Corning Incorporated (NYSE:GLW) Stake Lifted by Summit Financial LLC

Summit Financial LLC lifted its position in shares of Corning Incorporated (NYSE:GLW - Free Report) by 190.7% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 14,429 shares of the electronics maker's stock after acquiring an additional 9,466 shares during the quarter. Summit Financial LLC's holdings in Corning were worth $686,000 at the end of the most recent quarter.

Other large investors also recently bought and sold shares of the company. Norges Bank purchased a new stake in shares of Corning during the fourth quarter worth about $490,933,000. Amundi increased its stake in shares of Corning by 139.0% during 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 shares of Corning during the 4th quarter worth about $92,522,000. Appaloosa LP acquired a new stake in shares of Corning in the fourth quarter worth approximately $71,280,000. Finally, State Street Corp grew its holdings in Corning by 3.8% in the third quarter. State Street Corp now owns 33,983,090 shares of the electronics maker's stock valued at $1,534,337,000 after purchasing an additional 1,242,718 shares during the period. Institutional investors and hedge funds own 69.80% of the company's stock.

Corning Stock Down 0.4 %

Shares of NYSE GLW traded down $0.16 during midday trading on Monday, reaching $38.91. 4,609,230 shares of the company's stock were exchanged, compared to its average volume of 5,836,755. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.07 and a current ratio of 1.62. Corning Incorporated has a 52-week low of $30.72 and a 52-week high of $55.33. The business's fifty day moving average price is $48.95 and its two-hundred day moving average price is $48.00. The stock has a market capitalization of $33.34 billion, a PE ratio of 67.20, a price-to-earnings-growth ratio of 1.50 and a beta of 1.03.

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Corning (NYSE:GLW - Get Free Report) last announced its earnings results on Wednesday, January 29th. The electronics maker reported $0.57 earnings per share (EPS) for the quarter, beating 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%. Analysts forecast 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 issued a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a yield of 2.88%. The ex-dividend date was Friday, February 28th. Corning's dividend payout ratio is currently 193.10%.

Insiders Place Their Bets

In related news, COO Eric S. Musser sold 30,000 shares of Corning stock in a transaction dated 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 completion of the transaction, the chief operating officer now directly owns 152,944 shares in the company, valued at approximately $7,940,852.48. This trade represents a 16.40 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Michael Alan Bell sold 2,209 shares of the company's 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. 0.40% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

GLW has been the topic of a number of research analyst reports. Bank of America lifted their price target on shares of Corning from $65.00 to $68.00 and gave the company a "buy" rating in a report on Wednesday, March 19th. StockNews.com cut Corning from a "buy" rating to a "hold" rating in a report on Tuesday, February 25th. Citigroup upped their price target on Corning from $55.00 to $58.00 and gave the stock a "buy" rating in a research note on Tuesday, January 21st. Hsbc Global Res raised Corning from a "hold" rating to a "strong-buy" rating in a research note on Thursday, January 30th. Finally, HSBC raised shares of Corning from a "hold" rating to a "buy" rating and increased their target price for the stock from $51.00 to $60.00 in a research report on Thursday, January 30th. Four investment 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. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $54.31.

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.