Pine Valley Investments Ltd Liability Co Has $2.42 Million Holdings in Corning Incorporated (NYSE:GLW)

Pine Valley Investments Ltd Liability Co increased its stake in Corning Incorporated (NYSE:GLW) by 28.1% in the fourth quarter, Holdings Channel.com reports. The firm owned 50,954 shares of the electronics maker’s stock after purchasing an additional 11,180 shares during the quarter. Pine Valley Investments Ltd Liability Co’s holdings in Corning were worth $2,421,000 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 GLW. Principal Securities Inc. grew its holdings in shares of Corning by 3.5% in the 4th quarter. Principal Securities Inc. now owns 6,170 shares of the electronics maker’s stock valued at $293,000 after acquiring an additional 211 shares in the last quarter. Bogart Wealth LLC grew its holdings in shares of Corning by 18.3% in the 4th quarter. Bogart Wealth LLC now owns 1,419 shares of the electronics maker’s stock valued at $67,000 after acquiring an additional 219 shares in the last quarter. Buffington Mohr McNeal grew its holdings in shares of Corning by 2.1% in the 4th quarter. Buffington Mohr McNeal now owns 10,461 shares of the electronics maker’s stock valued at $497,000 after acquiring an additional 220 shares in the last quarter. Allworth Financial LP grew its holdings in shares of Corning by 1.1% in the 4th quarter. Allworth Financial LP now owns 19,581 shares of the electronics maker’s stock valued at $930,000 after acquiring an additional 220 shares in the last quarter. Finally, Deseret Mutual Benefit Administrators grew its holdings in shares of Corning by 3.7% in the 4th quarter. Deseret Mutual Benefit Administrators now owns 6,226 shares of the electronics maker’s stock valued at $296,000 after acquiring an additional 221 shares in the last quarter. 69.80% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

GLW has been the subject of several recent analyst reports. JPMorgan Chase & Co. raised their target price on shares of Corning from $55.00 to $60.00 and gave the company an “overweight” rating in a research note on Wednesday, October 30th. StockNews.com downgraded shares of Corning from a “buy” rating to a “hold” rating in a research note on Tuesday. Deutsche Bank Aktiengesellschaft raised their target price on shares of Corning from $49.00 to $54.00 and gave the company a “buy” rating in a research note on Wednesday, October 30th. HSBC upgraded shares of Corning from a “hold” rating to a “buy” rating and raised their target price for the company from $51.00 to $60.00 in a research note on Thursday, January 30th. Finally, UBS Group raised their target price on shares of Corning from $46.00 to $51.00 and gave the company a “neutral” rating in a research note on Wednesday, October 30th. Four 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, the company has an average rating of “Moderate Buy” and a consensus target price of $53.00.

Corning Trading Down 2.1 %

Shares of GLW stock opened at $49.73 on Wednesday. The company has a quick ratio of 1.07, a current ratio of 1.62 and a debt-to-equity ratio of 0.62. Corning Incorporated has a 12-month low of $30.72 and a 12-month high of $55.33. The firm has a 50 day moving average price of $50.01 and a two-hundred day moving average price of $46.93. The company has a market capitalization of $42.59 billion, a PE ratio of 85.74, a price-to-earnings-growth ratio of 1.50 and a beta of 1.03.

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 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%. As a group, analysts predict that Corning Incorporated will post 2.33 earnings per share for the current year.

Corning Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Friday, February 28th will be given a $0.28 dividend. The ex-dividend date is Friday, February 28th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.25%. Corning’s payout ratio is 193.10%.

Insider Activity

In other news, SVP Michael Alan Bell sold 2,209 shares of Corning stock in a transaction that occurred on Thursday, January 30th. The shares were sold at an average price of $49.87, for a total value of $110,162.83. The transaction 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 Corning stock in a transaction that occurred 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 directly owns 152,944 shares in the company, valued at $7,940,852.48. This trade represents a 16.40 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.40% of the stock is owned by company insiders.

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.