Corning Incorporated (NYSE:GLW) Shares Acquired by SG Capital Management LLC

SG Capital Management LLC grew its position in Corning Incorporated (NYSE:GLW - Free Report) by 31.8% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 455,731 shares of the electronics maker's stock after purchasing an additional 110,045 shares during the period. Corning makes up 2.1% of SG Capital Management LLC's holdings, making the stock its 13th largest position. SG Capital Management LLC owned approximately 0.05% of Corning worth $21,656,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of the company. Sound Income Strategies LLC boosted its position in Corning by 76.7% during the fourth quarter. Sound Income Strategies LLC now owns 523 shares of the electronics maker's stock worth $25,000 after purchasing an additional 227 shares in the last quarter. Sierra Ocean LLC purchased a new position in Corning during the fourth quarter worth approximately $25,000. Asset Planning Inc purchased a new position in Corning during the fourth quarter worth approximately $29,000. Mainstream Capital Management LLC purchased a new position in Corning during the fourth quarter worth approximately $35,000. Finally, Rosenberg Matthew Hamilton boosted its position in Corning by 202.4% during the fourth quarter. Rosenberg Matthew Hamilton now owns 747 shares of the electronics maker's stock worth $35,000 after purchasing an additional 500 shares in the last quarter. 69.80% of the stock is owned by institutional investors and hedge funds.

Corning Trading Down 0.2%

Corning stock traded down $0.11 during trading on Monday, reaching $48.11. 5,600,517 shares of the company were exchanged, compared to its average volume of 5,956,726. Corning Incorporated has a 52-week low of $35.30 and a 52-week high of $55.33. The company has a market capitalization of $41.20 billion, a P/E ratio of 82.95, a PEG ratio of 1.50 and a beta of 1.09. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.62 and a quick ratio of 1.07. The stock's 50 day simple moving average is $44.60 and its two-hundred day simple moving average is $47.49.

Corning (NYSE:GLW - Get Free Report) last announced 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 firm had revenue of $3.68 billion for the quarter, compared to the consensus estimate of $3.63 billion. During the same quarter last year, the business posted $0.38 earnings per share. The firm's revenue was up 12.9% compared to the same quarter last year. On average, equities research analysts expect that Corning Incorporated will post 2.33 earnings per share for the current fiscal year.

Corning Announces Dividend

The business also recently disclosed 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. 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 2.33%. Corning's payout ratio is 215.38%.

Analyst Ratings Changes

GLW has been the topic of a number of recent analyst reports. Bank of America increased their price target on Corning from $65.00 to $68.00 and gave the stock a "buy" rating in a research report on Wednesday, March 19th. HSBC upgraded Corning from a "hold" rating to a "buy" rating and increased their price target for the stock from $51.00 to $60.00 in a research report on Thursday, January 30th. Barclays decreased 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. JPMorgan Chase & Co. decreased their target price on Corning from $62.00 to $50.00 and set an "overweight" rating on the stock in a research report on Thursday, April 17th. Finally, StockNews.com downgraded Corning from a "buy" rating to a "hold" rating in a research report on Tuesday, February 25th. Four 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. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $53.08.

Insiders Place Their Bets

In other Corning news, SVP Michael Alan Bell sold 20,262 shares of the firm's stock in a transaction on 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 is available at the SEC website. Also, VP John Z. Zhang sold 8,000 shares of the firm's stock in a transaction on Monday, May 12th. The stock was sold at an average price of $46.91, for a total value of $375,280.00. Following 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 position. The disclosure for this sale can be found here. 0.40% of the stock is owned by insiders.

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.