Thoroughbred Financial Services LLC Raises Stake in Corning Incorporated (NYSE:GLW)

Thoroughbred Financial Services LLC increased its stake in Corning Incorporated (NYSE:GLW - Free Report) by 139.3% in the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 64,017 shares of the electronics maker's stock after acquiring an additional 37,266 shares during the quarter. Thoroughbred Financial Services LLC's holdings in Corning were worth $3,042,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Northstar Advisory Group LLC grew its holdings in shares of Corning by 258.4% during the fourth quarter. Northstar Advisory Group LLC now owns 123,808 shares of the electronics maker's stock worth $5,883,000 after buying an additional 89,268 shares in the last quarter. Franklin Resources Inc. boosted its holdings in shares of Corning by 48.4% during the 3rd quarter. Franklin Resources Inc. now owns 191,648 shares of the electronics maker's stock worth $8,975,000 after purchasing an additional 62,514 shares during the last quarter. Fifth Third Bancorp lifted its position in Corning by 16.8% during the fourth quarter. Fifth Third Bancorp now owns 111,448 shares of the electronics maker's stock worth $5,296,000 after buying an additional 16,001 shares in the last quarter. First Financial Bank Trust Division grew its holdings in Corning by 27.5% in the 4th quarter. First Financial Bank Trust Division now owns 138,153 shares of the electronics maker's stock valued at $6,565,000 after buying an additional 29,790 shares in the last quarter. Finally, New Century Financial Group LLC acquired a new stake in shares of Corning in the 4th quarter worth $1,110,000. 69.80% of the stock is owned by hedge funds and other institutional investors.

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Insider Buying and Selling at Corning

In other news, COO Eric S. Musser sold 30,000 shares of the firm's stock in a transaction that occurred on 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 directly owns 152,944 shares of the company's stock, valued at $7,940,852.48. This trade represents a 16.40 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 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 currently owned by corporate insiders.

Analysts Set New Price Targets

Several brokerages have recently weighed in on GLW. HSBC raised shares of Corning from a "hold" rating to a "buy" rating and boosted their price target for the company from $51.00 to $60.00 in a research report 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. Barclays reduced their price target on shares of Corning from $53.00 to $52.00 and set an "equal weight" rating on the stock in a research report on Wednesday, January 29th. StockNews.com lowered Corning from a "buy" rating to a "hold" rating in a research report on Tuesday, February 25th. Finally, Morgan Stanley lifted their target price on Corning from $39.00 to $48.00 and gave the company an "equal weight" rating in a research report on Tuesday, December 17th. Four investment analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $54.31.

Corning Stock Performance

NYSE:GLW traded up $0.05 during midday trading on Wednesday, reaching $39.23. The stock had a trading volume of 1,486,858 shares, compared to its average volume of 5,853,517. The stock has a market cap of $33.61 billion, a P/E ratio of 67.46, a P/E/G ratio of 1.50 and a beta of 1.03. The company has a quick ratio of 1.07, a current ratio of 1.62 and a debt-to-equity ratio of 0.62. Corning Incorporated has a 12-month low of $30.72 and a 12-month high of $55.33. The firm has a fifty day simple moving average of $48.29 and a two-hundred day simple moving average of $47.90.

Corning (NYSE:GLW - Get Free Report) last posted its quarterly earnings results 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%. On average, equities analysts expect that Corning Incorporated will post 2.33 EPS for the current year.

Corning Announces Dividend

The business also recently announced 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 2.86%. Corning's payout ratio is currently 193.10%.

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.