Aquatic Capital Management LLC Purchases Shares of 66,616 Corning Incorporated (NYSE:GLW)

Aquatic Capital Management LLC acquired a new stake in Corning Incorporated (NYSE:GLW - Free Report) during the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor acquired 66,616 shares of the electronics maker's stock, valued at approximately $3,166,000.

A number of other large investors have also recently bought and sold shares of GLW. Sound Income Strategies LLC increased its position in Corning by 76.7% in the 4th quarter. Sound Income Strategies LLC now owns 523 shares of the electronics maker's stock valued at $25,000 after buying an additional 227 shares in the last quarter. Sierra Ocean LLC purchased a new position in Corning in the fourth quarter worth $25,000. Asset Planning Inc purchased a new position in Corning in the fourth quarter worth $29,000. Mainstream Capital Management LLC purchased a new position in shares of Corning during the 4th quarter valued at $35,000. Finally, Rosenberg Matthew Hamilton lifted its position 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 buying an additional 500 shares during the last quarter. 69.80% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In related news, SVP Michael Alan Bell sold 20,262 shares of the business's stock in a transaction dated Wednesday, April 30th. The shares were sold at an average price of $44.06, for a total transaction of $892,743.72. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, COO Eric S. Musser sold 30,000 shares of the business's stock in a transaction dated Friday, January 31st. The shares were 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 $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. Company insiders own 0.40% of the company's stock.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on GLW shares. StockNews.com cut Corning from a "buy" rating to a "hold" rating in a report on Tuesday, February 25th. Hsbc Global Res upgraded Corning from a "hold" rating to a "strong-buy" rating in a research report on Thursday, January 30th. Mizuho set a $52.00 price objective on Corning in a research note on Tuesday, April 15th. Bank of America increased their price objective on Corning from $65.00 to $68.00 and gave the stock a "buy" rating in a report on Wednesday, March 19th. Finally, HSBC upgraded Corning from a "hold" rating to a "buy" rating and increased their price objective for the stock from $51.00 to $60.00 in a report on Thursday, January 30th. 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 stock. According to MarketBeat, Corning has an average rating of "Moderate Buy" and an average target price of $53.08.

Corning Stock Up 0.9 %

Shares of Corning stock traded up $0.39 during trading on Thursday, hitting $44.77. 4,842,425 shares of the stock traded hands, compared to its average volume of 5,967,832. The stock's fifty day simple moving average is $44.99 and its 200 day simple moving average is $47.56. Corning Incorporated has a 52-week low of $32.92 and a 52-week high of $55.33. 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 firm has a market cap of $38.36 billion, a P/E ratio of 77.19, a price-to-earnings-growth ratio of 1.50 and a beta of 1.03.

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

Corning Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, March 28th. Stockholders of record on Friday, February 28th were given a $0.28 dividend. The ex-dividend date of this dividend was Friday, February 28th. This represents a $1.12 annualized dividend and a dividend yield of 2.50%. Corning's dividend payout ratio (DPR) is 193.10%.

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.