Candelo Capital Management LP Makes New Investment in Corning Incorporated (NYSE:GLW)

Candelo Capital Management LP purchased a new position in Corning Incorporated (NYSE:GLW - Free Report) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 165,646 shares of the electronics maker's stock, valued at approximately $7,871,000. Corning accounts for 4.0% of Candelo Capital Management LP's portfolio, making the stock its 3rd biggest position.

Several other hedge funds have also recently made changes to their positions in GLW. Sound Income Strategies LLC increased its position in shares of Corning by 76.7% during the 4th 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 during the last quarter. Sierra Ocean LLC purchased a new stake in shares of Corning in the 4th quarter worth $25,000. Asset Planning Inc purchased a new position in Corning during the fourth quarter valued at $29,000. Rosenberg Matthew Hamilton grew its holdings in Corning by 202.4% during the fourth 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 period. Finally, Mainstream Capital Management LLC purchased a new stake in Corning in the fourth quarter worth about $35,000. 69.80% of the stock is owned by hedge funds and other institutional investors.

Corning Price Performance

Shares of NYSE GLW traded down $0.60 during midday trading on Monday, reaching $43.58. 2,623,719 shares of the stock traded hands, compared to its average volume of 5,973,165. The company's 50 day moving average is $45.45 and its 200 day moving average is $47.61. Corning Incorporated has a one year low of $31.37 and a one year high of $55.33. 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 stock has a market capitalization of $37.34 billion, a PE ratio of 75.16, a P/E/G ratio of 1.50 and a beta of 1.03.

Corning (NYSE:GLW - Get Free Report) last announced its quarterly earnings results on Wednesday, January 29th. The electronics maker reported $0.57 EPS 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%. On average, equities research analysts anticipate that Corning Incorporated will post 2.33 earnings per share for the current year.

Corning Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, March 28th. Stockholders of record on Friday, February 28th were paid a $0.28 dividend. This represents a $1.12 annualized dividend and a dividend yield of 2.57%. The ex-dividend date of this dividend was Friday, February 28th. Corning's dividend payout ratio is currently 193.10%.

Insider Buying and Selling

In other news, SVP Michael Alan Bell sold 2,209 shares of Corning stock in a transaction on Thursday, January 30th. The stock was sold at an average price of $49.87, for a total transaction of $110,162.83. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Eric S. Musser sold 30,000 shares of the company's stock in a transaction dated Friday, January 31st. The stock was 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 owns 152,944 shares in the company, valued at approximately $7,940,852.48. The trade was 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 corporate insiders.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on GLW shares. Barclays cut their price objective on Corning from $53.00 to $52.00 and set an "equal weight" rating for the company in a research note on Wednesday, January 29th. Mizuho set a $52.00 price objective on shares of Corning in a research report on Tuesday, April 15th. JPMorgan Chase & Co. dropped their target price on shares of Corning from $62.00 to $50.00 and set an "overweight" rating for the company in a report on Thursday, April 17th. HSBC raised Corning from a "hold" rating to a "buy" rating and raised their price target for the company from $51.00 to $60.00 in a report on Thursday, January 30th. Finally, Hsbc Global Res raised Corning from a "hold" rating to a "strong-buy" rating in a research note on Thursday, January 30th. Four investment analysts have rated the stock with a hold rating, ten have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $53.31.

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.