Andra AP fonden Invests $3.73 Million in Corning Incorporated (NYSE:GLW)

Andra AP fonden purchased a new stake in shares of Corning Incorporated (NYSE:GLW) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 78,500 shares of the electronics maker’s stock, valued at approximately $3,730,000.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Principal Financial Group Inc. boosted its position in shares of Corning by 1.4% in the third quarter. Principal Financial Group Inc. now owns 890,981 shares of the electronics maker’s stock worth $40,228,000 after buying an additional 12,451 shares during the period. Capital Performance Advisors LLP acquired a new stake in Corning during the 3rd quarter worth about $88,000. Hollencrest Capital Management boosted its position in Corning by 143.5% during the 3rd quarter. Hollencrest Capital Management now owns 1,488 shares of the electronics maker’s stock worth $67,000 after acquiring an additional 877 shares during the period. CWA Asset Management Group LLC purchased a new position in Corning during the 3rd quarter valued at about $5,705,000. Finally, Mesirow Financial Investment Management Inc. increased its holdings in shares of Corning by 2.4% in the 3rd quarter. Mesirow Financial Investment Management Inc. now owns 144,393 shares of the electronics maker’s stock valued at $6,519,000 after purchasing an additional 3,375 shares during the period. Institutional investors and hedge funds own 69.80% of the company’s stock.

Corning Stock Up 0.8 %

GLW opened at $45.89 on Friday. Corning Incorporated has a twelve month low of $30.72 and a twelve month high of $55.33. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.07 and a current ratio of 1.62. The business has a 50 day moving average price of $50.06 and a 200 day moving average price of $47.33. The firm has a market cap of $39.31 billion, a P/E ratio of 79.13, a price-to-earnings-growth ratio of 1.50 and a beta of 1.03.

Corning (NYSE:GLW) last posted 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 net margin of 3.86% and a return on equity of 15.10%. Research analysts forecast that Corning Incorporated will post 2.33 EPS for the current year.

Corning Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Friday, February 28th will be given a dividend of $0.28 per share. The ex-dividend date is Friday, February 28th. This represents a $1.12 annualized dividend and a dividend yield of 2.44%. Corning’s dividend payout ratio is presently 193.10%.

Insider Activity at Corning

In other 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 transaction of $110,162.83. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, COO Eric S. Musser sold 30,000 shares of the firm’s stock in a transaction on Friday, January 31st. The stock was sold at an average price of $51.92, for a total transaction of $1,557,600.00. Following the completion of the sale, the chief operating officer now owns 152,944 shares in the company, 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. 0.40% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

GLW has been the subject of several research reports. Morgan Stanley raised their price target on shares of Corning from $39.00 to $48.00 and gave the stock an “equal weight” rating in a report on Tuesday, December 17th. Hsbc Global Res upgraded shares of Corning from a “hold” rating to a “strong-buy” rating in a report on Thursday, January 30th. HSBC raised shares of Corning from a “hold” rating to a “buy” rating and upped their price target for the stock from $51.00 to $60.00 in a research note on Thursday, January 30th. StockNews.com cut Corning from a “buy” rating to a “hold” rating in a research report on Tuesday, February 25th. Finally, Barclays dropped their target price on Corning from $53.00 to $52.00 and set an “equal weight” rating on the stock in a research report on Wednesday, January 29th. Four 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 stock. According to MarketBeat, Corning presently has an average rating of “Moderate Buy” and an average target price of $53.00.

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.