C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors Makes New Investment in Corning Incorporated (NYSE:GLW)

C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors bought a new position in Corning Incorporated (NYSE:GLW) in the 4th quarter, HoldingsChannel.com reports. The fund bought 1,735 shares of the electronics maker’s stock, valued at approximately $82,000.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Sound Income Strategies LLC boosted its stake in Corning by 76.7% in the fourth quarter. Sound Income Strategies LLC now owns 523 shares of the electronics maker’s stock worth $25,000 after buying an additional 227 shares in the last quarter. Rosenberg Matthew Hamilton boosted 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 buying an additional 500 shares in the last quarter. Global X Japan Co. Ltd. purchased a new stake in shares of Corning during the fourth quarter valued at approximately $40,000. Union Bancaire Privee UBP SA purchased a new stake in shares of Corning during the fourth quarter valued at approximately $40,000. Finally, Cassady Schiller Wealth Management LLC purchased a new stake in shares of Corning during the third quarter valued at approximately $39,000. Hedge funds and other institutional investors own 69.80% of the company’s stock.

Insider Activity

In other news, SVP Michael Alan Bell sold 2,209 shares of the firm’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 sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP John P. Bayne, Jr. sold 5,000 shares of the firm’s stock in a transaction on Friday, November 22nd. The shares were sold at an average price of $48.39, for a total value of $241,950.00. Following the transaction, the senior vice president now owns 6,700 shares of the company’s stock, valued at $324,213. The trade was a 42.74 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 46,085 shares of company stock worth $2,345,436 over the last three months. 0.40% of the stock is currently owned by corporate insiders.

Corning Price Performance

GLW opened at $52.58 on Friday. The stock has a fifty day simple moving average of $49.46 and a two-hundred day simple moving average of $46.19. The company has a current ratio of 1.62, a quick ratio of 1.07 and a debt-to-equity ratio of 0.62. The company has a market cap of $45.02 billion, a price-to-earnings ratio of 90.66, a price-to-earnings-growth ratio of 1.55 and a beta of 1.03. Corning Incorporated has a 12-month low of $30.72 and a 12-month high of $55.33.

Corning (NYSE:GLW) last posted its quarterly earnings data on Wednesday, January 29th. The electronics maker reported $0.57 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.56 by $0.01. Corning had a return on equity of 15.10% and a net margin of 3.86%. Research analysts predict that Corning Incorporated will post 2.33 earnings per share for the current fiscal year.

Corning Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Friday, February 28th will be issued a dividend of $0.28 per share. The ex-dividend date of this dividend is Friday, February 28th. This represents a $1.12 annualized dividend and a dividend yield of 2.13%. Corning’s payout ratio is presently 193.10%.

Analysts Set New Price Targets

A number of analysts have recently weighed in on the company. HSBC raised Corning from a “hold” rating to a “buy” rating and increased their price objective for the company from $51.00 to $60.00 in a research note on Thursday, January 30th. Morgan Stanley increased their price objective on Corning from $39.00 to $48.00 and gave the company an “equal weight” rating in a research note on Tuesday, December 17th. Citigroup increased their price objective on Corning from $55.00 to $58.00 and gave the company a “buy” rating in a research note on Tuesday, January 21st. Hsbc Global Res raised Corning from a “hold” rating to a “strong-buy” rating in a research note on Thursday, January 30th. Finally, Deutsche Bank Aktiengesellschaft increased their price objective on Corning from $49.00 to $54.00 and gave the company a “buy” rating in a research note on Wednesday, October 30th. Three investment analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Corning presently has an average rating of “Moderate Buy” and a consensus price target of $53.00.

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.