5,415 Shares in Corning Incorporated (NYSE:GLW) Acquired by Millstone Evans Group LLC

Millstone Evans Group LLC bought a new position in shares of Corning Incorporated (NYSE:GLW) in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 5,415 shares of the electronics maker’s stock, valued at approximately $257,000.

A number of other large investors have also recently added to or reduced their stakes in the business. Lee Danner & Bass Inc. bought a new stake in Corning during the fourth quarter worth approximately $80,000. Whittier Trust Co. of Nevada Inc. boosted its stake in Corning by 81.8% in the 4th quarter. Whittier Trust Co. of Nevada Inc. now owns 1,867 shares of the electronics maker’s stock worth $89,000 after purchasing an additional 840 shares during the period. HUB Investment Partners LLC boosted its stake in Corning by 42.1% in the 4th quarter. HUB Investment Partners LLC now owns 8,247 shares of the electronics maker’s stock worth $392,000 after purchasing an additional 2,445 shares during the period. Magnetar Financial LLC acquired a new position in Corning in the 4th quarter worth approximately $226,000. Finally, Talos Asset Management LP acquired a new position in Corning in the 4th quarter worth approximately $23,313,000. 69.80% of the stock is currently owned by institutional investors.

Corning Stock Down 0.4 %

Corning stock opened at $48.49 on Friday. The company has a market capitalization of $41.53 billion, a P/E ratio of 83.60, a P/E/G ratio of 1.50 and a beta of 1.03. The firm’s fifty day simple moving average is $49.91 and its 200-day simple moving average is $47.63. The company has a current ratio of 1.62, a quick ratio of 1.07 and a debt-to-equity ratio of 0.62. Corning Incorporated has a 1-year low of $30.72 and a 1-year high of $55.33.

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

Corning Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Friday, February 28th will be issued a $0.28 dividend. The ex-dividend date of this dividend is Friday, February 28th. This represents a $1.12 annualized dividend and a yield of 2.31%. Corning’s dividend payout ratio (DPR) is presently 193.10%.

Analyst Ratings Changes

A number of research firms recently commented on GLW. Hsbc Global Res raised shares of Corning from a “hold” rating to a “strong-buy” rating in a research note on Thursday, January 30th. Barclays decreased their price objective on shares of Corning from $53.00 to $52.00 and set an “equal weight” rating for the company in a research note on Wednesday, January 29th. StockNews.com lowered shares of Corning from a “buy” rating to a “hold” rating in a research note on Tuesday, February 25th. HSBC raised shares of Corning from a “hold” rating to a “buy” rating and raised their price objective for the stock from $51.00 to $60.00 in a research note on Thursday, January 30th. Finally, Citigroup lifted their target price on shares of Corning from $55.00 to $58.00 and gave the company a “buy” rating in a research note on Tuesday, January 21st. Four research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, Corning presently has a consensus rating of “Moderate Buy” and an average price target of $54.31.

Insider Buying and Selling

In related news, SVP Michael Alan Bell sold 2,209 shares of Corning stock in a transaction on Thursday, January 30th. The shares were sold at an average price of $49.87, for a total value of $110,162.83. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, COO Eric S. Musser sold 30,000 shares of Corning stock in a transaction on Friday, January 31st. The stock was sold at an average price of $51.92, for a total transaction of $1,557,600.00. Following the completion of 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 disclosure for this sale can be found here. Insiders own 0.45% of the company’s stock.

Corning Company 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.