Schonfeld Strategic Advisors LLC Boosts Position in Corning Incorporated (NYSE:GLW)

Schonfeld Strategic Advisors LLC increased its stake in Corning Incorporated (NYSE:GLW - Free Report) by 494.9% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 144,390 shares of the electronics maker's stock after acquiring an additional 120,118 shares during the period. Schonfeld Strategic Advisors LLC's holdings in Corning were worth $6,861,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Sound Income Strategies LLC raised its holdings in shares of Corning by 76.7% in 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 purchased a new position in Corning during the 4th quarter worth $25,000. Asset Planning Inc acquired a new position in Corning in the fourth quarter valued at $29,000. Rosenberg Matthew Hamilton raised its stake 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 acquiring an additional 500 shares during the last quarter. Finally, Mainstream Capital Management LLC purchased a new position in shares of Corning in the 4th quarter valued at approximately $35,000. 69.80% of the stock is currently owned by hedge funds and other institutional investors.

Corning Price Performance

Shares of NYSE GLW traded down $0.57 on Tuesday, hitting $44.84. The company's stock had a trading volume of 1,468,169 shares, compared to its average volume of 5,942,652. The stock has a 50 day moving average of $44.70 and a 200-day moving average of $47.55. The company has a market capitalization of $38.42 billion, a price-to-earnings ratio of 77.38, a price-to-earnings-growth ratio of 1.50 and a beta of 1.09. Corning Incorporated has a 12-month low of $32.92 and a 12-month high of $55.33. 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 announced its 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. Corning had a return on equity of 15.10% and a net margin of 3.86%. The firm had revenue of $3.68 billion for the quarter, compared to analysts' expectations of $3.63 billion. During the same quarter in the prior year, the firm earned $0.38 EPS. Corning's quarterly revenue was up 12.9% on a year-over-year basis. As a group, research analysts predict that Corning Incorporated will post 2.33 EPS for the current 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 issued a $0.28 dividend. The ex-dividend date of this dividend is Friday, May 30th. This represents a $1.12 dividend on an annualized basis and a yield of 2.50%. Corning's dividend payout ratio (DPR) is 215.38%.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on GLW. Barclays decreased their price target on Corning from $53.00 to $52.00 and set an "equal weight" rating for the company in a report on Wednesday, January 29th. StockNews.com downgraded shares of Corning from a "buy" rating to a "hold" rating in a report on Tuesday, February 25th. JPMorgan Chase & Co. reduced their price objective on shares of Corning from $62.00 to $50.00 and set an "overweight" rating for the company in a research report on Thursday, April 17th. HSBC upgraded Corning from a "hold" rating to a "buy" rating and boosted their target price for the stock from $51.00 to $60.00 in a research report on Thursday, January 30th. Finally, Oppenheimer decreased their price target on Corning from $58.00 to $55.00 and set an "outperform" rating on the stock in a research note on Wednesday, April 30th. Four investment analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $53.08.

Insiders Place Their Bets

In related news, SVP Michael Alan Bell sold 20,262 shares of the company's stock in a transaction that occurred on Wednesday, April 30th. The shares were sold at an average price of $44.06, for a total transaction of $892,743.72. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. 0.40% of the stock is owned by corporate insiders.

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.