Graham Capital Management L.P. Acquires Shares of 138,263 Corning Incorporated (NYSE:GLW)

Graham Capital Management L.P. bought a new stake in shares of Corning Incorporated (NYSE:GLW - Free Report) during the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor bought 138,263 shares of the electronics maker's stock, valued at approximately $6,570,000.

Several other hedge funds have also made changes to their positions in the business. Sound Income Strategies LLC increased its position 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 worth $25,000 after acquiring an additional 227 shares during the last quarter. Sierra Ocean LLC bought a new position in shares of Corning in the fourth quarter valued at $25,000. Asset Planning Inc bought a new position in shares of Corning in the fourth quarter valued at $29,000. Rosenberg Matthew Hamilton grew its position in Corning by 202.4% during the 4th quarter. Rosenberg Matthew Hamilton now owns 747 shares of the electronics maker's stock worth $35,000 after purchasing an additional 500 shares in the last quarter. Finally, Mainstream Capital Management LLC purchased a new position in shares of Corning during the 4th quarter valued at $35,000. Institutional investors and hedge funds own 69.80% of the company's stock.

Insider Activity at Corning

In related news, SVP Michael Alan Bell sold 20,262 shares of the business's stock in a transaction that occurred on Wednesday, April 30th. The shares were sold at an average price of $44.06, for a total transaction of $892,743.72. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.40% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

GLW has been the subject of a number of research analyst reports. HSBC raised shares of Corning from a "hold" rating to a "buy" rating and boosted their target price for the stock from $51.00 to $60.00 in a research report on Thursday, January 30th. Oppenheimer reduced their target price on shares of Corning from $58.00 to $55.00 and set an "outperform" rating on the stock in a research report on Wednesday, April 30th. StockNews.com lowered shares of Corning from a "buy" rating to a "hold" rating in a report on Tuesday, February 25th. Barclays lowered 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 report on Wednesday, January 29th. Finally, JPMorgan Chase & Co. decreased their target price on shares of Corning from $62.00 to $50.00 and set an "overweight" rating for the company in a research report on Thursday, April 17th. Four research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat, Corning has a consensus rating of "Moderate Buy" and a consensus target price of $53.08.

Corning Price Performance

Corning stock traded up $0.69 during mid-day trading on Tuesday, hitting $47.66. 642,011 shares of the company traded hands, compared to its average volume of 5,921,158. Corning Incorporated has a one year low of $34.15 and a one year high of $55.33. The stock has a market cap of $40.82 billion, a price-to-earnings ratio of 82.04, a price-to-earnings-growth ratio of 1.50 and a beta of 1.09. 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 stock has a fifty day moving average price of $44.42 and a 200-day moving average price of $47.49.

Corning (NYSE:GLW - Get Free Report) last posted its quarterly earnings results on Tuesday, April 29th. The electronics maker reported $0.54 EPS for the quarter, beating analysts' consensus estimates 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 prior year, the business posted $0.38 EPS. The firm's revenue was up 12.9% compared to the same quarter last year. On average, equities analysts predict that Corning Incorporated will post 2.33 earnings per share for the current fiscal year.

Corning Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 27th. Investors of record on Friday, May 30th will be issued a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.35%. The ex-dividend date is Friday, May 30th. Corning's payout ratio is 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.