Red Cedar Investment Management LLC Buys Shares of 35,989 Corning Incorporated (NYSE:GLW)

Red Cedar Investment Management LLC bought a new stake in Corning Incorporated (NYSE:GLW) during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm bought 35,989 shares of the electronics maker’s stock, valued at approximately $1,710,000.

Several other hedge funds and other institutional investors also recently modified their holdings of GLW. Sound Income Strategies LLC grew its stake 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 during the last quarter. Asset Planning Inc purchased a new position in shares of Corning in the 4th quarter valued at approximately $29,000. Rosenberg Matthew Hamilton grew its stake in shares of Corning by 202.4% in the 4th quarter. Rosenberg Matthew Hamilton now owns 747 shares of the electronics maker’s stock valued at $35,000 after purchasing an additional 500 shares during the last quarter. Cassady Schiller Wealth Management LLC purchased a new position in shares of Corning in the 3rd quarter valued at approximately $39,000. Finally, RPg Family Wealth Advisory LLC purchased a new position in shares of Corning in the 3rd quarter valued at approximately $40,000. 69.80% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of analysts recently weighed in on the company. Oppenheimer restated an “outperform” rating and issued a $58.00 price target (up from $51.00) on shares of Corning in a research note on Wednesday, October 30th. StockNews.com upgraded Corning from a “hold” rating to a “buy” rating in a research note on Tuesday, December 24th. Hsbc Global Res upgraded Corning from a “hold” rating to a “strong-buy” rating in a research note on Thursday, January 30th. Citigroup lifted their price target on Corning from $55.00 to $58.00 and gave the company a “buy” rating in a research note on Tuesday, January 21st. Finally, JPMorgan Chase & Co. lifted their price target on Corning from $55.00 to $60.00 and gave the company an “overweight” rating in a research note on Wednesday, October 30th. Three investment analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $53.00.

Insider Transactions at Corning

In other news, SVP John P. Bayne, Jr. sold 8,876 shares of the business’s stock in a transaction on Monday, November 25th. The stock was sold at an average price of $49.09, for a total value of $435,722.84. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, COO Eric S. Musser sold 30,000 shares of the company’s stock in a transaction on Friday, January 31st. The shares were sold at an average price of $51.92, for a total value of $1,557,600.00. Following the completion of the transaction, the chief operating officer now owns 152,944 shares of the company’s stock, valued at $7,940,852.48. The trade was a 16.40 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 46,085 shares of company stock valued at $2,345,436 over the last three months. 0.40% of the stock is currently owned by insiders.

Corning Stock Up 0.9 %

GLW opened at $52.58 on Friday. The business’s fifty day moving average is $49.46 and its two-hundred day moving average is $46.19. 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 cap of $45.02 billion, a price-to-earnings ratio of 90.66, a PEG ratio of 1.55 and a beta of 1.03. Corning Incorporated has a one year low of $30.72 and a one 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, 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%. Analysts anticipate that Corning Incorporated will post 2.33 EPS for the current fiscal year.

Corning Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Friday, February 28th will be issued a $0.28 dividend. The ex-dividend date is Friday, February 28th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.13%. Corning’s dividend payout ratio (DPR) is 193.11%.

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.