1248 Management LLC Invests $1.17 Million in Corning Incorporated (NYSE:GLW)

1248 Management LLC bought a new stake in Corning Incorporated (NYSE:GLW - Free Report) during the fourth quarter, according to its most recent filing with the SEC. The firm bought 24,700 shares of the electronics maker's stock, valued at approximately $1,174,000.

Several other institutional investors have also recently bought and sold shares of GLW. Norges Bank acquired a new position in Corning during the 4th quarter valued at about $490,933,000. Amundi increased its holdings in Corning by 139.0% during the fourth quarter. Amundi now owns 3,900,808 shares of the electronics maker's stock worth $186,186,000 after buying an additional 2,268,436 shares during the last quarter. Mariner LLC raised its holdings in shares of Corning by 134.0% in the 4th quarter. Mariner LLC now owns 3,869,358 shares of the electronics maker's stock valued at $183,867,000 after purchasing an additional 2,215,840 shares during the period. Raymond James Financial Inc. acquired a new stake in shares of Corning in the fourth quarter valued at approximately $92,522,000. Finally, Appaloosa LP bought a new position in Corning during the fourth quarter worth $71,280,000. Institutional investors own 69.80% of the company's stock.

Analyst Upgrades and Downgrades

Several analysts have weighed in on the stock. JPMorgan Chase & Co. dropped their price objective on shares of Corning from $62.00 to $50.00 and set an "overweight" rating for the company in a research note on Thursday, April 17th. Bank of America upped their target price on Corning from $65.00 to $68.00 and gave the stock a "buy" rating in a report 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. HSBC upgraded shares of Corning from a "hold" rating to a "buy" rating and raised their price target for the stock from $51.00 to $60.00 in a report on Thursday, January 30th. Finally, Citigroup lowered their target price on Corning from $58.00 to $50.00 and set a "buy" rating for the company in a report on Monday, April 14th. Four investment analysts have rated the stock with a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $53.08.

Insider Activity at Corning

In other news, SVP Michael Alan Bell sold 20,262 shares of Corning stock in a transaction dated Wednesday, April 30th. The stock was sold at an average price of $44.06, for a total value of $892,743.72. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. 0.40% of the stock is currently owned by corporate insiders.

Corning Stock Performance

GLW stock traded down $0.35 on Monday, hitting $45.41. The company had a trading volume of 3,135,276 shares, compared to its average volume of 5,959,280. The stock has a market cap of $38.91 billion, a price-to-earnings ratio of 78.29, a P/E/G ratio of 1.50 and a beta of 1.09. 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 stock's 50-day simple moving average is $44.79 and its 200 day simple moving average is $47.56. Corning Incorporated has a 12-month low of $32.92 and a 12-month high of $55.33.

Corning (NYSE:GLW - Get Free Report) last announced its earnings results on Tuesday, April 29th. The electronics maker reported $0.54 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.51 by $0.03. Corning had a net margin of 3.86% and a return on equity of 15.10%. The company had revenue of $3.68 billion during the quarter, compared to analyst estimates of $3.63 billion. During the same period in the previous year, the business posted $0.38 earnings per share. The firm's quarterly revenue was up 12.9% compared to the same quarter last year. As a group, equities research analysts expect that Corning Incorporated will post 2.33 earnings per share for the current fiscal year.

Corning Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 27th. Shareholders of record on Friday, May 30th will be issued a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a yield of 2.47%. The ex-dividend date of this dividend is Friday, May 30th. Corning's dividend payout ratio (DPR) is currently 215.38%.

About Corning

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.