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

Summit Financial LLC grew its position in Corning Incorporated (NYSE:GLW) by 190.7% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 14,429 shares of the electronics maker’s stock after purchasing an additional 9,466 shares during the quarter. Summit Financial LLC’s holdings in Corning were worth $686,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of GLW. Norges Bank acquired a new stake in Corning in the fourth quarter valued at $490,933,000. Amundi raised its position in shares of Corning by 139.0% during the 4th quarter. Amundi now owns 3,900,808 shares of the electronics maker’s stock worth $186,186,000 after acquiring an additional 2,268,436 shares in the last quarter. Raymond James Financial Inc. purchased a new stake in Corning during the fourth quarter worth approximately $92,522,000. Appaloosa LP acquired a new position in Corning in the fourth quarter valued at approximately $71,280,000. Finally, State Street Corp increased its stake in Corning by 3.8% in the third 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. 69.80% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

GLW has been the subject of several recent analyst reports. Hsbc Global Res upgraded shares of Corning from a “hold” rating to a “strong-buy” rating in a research report on Thursday, January 30th. Barclays decreased their price objective 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 upgraded 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 report on Thursday, January 30th. Citigroup raised their price target on Corning from $55.00 to $58.00 and gave the stock a “buy” rating in a research note on Tuesday, January 21st. Finally, Bank of America boosted their price objective on Corning from $65.00 to $68.00 and gave the company a “buy” rating in a research note on Wednesday, March 19th. Four equities research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $54.31.

Insider Buying and Selling

In other Corning news, SVP Michael Alan Bell sold 2,209 shares of the business’s 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 transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, COO Eric S. Musser sold 30,000 shares of the firm’s stock in a transaction on 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 owns 152,944 shares of the company’s stock, valued at approximately $7,940,852.48. This represents a 16.40 % decrease in their position. The disclosure for this sale can be found here. 0.40% of the stock is owned by insiders.

Corning Stock Performance

Shares of GLW opened at $46.59 on Thursday. Corning Incorporated has a 1 year low of $30.72 and a 1 year 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 company’s fifty day moving average is $49.49 and its two-hundred day moving average is $48.03. The stock has a market capitalization of $39.92 billion, a P/E ratio of 80.33, a P/E/G ratio of 1.50 and a beta of 1.03.

Corning (NYSE:GLW) last released its 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 return on equity of 15.10% and a net margin of 3.86%. On average, sell-side analysts predict that Corning Incorporated will post 2.33 earnings per share for the current year.

Corning Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 28th. Investors of record on Friday, February 28th were paid a $0.28 dividend. This represents a $1.12 annualized dividend and a dividend yield of 2.40%. The ex-dividend date of this dividend was Friday, February 28th. Corning’s dividend payout ratio (DPR) 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.