MGO One Seven LLC Increases Stock Position in Corning Incorporated (NYSE:GLW)

MGO One Seven LLC lifted its position in shares of Corning Incorporated (NYSE:GLW - Free Report) by 43.8% in the 4th quarter, according to its most recent 13F filing with the SEC. The firm owned 68,903 shares of the electronics maker's stock after acquiring an additional 20,999 shares during the quarter. MGO One Seven LLC's holdings in Corning were worth $3,274,000 at the end of the most recent quarter.

Several other large investors have also recently modified their holdings of GLW. Sound Income Strategies LLC boosted its position in shares of Corning by 76.7% in the fourth quarter. Sound Income Strategies LLC now owns 523 shares of the electronics maker's stock valued at $25,000 after acquiring an additional 227 shares during the period. Sierra Ocean LLC purchased a new position in shares of Corning in the fourth quarter worth $25,000. Asset Planning Inc purchased a new position in shares of Corning in the fourth quarter worth $29,000. Rosenberg Matthew Hamilton increased its stake in shares of Corning by 202.4% in the fourth quarter. Rosenberg Matthew Hamilton now owns 747 shares of the electronics maker's stock worth $35,000 after buying an additional 500 shares during the period. Finally, Mainstream Capital Management LLC purchased a new position in shares of Corning in the fourth quarter worth $35,000. Hedge funds and other institutional investors own 69.80% of the company's stock.

Corning Stock Up 2.5 %

Shares of GLW traded up $1.11 on Tuesday, hitting $45.21. 4,869,557 shares of the stock traded hands, compared to its average volume of 5,983,859. The company has a market capitalization of $38.73 billion, a PE ratio of 77.95, a P/E/G ratio of 1.50 and a beta of 1.03. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.07 and a current ratio of 1.62. The business has a 50 day simple moving average of $45.28 and a 200 day simple moving average of $47.60. Corning Incorporated has a one year low of $31.37 and a one year high of $55.33.

Corning (NYSE:GLW - Get Free Report) last posted its earnings results 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 net margin of 3.86% and a return on equity of 15.10%. The business had revenue of $3.68 billion during the quarter, compared to the consensus estimate of $3.63 billion. During the same quarter in the previous year, the firm posted $0.38 EPS. The firm's revenue was up 12.9% on a year-over-year basis. As a group, equities analysts forecast that Corning Incorporated will post 2.33 earnings per share for the current fiscal year.

Corning Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, March 28th. Shareholders of record on Friday, February 28th were given a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a yield of 2.48%. The ex-dividend date of this dividend was Friday, February 28th. Corning's dividend payout ratio (DPR) is presently 193.10%.

Insiders Place Their Bets

In other news, COO Eric S. Musser sold 30,000 shares of Corning stock in a transaction on Friday, January 31st. The shares were sold at an average price of $51.92, for a total transaction of $1,557,600.00. Following the transaction, the chief operating officer now owns 152,944 shares in the company, valued at $7,940,852.48. This trade represents a 16.40 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, SVP Michael Alan Bell sold 2,209 shares of Corning stock in a transaction on Thursday, January 30th. The stock was sold at an average price of $49.87, for a total transaction of $110,162.83. The disclosure for this sale can be found here. 0.40% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

GLW has been the topic of several analyst reports. HSBC raised shares of Corning from a "hold" rating to a "buy" rating and lifted their target price for the stock from $51.00 to $60.00 in a research note on Thursday, January 30th. StockNews.com downgraded shares of Corning from a "buy" rating to a "hold" rating in a research report on Tuesday, February 25th. Bank of America boosted their price objective on shares of Corning from $65.00 to $68.00 and gave the company a "buy" rating in a research report on Wednesday, March 19th. JPMorgan Chase & Co. reduced their price objective 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, Hsbc Global Res raised shares of Corning from a "hold" rating to a "strong-buy" rating in a research report on Thursday, January 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 company. According to MarketBeat, Corning currently has an average rating of "Moderate Buy" and a consensus target price of $53.31.

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.