Summit Global Investments Makes New Investment in Corning Incorporated (NYSE:GLW)

Summit Global Investments purchased a new stake in Corning Incorporated (NYSE:GLW - Free Report) in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund purchased 19,602 shares of the electronics maker's stock, valued at approximately $931,000.

Other hedge funds have also recently modified their holdings of the company. Oregon Public Employees Retirement Fund lifted its holdings in Corning by 0.3% during the fourth quarter. Oregon Public Employees Retirement Fund now owns 66,063 shares of the electronics maker's stock worth $3,139,000 after buying an additional 204 shares during the period. Principal Securities Inc. raised its position in shares of Corning by 3.5% in the 4th quarter. Principal Securities Inc. now owns 6,170 shares of the electronics maker's stock worth $293,000 after acquiring an additional 211 shares in the last quarter. Bogart Wealth LLC lifted its stake in shares of Corning by 18.3% during the 4th quarter. Bogart Wealth LLC now owns 1,419 shares of the electronics maker's stock worth $67,000 after purchasing an additional 219 shares during the last quarter. Buffington Mohr McNeal boosted its position in Corning by 2.1% during the fourth quarter. Buffington Mohr McNeal now owns 10,461 shares of the electronics maker's stock valued at $497,000 after purchasing an additional 220 shares in the last quarter. Finally, Allworth Financial LP boosted its holdings in shares of Corning by 1.1% in the 4th quarter. Allworth Financial LP now owns 19,581 shares of the electronics maker's stock valued at $930,000 after buying an additional 220 shares in the last quarter. Hedge funds and other institutional investors own 69.80% of the company's stock.

Corning Price Performance

NYSE GLW traded down $1.02 during trading hours on Tuesday, hitting $48.88. 2,354,630 shares of the company's stock traded hands, compared to its average volume of 5,495,028. Corning Incorporated has a 52-week low of $30.72 and a 52-week high of $55.33. 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 company has a market capitalization of $41.86 billion, a PE ratio of 84.27, a PEG ratio of 1.50 and a beta of 1.03. The firm's 50-day moving average is $49.98 and its 200-day moving average is $47.78.

Remove Ads

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 (EPS) for the quarter, topping 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%. Equities analysts forecast that Corning Incorporated will post 2.33 EPS for the current fiscal year.

Corning Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Friday, February 28th will be paid a dividend of $0.28 per share. The ex-dividend date is Friday, February 28th. This represents a $1.12 annualized dividend and a yield of 2.29%. Corning's dividend payout ratio (DPR) is 193.10%.

Insider Buying and Selling at Corning

In other Corning news, 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 transaction, 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 filing with the SEC, which is available through the SEC website. Also, SVP Michael Alan Bell sold 2,209 shares of Corning stock in a transaction that occurred on Thursday, January 30th. The shares were 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. Company insiders own 0.40% of the company's stock.

Analysts Set New Price Targets

A number of research firms have recently weighed in on GLW. Hsbc Global Res raised Corning from a "hold" rating to a "strong-buy" rating in a research report on Thursday, January 30th. HSBC raised shares of Corning from a "hold" rating to a "buy" rating and boosted their target price for the stock from $51.00 to $60.00 in a research report on Thursday, January 30th. Morgan Stanley lifted 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. 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. Finally, StockNews.com downgraded Corning from a "buy" rating to a "hold" rating in a research note on Tuesday, February 25th. Four research analysts have rated the stock with a hold rating, ten have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target 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.