Garrison Point Advisors LLC Purchases 6,756 Shares of Corning Incorporated (NYSE:GLW)

Garrison Point Advisors LLC lifted its position in Corning Incorporated (NYSE:GLW) by 75.9% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 15,656 shares of the electronics maker’s stock after buying an additional 6,756 shares during the period. Garrison Point Advisors LLC’s holdings in Corning were worth $744,000 as of its most recent SEC filing.

Several other hedge funds have also added to or reduced their stakes in the business. Vanguard Group Inc. boosted its position in shares of Corning by 0.9% during the fourth quarter. Vanguard Group Inc. now owns 99,903,247 shares of the electronics maker’s stock worth $4,747,402,000 after buying an additional 916,528 shares during the period. State Street Corp lifted its stake in Corning by 3.8% in the 3rd 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 last quarter. Geode Capital Management LLC boosted its stake in shares of Corning by 3.0% during the 4th quarter. Geode Capital Management LLC now owns 18,470,610 shares of the electronics maker’s stock worth $875,633,000 after acquiring an additional 533,686 shares during the period. Norges Bank acquired a new position in Corning in the 4th quarter valued at about $490,933,000. Finally, Charles Schwab Investment Management Inc. raised its holdings in Corning by 1.7% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 4,937,981 shares of the electronics maker’s stock valued at $234,653,000 after acquiring an additional 84,905 shares during the period. Institutional investors and hedge funds own 69.80% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have recently commented on GLW shares. Morgan Stanley upped 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. Hsbc Global Res upgraded shares of Corning from a “hold” rating to a “strong-buy” rating in a research note on Thursday, January 30th. Citigroup increased their target price on shares of Corning from $55.00 to $58.00 and gave the stock a “buy” rating in a research report on Tuesday, January 21st. Bank of America raised their price objective on Corning from $65.00 to $68.00 and gave the stock a “buy” rating in a research note on Wednesday, March 19th. Finally, HSBC upgraded Corning from a “hold” rating to a “buy” rating and upped their target price for the company 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 issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $54.31.

Insider Transactions at Corning

In other Corning news, SVP Michael Alan Bell sold 2,209 shares of the stock in a transaction dated Thursday, January 30th. The stock was sold at an average price of $49.87, for a total transaction of $110,162.83. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, COO Eric S. Musser sold 30,000 shares of the business’s stock in a transaction dated Friday, January 31st. The shares were 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 $7,940,852.48. This represents a 16.40 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.40% of the company’s stock.

Corning Stock Performance

NYSE:GLW opened at $39.08 on Friday. The stock’s 50-day moving average is $48.95 and its 200-day moving average is $47.97. The stock has a market cap of $33.48 billion, a P/E ratio of 67.37, a price-to-earnings-growth ratio of 1.50 and a beta of 1.03. Corning Incorporated has a 1-year low of $30.72 and a 1-year high of $55.33. The company has a current ratio of 1.62, a quick ratio of 1.07 and a debt-to-equity ratio of 0.62.

Corning (NYSE:GLW) last released its quarterly earnings results on Wednesday, January 29th. The electronics maker reported $0.57 earnings per share (EPS) for the quarter, beating 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 research analysts anticipate that Corning Incorporated will post 2.33 earnings per share for the current year.

Corning Dividend Announcement

The company also recently declared 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. The ex-dividend date was Friday, February 28th. This represents a $1.12 annualized dividend and a yield of 2.87%. Corning’s payout ratio is 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.