Leigh Baldwin & CO. LLC Purchases New Shares in Corning Incorporated (NYSE:GLW)

Leigh Baldwin & CO. LLC bought a new position in Corning Incorporated (NYSE:GLW - Free Report) during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 567,964 shares of the electronics maker's stock, valued at approximately $26,990,000. Leigh Baldwin & CO. LLC owned approximately 0.07% of Corning as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Sound Income Strategies LLC increased its stake in Corning by 76.7% in 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 last quarter. Sierra Ocean LLC bought a new position in Corning in the 4th quarter valued at $25,000. Asset Planning Inc purchased a new position in Corning in the 4th quarter worth about $29,000. Mainstream Capital Management LLC purchased a new position in shares of Corning during the fourth quarter worth approximately $35,000. Finally, Rosenberg Matthew Hamilton raised its position in 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 purchasing an additional 500 shares in the last quarter. Institutional investors own 69.80% of the company's stock.

Corning Trading Up 1.2%

Corning stock traded up $0.55 during trading on Thursday, reaching $47.56. 4,750,670 shares of the company were exchanged, compared to its average volume of 5,949,294. Corning Incorporated has a 52-week low of $35.01 and a 52-week high of $55.33. The company has a market capitalization of $40.73 billion, a P/E ratio of 82.00, a PEG ratio of 1.50 and a beta of 1.09. The stock's 50 day simple moving average is $44.48 and its two-hundred day simple moving average is $47.50. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.62 and a quick ratio of 1.07.

Corning (NYSE:GLW - Get Free Report) last released its quarterly earnings data 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 firm 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% on a year-over-year basis. During the same period in the prior year, the firm posted $0.38 earnings per share. On average, equities research analysts expect that Corning Incorporated will post 2.33 earnings per share for the current fiscal year.

Corning Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, June 27th. Shareholders of record on Friday, May 30th will be given a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a yield of 2.35%. The ex-dividend date of this dividend is Friday, May 30th. Corning's payout ratio is 215.38%.

Insider Buying and Selling

In other news, SVP Michael Alan Bell sold 20,262 shares of the company'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 legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, VP John Z. Zhang sold 8,000 shares of the company's stock in a transaction that occurred on Monday, May 12th. The shares were sold at an average price of $46.91, for a total value of $375,280.00. Following the completion of the transaction, the vice president now directly owns 9,610 shares of the company's stock, valued at $450,805.10. This trade represents a 45.43% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.40% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several analysts have issued reports on the company. Barclays dropped their target price on Corning from $53.00 to $52.00 and set an "equal weight" rating on the stock in a research report on Wednesday, January 29th. Mizuho set a $52.00 price target on shares of Corning in a report on Tuesday, April 15th. StockNews.com downgraded Corning from a "buy" rating to a "hold" rating in a report on Tuesday, February 25th. 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 report on Wednesday, March 19th. Finally, 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. Four investment analysts have rated the stock with a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $53.08.

Corning 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.