Bearing Point Capital LLC Makes New $914,000 Investment in Corning Incorporated (NYSE:GLW)

Bearing Point Capital LLC acquired a new stake in Corning Incorporated (NYSE:GLW - Free Report) in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm acquired 19,225 shares of the electronics maker's stock, valued at approximately $914,000.

Other institutional investors also recently modified their holdings of the company. Vanguard Group Inc. increased its position in Corning by 0.9% during the fourth quarter. Vanguard Group Inc. now owns 99,903,247 shares of the electronics maker's stock worth $4,747,402,000 after buying an additional 916,528 shares during the last quarter. Geode Capital Management LLC increased its holdings in shares of Corning by 3.0% during the 4th quarter. Geode Capital Management LLC now owns 18,470,610 shares of the electronics maker's stock worth $875,633,000 after acquiring an additional 533,686 shares during the last quarter. Northern Trust Corp raised its stake in Corning by 2.0% in the 4th quarter. Northern Trust Corp now owns 10,870,375 shares of the electronics maker's stock valued at $516,560,000 after acquiring an additional 208,826 shares during the period. Norges Bank acquired a new stake in Corning during the 4th quarter valued at $490,933,000. Finally, Dimensional Fund Advisors LP boosted its position in Corning by 0.8% during the fourth quarter. Dimensional Fund Advisors LP now owns 9,800,573 shares of the electronics maker's stock worth $465,723,000 after purchasing an additional 78,497 shares during the period. 69.80% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research firms have recently issued reports on GLW. Hsbc Global Res upgraded shares of Corning from a "hold" rating to a "strong-buy" rating in a research note on Thursday, January 30th. JPMorgan Chase & Co. decreased their target price on Corning from $62.00 to $50.00 and set an "overweight" rating on the stock in a research report on Thursday, April 17th. Oppenheimer dropped their price target on Corning from $58.00 to $55.00 and set an "outperform" rating for the company in a report on Wednesday. HSBC raised Corning from a "hold" rating to a "buy" rating and upped their price objective for the company from $51.00 to $60.00 in a report on Thursday, January 30th. Finally, StockNews.com downgraded Corning from a "buy" rating to a "hold" rating in a report on Tuesday, February 25th. Four analysts have rated the stock with a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Corning has a consensus rating of "Moderate Buy" and a consensus target price of $53.08.

Insider Buying and Selling at Corning

In related news, SVP Michael Alan Bell sold 20,262 shares of the firm's stock in a transaction on Wednesday, April 30th. The stock was sold at an average price of $44.06, for a total transaction of $892,743.72. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Company insiders own 0.40% of the company's stock.

Corning Stock Performance

Shares of Corning stock opened at $45.76 on Friday. The company has a 50 day moving average of $44.79 and a 200-day moving average of $47.54. The company has a market cap of $39.21 billion, a PE ratio of 78.90, a price-to-earnings-growth 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. Corning Incorporated has a 1-year low of $32.92 and a 1-year high of $55.33.

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, topping analysts' consensus estimates of $0.51 by $0.03. Corning had a return on equity of 15.10% and a net margin of 3.86%. The company had revenue of $3.68 billion during the quarter, compared to analysts' expectations of $3.63 billion. During the same quarter in the previous year, the firm earned $0.38 EPS. Corning's revenue was up 12.9% on a year-over-year basis. As a group, equities research analysts forecast 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. Investors of record on Friday, May 30th will be paid a $0.28 dividend. This represents a $1.12 annualized dividend and a yield of 2.45%. The ex-dividend date is Friday, May 30th. Corning's payout ratio is 215.38%.

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.

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