160,946 Shares in Corning Incorporated (NYSE:GLW) Bought by Concentric Capital Strategies LP

Concentric Capital Strategies LP bought a new position in shares of Corning Incorporated (NYSE:GLW - Free Report) in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund bought 160,946 shares of the electronics maker's stock, valued at approximately $7,648,000.

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

Corning Trading Down 1.3 %

NYSE:GLW opened at $44.84 on Wednesday. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.62 and a quick ratio of 1.07. The business has a fifty day moving average price of $44.62 and a 200-day moving average price of $47.53. The firm has a market capitalization of $38.42 billion, a price-to-earnings ratio of 77.32, a price-to-earnings-growth ratio of 1.50 and a beta of 1.09. Corning Incorporated has a one year low of $33.30 and a one year high of $55.33.

Corning (NYSE:GLW - Get Free Report) last announced its quarterly earnings results on Tuesday, April 29th. The electronics maker reported $0.54 EPS for the quarter, topping the consensus estimate of $0.51 by $0.03. The business had revenue of $3.68 billion for the quarter, compared to analysts' expectations of $3.63 billion. Corning had a net margin of 3.86% and a return on equity of 15.10%. The business's quarterly revenue was up 12.9% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.38 EPS. Sell-side analysts forecast that Corning Incorporated will post 2.33 EPS for the current year.

Corning Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 27th. Stockholders of record on Friday, May 30th will be paid a dividend of $0.28 per share. The ex-dividend date is Friday, May 30th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.50%. Corning's dividend payout ratio is 215.38%.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on GLW shares. StockNews.com lowered Corning from a "buy" rating to a "hold" rating in a research report on Tuesday, February 25th. Citigroup lowered their price target on shares of Corning from $58.00 to $50.00 and set a "buy" rating for the company in a report on Monday, April 14th. Barclays cut their price target on shares of Corning from $53.00 to $52.00 and set an "equal weight" rating on the stock in a report on Wednesday, January 29th. Mizuho set a $52.00 price objective on shares of Corning in a research note on Tuesday, April 15th. Finally, HSBC raised Corning from a "hold" rating to a "buy" rating and raised their target price for the stock from $51.00 to $60.00 in a research note on Thursday, January 30th. Four equities research analysts have rated the stock with a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, Corning presently has a consensus rating of "Moderate Buy" and an average price target of $53.08.

Insider Transactions at Corning

In other Corning news, SVP Michael Alan Bell sold 20,262 shares of the stock in a transaction on Wednesday, April 30th. The stock was sold at an average price of $44.06, for a total value of $892,743.72. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Company insiders own 0.40% of the company's stock.

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.

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