1,694 Shares in Corning Incorporated (NYSE:GLW) Bought by Lee Danner & Bass Inc.

Lee Danner & Bass Inc. purchased a new position in Corning Incorporated (NYSE:GLW) in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 1,694 shares of the electronics maker’s stock, valued at approximately $80,000.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Northstar Advisory Group LLC lifted its stake in Corning by 258.4% in the fourth quarter. Northstar Advisory Group LLC now owns 123,808 shares of the electronics maker’s stock worth $5,883,000 after acquiring an additional 89,268 shares during the period. Franklin Resources Inc. lifted its stake in Corning by 48.4% in the third quarter. Franklin Resources Inc. now owns 191,648 shares of the electronics maker’s stock worth $8,975,000 after acquiring an additional 62,514 shares during the period. FMR LLC lifted its stake in Corning by 52.8% in the third quarter. FMR LLC now owns 3,723,044 shares of the electronics maker’s stock worth $168,095,000 after acquiring an additional 1,285,836 shares during the period. Fifth Third Bancorp lifted its stake in Corning by 16.8% in the fourth quarter. Fifth Third Bancorp now owns 111,448 shares of the electronics maker’s stock worth $5,296,000 after acquiring an additional 16,001 shares during the period. Finally, First Financial Bank Trust Division lifted its stake in Corning by 27.5% in the fourth quarter. First Financial Bank Trust Division now owns 138,153 shares of the electronics maker’s stock worth $6,565,000 after acquiring an additional 29,790 shares during the period. Hedge funds and other institutional investors own 69.80% of the company’s stock.

Insider Buying and Selling at Corning

In related news, COO Eric S. Musser sold 30,000 shares of the business’s 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 transaction, the chief operating officer now directly owns 152,944 shares in the company, valued at approximately $7,940,852.48. The trade was a 16.40 % decrease in their position. 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 business’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 value of $110,162.83. The disclosure for this sale can be found here. Corporate insiders own 0.45% of the company’s stock.

Corning Price Performance

NYSE GLW opened at $48.49 on Friday. Corning Incorporated has a one year low of $30.72 and a one year high of $55.33. The stock has a 50-day moving average of $49.91 and a 200 day moving average of $47.67. The company has a market capitalization of $41.53 billion, a price-to-earnings ratio of 83.60, a PEG ratio of 1.50 and a beta of 1.03. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.07 and a current ratio of 1.62.

Corning (NYSE:GLW) last released 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%. On average, sell-side analysts forecast that Corning Incorporated will post 2.33 EPS for the current year.

Corning Dividend Announcement

The company also recently declared 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. The ex-dividend date is Friday, February 28th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.31%. Corning’s dividend payout ratio is currently 193.10%.

Wall Street Analyst Weigh In

GLW has been the subject of a number of research reports. Barclays decreased their price objective on Corning from $53.00 to $52.00 and set an “equal weight” rating for the company in a report on Wednesday, January 29th. StockNews.com downgraded Corning from a “buy” rating to a “hold” rating in a report on Tuesday, February 25th. HSBC upgraded Corning from a “hold” rating to a “buy” rating and increased their price objective for the stock from $51.00 to $60.00 in a report on Thursday, January 30th. Morgan Stanley increased their price objective on Corning from $39.00 to $48.00 and gave the stock an “equal weight” rating in a report on Tuesday, December 17th. Finally, Bank of America increased their price objective on Corning from $65.00 to $68.00 and gave the stock a “buy” rating in a report on Wednesday. Four analysts have rated the stock with a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, Corning currently has a consensus rating of “Moderate Buy” and an average price target of $54.31.

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.