Tradewinds LLC. Takes $261,000 Position in Corning Incorporated (NYSE:GLW)

Tradewinds LLC. bought a new position in shares of Corning Incorporated (NYSE:GLW) in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm bought 4,995 shares of the electronics maker’s stock, valued at approximately $261,000.

A number of other hedge funds have also added to or reduced their stakes in the business. HighPoint Advisor Group LLC grew its position in shares of Corning by 2.7% during the 4th quarter. HighPoint Advisor Group LLC now owns 20,194 shares of the electronics maker’s stock worth $1,058,000 after buying an additional 539 shares during the period. Franklin Resources Inc. grew its holdings in Corning by 22.8% in the fourth quarter. Franklin Resources Inc. now owns 235,351 shares of the electronics maker’s stock worth $11,184,000 after purchasing an additional 43,703 shares during the period. Summit Financial LLC increased its stake in Corning by 190.7% in the fourth quarter. Summit Financial LLC now owns 14,429 shares of the electronics maker’s stock valued at $686,000 after purchasing an additional 9,466 shares in the last quarter. Hoey Investments Inc. raised its holdings in shares of Corning by 58.8% during the fourth quarter. Hoey Investments Inc. now owns 2,700 shares of the electronics maker’s stock valued at $128,000 after purchasing an additional 1,000 shares during the period. Finally, O Shaughnessy Asset Management LLC grew its stake in shares of Corning by 16.3% in the 4th quarter. O Shaughnessy Asset Management LLC now owns 56,046 shares of the electronics maker’s stock valued at $2,663,000 after buying an additional 7,867 shares during the period. 69.80% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on GLW. Citigroup upped their price target on Corning from $55.00 to $58.00 and gave the stock a “buy” rating in a research note on Tuesday, January 21st. Morgan Stanley increased their target price on Corning from $39.00 to $48.00 and gave the stock an “equal weight” rating in a report on Tuesday, December 17th. Bank of America boosted their price target on shares of Corning from $65.00 to $68.00 and gave the company a “buy” rating in a research note on Wednesday, March 19th. Hsbc Global Res raised shares of Corning from a “hold” rating to a “strong-buy” rating in a research note on Thursday, January 30th. Finally, HSBC raised shares of 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. Four 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’s stock. According to data from MarketBeat, Corning presently has a consensus rating of “Moderate Buy” and an average target price of $54.31.

Corning Stock Performance

GLW stock opened at $45.53 on Wednesday. The company has a quick ratio of 1.07, a current ratio of 1.62 and a debt-to-equity ratio of 0.62. The firm has a market cap of $39.00 billion, a PE ratio of 78.49, a P/E/G ratio of 1.50 and a beta of 1.03. The business has a 50 day moving average of $49.64 and a 200-day moving average of $48.00. Corning Incorporated has a 12-month low of $30.72 and a 12-month high of $55.33.

Corning (NYSE:GLW) last announced its earnings results on Wednesday, January 29th. The electronics maker reported $0.57 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.56 by $0.01. Corning had a return on equity of 15.10% and a net margin of 3.86%. As a group, sell-side analysts expect that Corning Incorporated will post 2.33 earnings per share for the current 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 paid a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a yield of 2.46%. The ex-dividend date was Friday, February 28th. Corning’s payout ratio is 193.10%.

Insider Activity

In other news, SVP Michael Alan Bell sold 2,209 shares of the company’s 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 sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, COO Eric S. Musser sold 30,000 shares of Corning stock in a transaction dated Friday, January 31st. The stock was sold at an average price of $51.92, for a total value of $1,557,600.00. Following the completion of the sale, the chief operating officer now directly owns 152,944 shares of the company’s stock, valued at approximately $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 0.40% of the company’s stock.

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.