Corning Incorporated (NYSE:GLW) Shares Acquired by Sierra Summit Advisors LLC

Sierra Summit Advisors LLC lifted its stake in shares of Corning Incorporated (NYSE:GLW - Free Report) by 1,031.4% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 270,694 shares of the electronics maker's stock after purchasing an additional 246,769 shares during the quarter. Corning comprises about 2.6% of Sierra Summit Advisors LLC's investment portfolio, making the stock its 11th largest position. Sierra Summit Advisors LLC's holdings in Corning were worth $12,863,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also made changes to their positions in the stock. Norges Bank acquired a new stake in Corning in the fourth quarter valued at $490,933,000. Amundi grew its stake in Corning by 139.0% in the 4th quarter. Amundi now owns 3,900,808 shares of the electronics maker's stock valued at $186,186,000 after acquiring an additional 2,268,436 shares during the last quarter. Raymond James Financial Inc. purchased a new position in Corning during the 4th quarter valued at about $92,522,000. Appaloosa LP purchased a new position in Corning during the 4th quarter valued at about $71,280,000. Finally, Vanguard Group Inc. raised its position in Corning by 0.9% during the fourth quarter. Vanguard Group Inc. now owns 99,903,247 shares of the electronics maker's stock worth $4,747,402,000 after acquiring an additional 916,528 shares during the last quarter. Hedge funds and other institutional investors own 69.80% of the company's stock.

Corning Trading Down 1.2 %

Shares of GLW traded down $0.52 during trading hours on Friday, hitting $41.17. The stock had a trading volume of 11,480,495 shares, compared to its average volume of 5,919,854. Corning Incorporated has a 12-month low of $30.72 and a 12-month high of $55.33. The firm has a market cap of $35.27 billion, a P/E ratio of 70.98, 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's fifty day simple moving average is $47.57 and its 200 day simple moving average is $47.78.

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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 the consensus estimate of $0.56 by $0.01. Corning had a return on equity of 15.10% and a net margin of 3.86%. Equities research analysts forecast that Corning Incorporated will post 2.33 EPS for the current fiscal year.

Corning Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, March 28th. Stockholders of record on Friday, February 28th were given a $0.28 dividend. This represents a $1.12 annualized dividend and a dividend yield of 2.72%. The ex-dividend date was Friday, February 28th. Corning's payout ratio is 193.10%.

Insider Activity

In other Corning news, COO Eric S. Musser sold 30,000 shares of the 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 completion of the sale, the chief operating officer now owns 152,944 shares of the company's stock, valued at $7,940,852.48. This trade represents a 16.40 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Michael Alan Bell sold 2,209 shares of the business'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 disclosure for this sale can be found here. Insiders own 0.40% of the company's stock.

Analysts Set New Price Targets

GLW has been the subject of a number of recent research reports. Morgan Stanley raised their price objective on shares of Corning from $39.00 to $48.00 and gave the stock an "equal weight" rating in a research note on Tuesday, December 17th. Citigroup raised their price target on Corning from $55.00 to $58.00 and gave the stock a "buy" rating in a research report on Tuesday, January 21st. Bank of America upped their price objective on Corning from $65.00 to $68.00 and gave the company a "buy" rating in a research report on Wednesday, March 19th. StockNews.com cut Corning from a "buy" rating to a "hold" rating in a research report on Tuesday, February 25th. Finally, HSBC upgraded shares of Corning from a "hold" rating to a "buy" rating and upped their target price for the company from $51.00 to $60.00 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 assigned a strong buy rating to the company. According to data from MarketBeat, Corning presently has an average rating of "Moderate Buy" and an average target price of $54.31.

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.