Corning Incorporated (NYSE:GLW) Stake Boosted by Capstone Triton Financial Group LLC

Capstone Triton Financial Group LLC grew its holdings in Corning Incorporated (NYSE:GLW - Free Report) by 95.8% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 13,016 shares of the electronics maker's stock after buying an additional 6,370 shares during the quarter. Capstone Triton Financial Group LLC's holdings in Corning were worth $619,000 at the end of the most recent quarter.

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

Insider Buying and Selling

In other Corning news, SVP Michael Alan Bell sold 20,262 shares of the company's stock in a transaction that occurred 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 legal filing with the SEC, which is available at this hyperlink. Also, SVP Stefan Becker sold 17,106 shares of the company's stock in a transaction that occurred on Thursday, May 29th. The shares were sold at an average price of $49.68, for a total value of $849,826.08. Following the sale, the senior vice president now owns 16,117 shares in the company, valued at $800,692.56. The trade was a 51.49% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 69,291 shares of company stock worth $3,307,320. 0.40% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on the stock. Mizuho set a $52.00 price objective on shares of Corning in a research report on Tuesday, April 15th. HSBC raised Corning from a "hold" rating to a "buy" rating and lifted their price objective for the company from $51.00 to $60.00 in a research report on Thursday, January 30th. JPMorgan Chase & Co. lowered their price objective on Corning from $62.00 to $50.00 and set an "overweight" rating for the company in a research report on Thursday, April 17th. Bank of America lifted their price objective on Corning from $65.00 to $68.00 and gave the company a "buy" rating in a research report on Wednesday, March 19th. Finally, Oppenheimer lowered their price objective on Corning from $58.00 to $55.00 and set an "outperform" rating for the company in a research report on Wednesday, April 30th. Four 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 company. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $53.08.

Corning Stock Down 0.8%

Shares of GLW traded down $0.41 during midday trading on Friday, reaching $49.55. 12,836,651 shares of the company were exchanged, compared to its average volume of 5,986,813. The stock has a 50-day moving average price of $44.82 and a 200-day moving average price of $47.55. The company has a market cap of $42.44 billion, a price-to-earnings ratio of 85.43, a P/E/G ratio of 1.50 and a beta of 1.09. Corning Incorporated has a 1-year low of $36.58 and a 1-year 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.

Corning (NYSE:GLW - Get Free Report) last issued its quarterly earnings data 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 for the quarter, compared to analysts' expectations of $3.63 billion. During the same quarter in the previous year, the firm posted $0.38 earnings per share. The firm's quarterly revenue was up 12.9% on a year-over-year basis. Research analysts expect that Corning Incorporated will post 2.33 earnings per share for the current year.

Corning Announces Dividend

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 $0.28 dividend. This represents a $1.12 annualized dividend and a dividend yield of 2.26%. The ex-dividend date of this dividend is Friday, May 30th. Corning's dividend payout ratio (DPR) 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.