Novem Group Buys Shares of 6,712 Corning Incorporated (NYSE:GLW)

Novem Group acquired a new position in Corning Incorporated (NYSE:GLW - Free Report) during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund acquired 6,712 shares of the electronics maker's stock, valued at approximately $319,000.

Other institutional investors have also added to or reduced their stakes in the company. Sound Income Strategies LLC grew its holdings in Corning by 76.7% during the 4th quarter. Sound Income Strategies LLC now owns 523 shares of the electronics maker's stock worth $25,000 after acquiring an additional 227 shares during the period. Sierra Ocean LLC bought a new stake in shares of Corning during the 4th quarter valued at about $25,000. Asset Planning Inc acquired a new stake in Corning during the fourth quarter worth approximately $29,000. Mainstream Capital Management LLC acquired a new stake in Corning during the fourth quarter worth approximately $35,000. Finally, JFS Wealth Advisors LLC increased its holdings in Corning by 171.8% in the fourth quarter. JFS Wealth Advisors LLC now owns 810 shares of the electronics maker's stock worth $38,000 after purchasing an additional 512 shares in the last quarter. 69.80% of the stock is currently owned by institutional investors.

Corning Stock Down 0.4%

GLW traded down $0.17 during midday trading on Friday, reaching $48.38. 4,889,753 shares of the company were exchanged, compared to its average volume of 5,972,750. The company has a market cap of $41.44 billion, a price-to-earnings ratio of 83.42, a price-to-earnings-growth ratio of 1.50 and a beta of 1.09. Corning Incorporated has a one year low of $35.40 and a one year high of $55.33. The company's fifty day moving average price is $44.78 and its 200 day moving average price is $47.52. 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 announced its quarterly earnings results on Tuesday, April 29th. The electronics maker reported $0.54 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.51 by $0.03. The business had revenue of $3.68 billion during the quarter, compared to the consensus estimate of $3.63 billion. Corning had a return on equity of 15.10% and a net margin of 3.86%. Corning's revenue was up 12.9% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.38 earnings per share. As a group, analysts expect that Corning Incorporated will post 2.33 EPS for the current year.

Corning Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, June 27th. Stockholders of record on Friday, May 30th will be issued a $0.28 dividend. The ex-dividend date of this dividend is Friday, May 30th. This represents a $1.12 annualized dividend and a dividend yield of 2.32%. Corning's dividend payout ratio is currently 215.38%.

Insider Activity

In related news, SVP Michael Alan Bell sold 20,262 shares of Corning 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 sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, VP John Z. Zhang sold 8,000 shares of the stock in a transaction dated Monday, May 12th. The shares were sold at an average price of $46.91, for a total transaction of $375,280.00. Following the transaction, the vice president now owns 9,610 shares of the company's stock, valued at approximately $450,805.10. The trade was a 45.43% decrease in their position. The disclosure for this sale can be found here. 0.40% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

GLW has been the topic of a number of research analyst reports. Wall Street Zen cut Corning from a "buy" rating to a "hold" rating in a report on Tuesday, February 25th. Mizuho set a $52.00 target price on shares of Corning in a research note on Tuesday, April 15th. Hsbc Global Res upgraded shares of Corning from a "hold" rating to a "strong-buy" rating in a report on Thursday, January 30th. Bank of America upped their price objective on shares of Corning from $65.00 to $68.00 and gave the company a "buy" rating in a report on Wednesday, March 19th. Finally, Citigroup reduced their target price on Corning from $58.00 to $50.00 and set a "buy" rating for the company in a research note on Monday, April 14th. Four equities research 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 data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus 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.