Cary Street Partners Financial LLC Makes New $2.92 Million Investment in Corning Incorporated (NYSE:GLW)

Cary Street Partners Financial LLC acquired a new position in shares of Corning Incorporated (NYSE:GLW - Free Report) during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 61,528 shares of the electronics maker's stock, valued at approximately $2,924,000.

A number of other large investors have also made changes to their positions in the stock. Sound Income Strategies LLC lifted its position in Corning by 76.7% in the fourth quarter. Sound Income Strategies LLC now owns 523 shares of the electronics maker's stock worth $25,000 after purchasing an additional 227 shares during the period. Sierra Ocean LLC acquired a new position in shares of Corning in the 4th quarter valued at $25,000. Asset Planning Inc bought a new position in shares of Corning during the 4th quarter worth about $29,000. Rosenberg Matthew Hamilton boosted 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 acquiring an additional 500 shares in the last quarter. Finally, Mainstream Capital Management LLC acquired a new stake in shares of Corning during the 4th quarter valued at about $35,000. Institutional investors and hedge funds own 69.80% of the company's stock.

Insider Activity at Corning

In other news, SVP Michael Alan Bell sold 20,262 shares of the business's stock in a transaction dated 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 document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.40% of the stock is currently owned by company insiders.

Corning Trading Up 0.1 %

GLW traded up $0.03 during mid-day trading on Friday, reaching $45.08. The stock had a trading volume of 2,571,356 shares, compared to its average volume of 5,933,687. The firm's fifty day simple moving average is $44.42 and its two-hundred day simple moving average is $47.49. The stock has a market capitalization of $38.61 billion, a P/E ratio of 77.73, a P/E/G ratio of 1.50 and a beta of 1.09. Corning Incorporated has a 52 week low of $34.08 and a 52 week high of $55.33. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.07 and a current ratio of 1.62.

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

Corning Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 27th. Investors of record on Friday, May 30th will be paid a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.48%. The ex-dividend date is Friday, May 30th. Corning's dividend payout ratio (DPR) is 215.38%.

Analysts Set New Price Targets

Several research firms have recently weighed in on GLW. Citigroup lowered their price objective on Corning from $58.00 to $50.00 and set a "buy" rating on the stock in a research note on Monday, April 14th. Oppenheimer dropped their price objective on Corning from $58.00 to $55.00 and set an "outperform" rating for the company in a research note on Wednesday, April 30th. Mizuho set a $52.00 target price on shares of Corning in a research note on Tuesday, April 15th. JPMorgan Chase & Co. reduced their price target 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. Finally, Barclays dropped their price objective on shares of Corning from $53.00 to $52.00 and set an "equal weight" rating for the company in a report on Wednesday, January 29th. Four analysts have rated the stock with a hold rating, ten have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, Corning currently has an average rating of "Moderate Buy" and an average price target of $53.08.

About Corning

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.