Union Bancaire Privee UBP SA Invests $40,000 in Corning Incorporated (NYSE:GLW)

Union Bancaire Privee UBP SA bought a new position in Corning Incorporated (NYSE:GLW) in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The firm bought 837 shares of the electronics maker’s stock, valued at approximately $40,000.

Several other institutional investors have also recently made changes to their positions in the company. Sound Income Strategies LLC lifted its stake in Corning by 76.7% in 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 during the last quarter. Sierra Ocean LLC bought a new stake in shares of Corning during the 4th quarter worth approximately $25,000. Asset Planning Inc bought a new stake in shares of Corning during the 4th quarter worth approximately $29,000. Rosenberg Matthew Hamilton lifted its position in shares of 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 during the last quarter. Finally, JFS Wealth Advisors LLC lifted its position in shares of Corning by 171.8% during the fourth quarter. JFS Wealth Advisors LLC now owns 810 shares of the electronics maker’s stock worth $38,000 after purchasing an additional 512 shares during the last quarter. Institutional investors own 69.80% of the company’s stock.

Corning Stock Performance

Shares of Corning stock opened at $49.73 on Wednesday. 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 company has a market capitalization of $42.59 billion, a PE ratio of 85.74, a P/E/G ratio of 1.50 and a beta of 1.03. The company has a 50-day simple moving average of $50.01 and a two-hundred day simple moving average of $46.93. Corning Incorporated has a one year low of $30.72 and a one year high of $55.33.

Corning (NYSE:GLW) last issued its quarterly earnings results on Wednesday, January 29th. The electronics maker reported $0.57 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.56 by $0.01. Corning had a return on equity of 15.10% and a net margin of 3.86%. Research analysts expect that Corning Incorporated will post 2.33 EPS for the current fiscal year.

Corning Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Friday, February 28th will be given a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a yield of 2.25%. The ex-dividend date of this dividend is Friday, February 28th. Corning’s dividend payout ratio is currently 193.10%.

Insider Activity at Corning

In other Corning news, COO Eric S. Musser sold 30,000 shares of the company’s stock in a transaction that occurred 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 approximately $7,940,852.48. This represents a 16.40 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, SVP Michael Alan Bell sold 2,209 shares of the company’s stock in a transaction that occurred on Thursday, January 30th. The shares were 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 corporate insiders.

Analyst Ratings Changes

Several research firms have recently weighed in on GLW. Citigroup lifted their price objective on shares of Corning from $55.00 to $58.00 and gave the company a “buy” rating in a report on Tuesday, January 21st. Morgan Stanley lifted their price target on shares of Corning from $39.00 to $48.00 and gave the company an “equal weight” rating in a research note on Tuesday, December 17th. UBS Group lifted their price target on shares of Corning from $46.00 to $51.00 and gave the company a “neutral” rating in a research note on Wednesday, October 30th. Deutsche Bank Aktiengesellschaft lifted their target price on Corning from $49.00 to $54.00 and gave the company a “buy” rating in a research report on Wednesday, October 30th. Finally, StockNews.com lowered Corning from a “buy” rating to a “hold” rating in a research report on Tuesday. Four equities research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, Corning currently has a consensus rating of “Moderate Buy” and a consensus price target of $53.00.

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.