Sterling Capital Management LLC Buys 16,463 Shares of Corning Incorporated (NYSE:GLW)

Sterling Capital Management LLC raised its holdings in Corning Incorporated (NYSE:GLW - Free Report) by 56.1% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 45,818 shares of the electronics maker's stock after acquiring an additional 16,463 shares during the quarter. Sterling Capital Management LLC's holdings in Corning were worth $2,177,000 as of its most recent SEC filing.

A number of other institutional investors have also recently bought and sold shares of GLW. Sound Income Strategies LLC grew its stake in shares of Corning by 76.7% during the fourth 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. Sierra Ocean LLC acquired a new position in shares of Corning during the 4th quarter worth about $25,000. Asset Planning Inc bought a new stake in shares of Corning in the 4th quarter valued at about $29,000. Rosenberg Matthew Hamilton raised its position in shares of Corning by 202.4% in the 4th 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 period. Finally, Mainstream Capital Management LLC bought a new position in Corning during the 4th quarter worth approximately $35,000. Institutional investors and hedge funds own 69.80% of the company's stock.

Corning Stock Performance

Shares of GLW traded up $0.22 during midday trading on Friday, reaching $41.50. The stock had a trading volume of 4,976,031 shares, compared to its average volume of 5,936,785. The company has a current ratio of 1.62, a quick ratio of 1.07 and a debt-to-equity ratio of 0.62. The firm has a 50 day simple moving average of $46.63 and a 200-day simple moving average of $47.67. The firm has a market cap of $35.55 billion, a PE ratio of 71.55, a P/E/G ratio of 1.50 and a beta of 1.03. 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 posted 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, sell-side 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 was paid on Friday, March 28th. Shareholders of record on Friday, February 28th were given a dividend of $0.28 per share. The ex-dividend date of this dividend was Friday, February 28th. This represents a $1.12 annualized dividend and a yield of 2.70%. Corning's dividend payout ratio (DPR) is presently 193.10%.

Insider Transactions at Corning

In related news, 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 value of $110,162.83. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Eric S. Musser sold 30,000 shares of the stock in a transaction 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 transaction, the chief operating officer now owns 152,944 shares in the company, valued at $7,940,852.48. The trade was 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.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on GLW. Mizuho set a $52.00 price target on shares of Corning in a research report on Tuesday. JPMorgan Chase & Co. decreased their target price on Corning from $62.00 to $50.00 and set an "overweight" rating for the company in a research note on Thursday. StockNews.com lowered Corning from a "buy" rating to a "hold" rating in a research report on Tuesday, February 25th. Citigroup decreased their price objective on Corning from $58.00 to $50.00 and set a "buy" rating for the company in a research report on Monday. Finally, HSBC raised shares of Corning from a "hold" rating to a "buy" rating and lifted their price target for the company from $51.00 to $60.00 in a research note on Thursday, January 30th. Four analysts have rated the stock with a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $53.31.

About Corning

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.