19,000 Shares in Corning Incorporated (NYSE:GLW) Acquired by Brasada Capital Management LP

Brasada Capital Management LP bought a new position in shares of Corning Incorporated (NYSE:GLW - Free Report) in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm bought 19,000 shares of the electronics maker's stock, valued at approximately $903,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of GLW. Oregon Public Employees Retirement Fund lifted its stake in shares of Corning by 0.3% in the fourth quarter. Oregon Public Employees Retirement Fund now owns 66,063 shares of the electronics maker's stock worth $3,139,000 after acquiring an additional 204 shares during the period. Principal Securities Inc. raised its holdings in Corning by 3.5% during the 4th quarter. Principal Securities Inc. now owns 6,170 shares of the electronics maker's stock worth $293,000 after purchasing an additional 211 shares during the last quarter. Bogart Wealth LLC lifted its position in shares of Corning by 18.3% in the 4th quarter. Bogart Wealth LLC now owns 1,419 shares of the electronics maker's stock worth $67,000 after purchasing an additional 219 shares during the period. Buffington Mohr McNeal boosted its stake in shares of Corning by 2.1% in the 4th quarter. Buffington Mohr McNeal now owns 10,461 shares of the electronics maker's stock valued at $497,000 after purchasing an additional 220 shares during the last quarter. Finally, Allworth Financial LP increased its position in shares of Corning by 1.1% during the fourth quarter. Allworth Financial LP now owns 19,581 shares of the electronics maker's stock worth $930,000 after buying an additional 220 shares during the period. 69.80% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other news, COO Eric S. Musser sold 30,000 shares of the company's stock in a transaction that occurred on 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 sale, the chief operating officer now directly owns 152,944 shares of the company's stock, valued at $7,940,852.48. This represents a 16.40 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Michael Alan Bell sold 2,209 shares of Corning stock in a transaction dated Thursday, January 30th. The stock was sold at an average price of $49.87, for a total value of $110,162.83. The disclosure for this sale can be found here. Insiders own 0.40% of the company's stock.

Analyst Ratings Changes

A number of brokerages have commented on GLW. Bank of America upped their price target on shares of Corning from $65.00 to $68.00 and gave the company a "buy" rating in a research report on Wednesday, March 19th. Barclays decreased their target price 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. HSBC upgraded Corning from a "hold" rating to a "buy" rating and lifted their target price for the stock from $51.00 to $60.00 in a report on Thursday, January 30th. Citigroup reduced their price objective on shares of Corning from $58.00 to $50.00 and set a "buy" rating for the company in a research report on Monday, April 14th. Finally, JPMorgan Chase & Co. dropped their target price on shares of Corning from $62.00 to $50.00 and set an "overweight" rating on the stock in a research report on Thursday, April 17th. Four analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $53.31.

Corning Stock Down 1.6 %

Shares of GLW stock traded down $0.71 during midday trading on Monday, reaching $43.47. 2,414,708 shares of the stock were exchanged, compared to its average volume of 5,972,418. The company's 50 day moving average is $45.45 and its two-hundred day moving average is $47.61. 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 $37.24 billion, a PE ratio of 75.03, a price-to-earnings-growth ratio of 1.50 and a beta of 1.03. Corning Incorporated has a 1 year low of $31.37 and a 1 year high of $55.33.

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

Corning Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 28th. Investors of record on Friday, February 28th were issued a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.58%. The ex-dividend date of this dividend was Friday, February 28th. Corning's payout ratio is 193.10%.

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.