Red Cedar Investment Management LLC Makes New Investment in Corning Incorporated (NYSE:GLW)

Red Cedar Investment Management LLC bought a new position in shares of Corning Incorporated (NYSE:GLW - Free Report) in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund bought 35,989 shares of the electronics maker's stock, valued at approximately $1,710,000.

A number of other hedge funds also recently bought and sold shares of the company. Sound Income Strategies LLC increased 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 purchasing an additional 227 shares during the period. Asset Planning Inc acquired a new position in Corning in the fourth quarter valued at about $29,000. Rosenberg Matthew Hamilton increased its holdings in Corning by 202.4% during the 4th quarter. Rosenberg Matthew Hamilton now owns 747 shares of the electronics maker's stock valued at $35,000 after purchasing an additional 500 shares in the last quarter. Cassady Schiller Wealth Management LLC bought a new position in shares of Corning in the third quarter valued at about $39,000. Finally, RPg Family Wealth Advisory LLC acquired a new position in shares of Corning during the third quarter worth approximately $40,000. 69.80% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

GLW has been the topic of several research reports. HSBC raised Corning from a "hold" rating to a "buy" rating and upped their price target for the company from $51.00 to $60.00 in a research note on Thursday, January 30th. Hsbc Global Res raised shares of Corning from a "hold" rating to a "strong-buy" rating in a research note on Thursday, January 30th. JPMorgan Chase & Co. raised their price objective on shares of Corning from $55.00 to $60.00 and gave the company an "overweight" rating in a research note on Wednesday, October 30th. Barclays dropped their price objective on Corning from $53.00 to $52.00 and set an "equal weight" rating for the company in a report on Wednesday, January 29th. Finally, Citigroup increased their target price on shares of Corning from $55.00 to $58.00 and gave the stock a "buy" rating in a report on Tuesday, January 21st. Three analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Corning presently has an average rating of "Moderate Buy" and a consensus price target of $53.00.

Corning Stock Down 0.6 %

Shares of GLW traded down $0.32 during midday trading on Wednesday, hitting $52.57. The stock had a trading volume of 3,422,278 shares, compared to its average volume of 5,614,243. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.62 and a quick ratio of 1.07. The firm has a market cap of $45.03 billion, a price-to-earnings ratio of 90.64, a price-to-earnings-growth ratio of 1.52 and a beta of 1.03. Corning Incorporated has a twelve month low of $30.72 and a twelve month high of $55.33. The company has a 50 day simple moving average of $49.69 and a two-hundred day simple moving average of $46.48.

Corning (NYSE:GLW - Get Free Report) last issued its quarterly earnings results on Wednesday, January 29th. The electronics maker reported $0.57 earnings per share (EPS) for the quarter, beating 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%. On average, analysts anticipate that Corning Incorporated will post 2.33 EPS for the current year.

Corning Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Friday, February 28th will be issued a $0.28 dividend. This represents a $1.12 annualized dividend and a dividend yield of 2.13%. The ex-dividend date is Friday, February 28th. Corning's payout ratio is presently 193.11%.

Insiders Place Their Bets

In related news, SVP Michael Alan Bell sold 2,209 shares of Corning stock in a transaction dated Thursday, January 30th. The stock was 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 hyperlink. Also, SVP John P. Bayne, Jr. sold 5,000 shares of the company's stock in a transaction that occurred on Friday, November 22nd. The shares were sold at an average price of $48.39, for a total value of $241,950.00. Following the completion of the sale, the senior vice president now owns 6,700 shares in the company, valued at $324,213. This represents a 42.74 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 46,085 shares of company stock valued at $2,345,436. 0.45% of the stock is currently owned by corporate insiders.

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.