5,504 Shares in Corning Incorporated (NYSE:GLW) Acquired by Stevens Capital Management LP

Stevens Capital Management LP purchased a new position in shares of Corning Incorporated (NYSE:GLW) in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 5,504 shares of the electronics maker’s stock, valued at approximately $262,000.

A number of other large investors also recently modified their holdings of GLW. Sound Income Strategies LLC grew its position in Corning by 76.7% during the fourth quarter. Sound Income Strategies LLC now owns 523 shares of the electronics maker’s stock valued at $25,000 after acquiring an additional 227 shares during the last quarter. Sierra Ocean LLC purchased a new stake in shares of Corning in the 4th quarter valued at $25,000. Asset Planning Inc bought a new position in shares of Corning during the 4th quarter valued at $29,000. Mainstream Capital Management LLC purchased a new position in Corning in the 4th quarter worth $35,000. Finally, Rosenberg Matthew Hamilton lifted its stake in Corning by 202.4% in the fourth quarter. Rosenberg Matthew Hamilton now owns 747 shares of the electronics maker’s stock worth $35,000 after purchasing an additional 500 shares during the last quarter. 69.80% of the stock is owned by hedge funds and other institutional investors.

Corning Stock Up 2.8 %

GLW stock opened at $49.88 on Tuesday. The business has a 50 day moving average of $49.98 and a 200 day moving average of $47.78. The firm has a market cap of $42.72 billion, a PE ratio of 85.99, a price-to-earnings-growth ratio of 1.50 and a beta of 1.03. Corning Incorporated has a twelve month low of $30.72 and a twelve month high of $55.33. 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 (NYSE:GLW) last issued its quarterly earnings results 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%. On average, research analysts forecast that Corning Incorporated will post 2.33 EPS for the current fiscal year.

Corning Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Friday, February 28th will be paid a $0.28 dividend. The ex-dividend date of this dividend is Friday, February 28th. This represents a $1.12 annualized dividend and a dividend yield of 2.25%. Corning’s dividend payout ratio is presently 193.10%.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on the company. Barclays reduced their price objective on Corning from $53.00 to $52.00 and set an “equal weight” rating on the stock in a research note on Wednesday, January 29th. Hsbc Global Res upgraded Corning from a “hold” rating to a “strong-buy” rating in a research report on Thursday, January 30th. Morgan Stanley boosted their price objective on Corning from $39.00 to $48.00 and gave the company an “equal weight” rating in a research report on Tuesday, December 17th. HSBC raised shares of Corning from a “hold” rating to a “buy” rating and lifted their target price for the stock from $51.00 to $60.00 in a research note on Thursday, January 30th. Finally, StockNews.com cut shares of Corning from a “buy” rating to a “hold” rating in a research report on Tuesday, February 25th. Four research analysts have rated the stock with a hold rating, ten have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Corning has an average rating of “Moderate Buy” and an average price target of $54.31.

Insider Activity

In related news, SVP Michael Alan Bell sold 2,209 shares of the company’s stock in a transaction that occurred 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 legal filing with the SEC, which is available through the SEC website. Also, COO Eric S. Musser sold 30,000 shares of Corning 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 completion of the sale, the chief operating officer now directly owns 152,944 shares of the company’s stock, valued at approximately $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.

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.