Leigh Baldwin & CO. LLC Makes New $585,000 Investment in Corning Incorporated (NYSE:GLW)

Leigh Baldwin & CO. LLC purchased a new stake in Corning Incorporated (NYSE:GLW - Free Report) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 12,303 shares of the electronics maker's stock, valued at approximately $585,000.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Sound Income Strategies LLC boosted its position in shares of Corning by 76.7% during the 4th quarter. Sound Income Strategies LLC now owns 523 shares of the electronics maker's stock valued at $25,000 after purchasing an additional 227 shares in the last quarter. Sierra Ocean LLC bought a new stake in shares of Corning during the 4th quarter valued at about $25,000. Asset Planning Inc bought a new stake in shares of Corning during the 4th quarter valued at about $29,000. Vermillion Wealth Management Inc. bought a new stake in shares of Corning during the 4th quarter valued at about $29,000. Finally, Putney Financial Group LLC bought a new stake in shares of Corning during the 4th quarter valued at about $30,000. Institutional investors and hedge funds own 69.80% of the company's stock.

Corning Stock Performance

Shares of GLW traded up $0.50 on Thursday, reaching $49.95. 5,306,668 shares of the company's stock traded hands, compared to its average volume of 5,972,072. 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 stock has a market cap of $42.78 billion, a PE ratio of 86.13, a PEG ratio of 1.50 and a beta of 1.09. The stock's 50 day simple moving average is $44.82 and its two-hundred day simple moving average is $47.54. Corning Incorporated has a 52-week low of $35.40 and a 52-week high of $55.33.

Corning (NYSE:GLW - Get Free Report) last issued its quarterly earnings results on Tuesday, April 29th. The electronics maker reported $0.54 EPS for the quarter, beating analysts' consensus estimates of $0.51 by $0.03. The company 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% on a year-over-year basis. During the same period last year, the business posted $0.38 earnings per share. On average, analysts forecast that Corning Incorporated will post 2.33 earnings per share for the current fiscal 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 given a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.24%. The ex-dividend date is Friday, May 30th. Corning's payout ratio is 215.38%.

Insider Activity at Corning

In related news, VP John Z. Zhang sold 8,000 shares of the stock in a transaction that occurred on Monday, May 12th. The stock was sold at an average price of $46.91, for a total transaction of $375,280.00. Following the completion of the sale, the vice president now directly owns 9,610 shares of the company's stock, valued at approximately $450,805.10. This trade represents a 45.43% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, SVP Soumya Seetharam sold 14,313 shares of the firm's stock in a transaction on Wednesday, May 28th. The stock was sold at an average price of $50.01, for a total value of $715,793.13. Following the completion of the sale, the senior vice president now directly owns 31,505 shares of the company's stock, valued at $1,575,565.05. This represents a 31.24% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 69,291 shares of company stock valued at $3,307,320. 0.40% of the stock is owned by insiders.

Analyst Ratings Changes

Several equities research analysts recently commented on GLW shares. Citigroup cut their target price on Corning from $58.00 to $50.00 and set a "buy" rating on the stock in a research report on Monday, April 14th. Bank of America upped their target price on Corning from $65.00 to $68.00 and gave the stock a "buy" rating in a research report on Wednesday, March 19th. HSBC raised shares of Corning from a "hold" rating to a "buy" rating and lifted their price target for the company from $51.00 to $60.00 in a research report on Thursday, January 30th. JPMorgan Chase & Co. dropped their price objective on shares of Corning from $62.00 to $50.00 and set an "overweight" rating on the stock in a research note on Thursday, April 17th. Finally, Oppenheimer reduced their price objective on shares of Corning from $58.00 to $55.00 and set an "outperform" rating for the company in a report on Wednesday, April 30th. Four equities research analysts have rated the stock with a hold rating, ten have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, Corning has an average 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.