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

Summit Financial LLC grew its stake in shares of Corning Incorporated (NYSE:GLW) by 190.7% in the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 14,429 shares of the electronics maker’s stock after acquiring 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.

Other institutional investors also recently made changes to their positions in the company. Sound Income Strategies LLC boosted its stake in shares of Corning by 76.7% during the fourth quarter. Sound Income Strategies LLC now owns 523 shares of the electronics maker’s stock valued at $25,000 after acquiring an additional 227 shares during the last quarter. Sierra Ocean LLC acquired a new stake in shares of Corning during the 4th quarter worth about $25,000. Asset Planning Inc acquired a new stake in shares of Corning during the 4th quarter worth about $29,000. Mainstream Capital Management LLC purchased a new stake in shares of Corning during the fourth quarter worth about $35,000. Finally, Rosenberg Matthew Hamilton raised its position in shares of Corning by 202.4% in the fourth quarter. Rosenberg Matthew Hamilton now owns 747 shares of the electronics maker’s stock valued at $35,000 after buying an additional 500 shares during the last quarter. 69.80% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Corning

In other Corning news, COO Eric S. Musser sold 30,000 shares of the company’s stock in a transaction dated 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 directly owns 152,944 shares of the company’s stock, valued at $7,940,852.48. This represents a 16.40 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, SVP Michael Alan Bell sold 2,209 shares of the firm’s stock in a transaction dated Thursday, January 30th. The shares were sold at an average price of $49.87, for a total value of $110,162.83. The disclosure for this sale can be found here. 0.40% of the stock is owned by corporate insiders.

Corning Price Performance

Corning stock opened at $46.59 on Thursday. The firm has a fifty day moving average of $49.49 and a 200-day moving average of $48.03. Corning Incorporated has a 52-week low of $30.72 and a 52-week 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 firm has a market capitalization of $39.92 billion, a P/E ratio of 80.33, a PEG ratio of 1.50 and a beta of 1.03.

Corning (NYSE:GLW) last announced its quarterly earnings results on Wednesday, January 29th. The electronics maker reported $0.57 earnings per share (EPS) for the quarter, beating 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%. As a group, analysts predict that Corning Incorporated will post 2.33 EPS for the current year.

Corning Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, March 28th. Shareholders of record on Friday, February 28th were issued a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a yield of 2.40%. The ex-dividend date of this dividend was Friday, February 28th. Corning’s dividend payout ratio is presently 193.10%.

Wall Street Analysts Forecast Growth

Several research firms have commented on GLW. HSBC raised shares of 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 note on Thursday, January 30th. Citigroup upped their target price on Corning from $55.00 to $58.00 and gave the company a “buy” rating in a research note on Tuesday, January 21st. Bank of America raised their price target on Corning from $65.00 to $68.00 and gave the stock a “buy” rating in a research note on Wednesday, March 19th. Hsbc Global Res raised shares of Corning from a “hold” rating to a “strong-buy” rating in a research note on Thursday, January 30th. Finally, Morgan Stanley raised their target price on shares of Corning from $39.00 to $48.00 and gave the stock an “equal weight” rating in a research report on Tuesday, December 17th. Four research analysts have rated the stock with a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $54.31.

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.