Larson Financial Group LLC Buys 710 Shares of Corning Incorporated (NYSE:GLW)

Larson Financial Group LLC grew its stake in Corning Incorporated (NYSE:GLW) by 9.8% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 7,990 shares of the electronics maker’s stock after buying an additional 710 shares during the period. Larson Financial Group LLC’s holdings in Corning were worth $380,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently made changes to their positions in the stock. Oregon Public Employees Retirement Fund raised its holdings in Corning by 0.3% during the 4th quarter. Oregon Public Employees Retirement Fund now owns 66,063 shares of the electronics maker’s stock worth $3,139,000 after purchasing an additional 204 shares during the last quarter. Principal Securities Inc. increased its position in shares of Corning by 3.5% during the fourth quarter. Principal Securities Inc. now owns 6,170 shares of the electronics maker’s stock worth $293,000 after buying an additional 211 shares during the period. Bogart Wealth LLC raised its stake in Corning by 18.3% during the fourth quarter. Bogart Wealth LLC now owns 1,419 shares of the electronics maker’s stock worth $67,000 after buying an additional 219 shares during the last quarter. Buffington Mohr McNeal lifted its holdings in Corning by 2.1% in the fourth quarter. Buffington Mohr McNeal now owns 10,461 shares of the electronics maker’s stock valued at $497,000 after buying an additional 220 shares during the period. Finally, Allworth Financial LP boosted its position in Corning by 1.1% during the fourth quarter. Allworth Financial LP now owns 19,581 shares of the electronics maker’s stock valued at $930,000 after acquiring an additional 220 shares during the last quarter. 69.80% of the stock is currently owned by institutional investors.

Corning Trading Down 2.0 %

NYSE:GLW opened at $45.00 on Tuesday. Corning Incorporated has a one year low of $30.72 and a one year high of $55.33. The company has a market cap of $38.55 billion, a PE ratio of 77.59, a PEG ratio of 1.50 and a beta of 1.03. 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 firm has a 50-day moving average of $50.01 and a 200-day moving average of $47.40.

Corning (NYSE:GLW) last issued its quarterly earnings data on Wednesday, January 29th. The electronics maker reported $0.57 EPS for the quarter, topping 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, equities research analysts expect that Corning Incorporated will post 2.33 EPS for the current fiscal year.

Corning Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Friday, February 28th will be paid a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a yield of 2.49%. The ex-dividend date of this dividend is Friday, February 28th. Corning’s dividend payout ratio (DPR) is presently 193.10%.

Insiders Place Their Bets

In related news, COO Eric S. Musser sold 30,000 shares of the stock in a transaction that occurred 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 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 ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, SVP Michael Alan Bell sold 2,209 shares of the firm’s 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 disclosure for this sale can be found here. Insiders own 0.40% of the company’s stock.

Wall Street Analyst Weigh In

GLW has been the subject of several research analyst reports. Citigroup lifted their price objective on Corning from $55.00 to $58.00 and gave the stock a “buy” rating in a research report on Tuesday, January 21st. HSBC upgraded Corning from a “hold” rating to a “buy” rating and lifted their target price for the stock from $51.00 to $60.00 in a report on Thursday, January 30th. Barclays cut their price target on Corning from $53.00 to $52.00 and set an “equal weight” rating on the stock in a report on Wednesday, January 29th. StockNews.com downgraded shares of Corning from a “buy” rating to a “hold” rating in a research report on Tuesday, February 25th. Finally, Hsbc Global Res upgraded shares of Corning from a “hold” rating to a “strong-buy” rating in a research report on Thursday, January 30th. 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’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $53.00.

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.