simple moving average of $48.75 and a 200 day simple moving average of $47.97. The company has a current ratio of 1.62, a quick ratio of 1.07 and a debt-to-equity ratio of 0.62. Corning Incorporated has a 12 month low of $30.72 and a 12 month high of $55.33.

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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, beating analysts' consensus estimates of $0.56 by $0.01. Corning had a net margin of 3.86% and a return on equity of 15.10%. Equities research analysts predict that Corning Incorporated will post 2.33 earnings per share for the current fiscal year.

Corning Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, March 28th. Shareholders of record on Friday, February 28th were paid a dividend of $0.28 per share. The ex-dividend date of this dividend was Friday, February 28th. This represents a $1.12 dividend on an annualized basis and a yield of 2.75%. Corning's dividend payout ratio (DPR) is currently 193.10%.

Analyst Ratings Changes

A number of research analysts have recently issued reports on GLW shares. Hsbc Global Res upgraded shares of Corning from a "hold" rating to a "strong-buy" rating in a research report on Thursday, January 30th. StockNews.com lowered shares of Corning from a "buy" rating to a "hold" rating in a report on Tuesday, February 25th. HSBC upgraded Corning from a "hold" rating to a "buy" rating and increased their price target for the stock from $51.00 to $60.00 in a report on Thursday, January 30th. Citigroup boosted their price objective on Corning from $55.00 to $58.00 and gave the company a "buy" rating in a research note on Tuesday, January 21st. Finally, Bank of America raised their target price on Corning from $65.00 to $68.00 and gave the stock a "buy" rating in a research note on Wednesday, March 19th. Four 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, the company currently has an average rating of "Moderate Buy" and an average price target of $54.31.

Insiders Place Their Bets

In related news, SVP Michael Alan Bell sold 2,209 shares of the company's stock in a transaction on Thursday, January 30th. The stock was sold at an average price of $49.87, for a total transaction of $110,162.83. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 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 sale, the chief operating officer now owns 152,944 shares of the company's stock, valued at approximately $7,940,852.48. This represents a 16.40 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.40% of the company's stock.

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.