Lake Street Advisors Group LLC Has $270,000 Holdings in Corning Incorporated (NYSE:GLW)

Lake Street Advisors Group LLC raised its position in Corning Incorporated (NYSE:GLW) by 4.5% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 5,688 shares of the electronics maker’s stock after buying an additional 244 shares during the period. Lake Street Advisors Group LLC’s holdings in Corning were worth $270,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Principal Securities Inc. boosted its position in Corning by 3.5% in the fourth quarter. Principal Securities Inc. now owns 6,170 shares of the electronics maker’s stock valued at $293,000 after buying an additional 211 shares in the last quarter. Bogart Wealth LLC raised its stake in shares of Corning by 18.3% in the fourth quarter. Bogart Wealth LLC now owns 1,419 shares of the electronics maker’s stock worth $67,000 after acquiring an additional 219 shares during the last quarter. Buffington Mohr McNeal raised its stake in shares of Corning by 2.1% in the fourth quarter. Buffington Mohr McNeal now owns 10,461 shares of the electronics maker’s stock worth $497,000 after acquiring an additional 220 shares during the last quarter. Allworth Financial LP raised its stake in shares of Corning by 1.1% in the fourth quarter. Allworth Financial LP now owns 19,581 shares of the electronics maker’s stock worth $930,000 after acquiring an additional 220 shares during the last quarter. Finally, Deseret Mutual Benefit Administrators raised its stake in shares of Corning by 3.7% in the fourth quarter. Deseret Mutual Benefit Administrators now owns 6,226 shares of the electronics maker’s stock worth $296,000 after acquiring an additional 221 shares during the last quarter. 69.80% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, COO Eric S. Musser sold 30,000 shares of the stock in a transaction 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 owns 152,944 shares in the company, valued at approximately $7,940,852.48. This represents a 16.40 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, SVP Michael Alan Bell sold 2,209 shares of the stock in a transaction on Thursday, January 30th. The stock was 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. 0.40% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of equities analysts have weighed in on the stock. Barclays dropped their target price on shares of Corning from $53.00 to $52.00 and set an “equal weight” rating for the company in a research note on Wednesday, January 29th. HSBC raised shares of Corning from a “hold” rating to a “buy” rating and boosted their price target for the stock from $51.00 to $60.00 in a research note on Thursday, January 30th. StockNews.com downgraded shares of Corning from a “buy” rating to a “hold” rating in a research note on Tuesday. Citigroup upped their target price on shares of Corning from $55.00 to $58.00 and gave the company a “buy” rating in a research note on Tuesday, January 21st. Finally, Morgan Stanley upped their target price on shares of Corning from $39.00 to $48.00 and gave the company an “equal weight” rating in a research note on Tuesday, December 17th. Four investment analysts have rated the stock with a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $53.00.

Corning Stock Up 2.5 %

Corning stock opened at $50.25 on Friday. The stock has a market capitalization of $43.04 billion, a PE ratio of 86.63, 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. The company has a 50 day moving average of $50.18 and a 200-day moving average of $47.05.

Corning (NYSE:GLW) last released 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 net margin of 3.86% and a return on equity of 15.10%. On average, equities research analysts anticipate that Corning Incorporated will post 2.33 EPS for the current fiscal year.

Corning Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Friday, February 28th will be issued a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a yield of 2.23%. The ex-dividend date of this dividend is Friday, February 28th. Corning’s payout ratio is 193.10%.

Corning Company 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.