Hoey Investments Inc. Raises Stake in Corning Incorporated (NYSE:GLW)

Hoey Investments Inc. boosted its holdings in Corning Incorporated (NYSE:GLW) by 58.8% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 2,700 shares of the electronics maker’s stock after purchasing an additional 1,000 shares during the quarter. Hoey Investments Inc.’s holdings in Corning were worth $128,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. FMR LLC raised its stake in Corning by 52.8% during the third quarter. FMR LLC now owns 3,723,044 shares of the electronics maker’s stock valued at $168,095,000 after buying an additional 1,285,836 shares during the last quarter. CreativeOne Wealth LLC raised its position in shares of Corning by 20.5% in the 3rd quarter. CreativeOne Wealth LLC now owns 9,944 shares of the electronics maker’s stock worth $449,000 after purchasing an additional 1,689 shares during the last quarter. Public Sector Pension Investment Board boosted its stake in Corning by 13.9% in the 3rd quarter. Public Sector Pension Investment Board now owns 27,824 shares of the electronics maker’s stock worth $1,256,000 after purchasing an additional 3,400 shares in the last quarter. Captrust Financial Advisors grew its position in Corning by 6.4% during the 3rd quarter. Captrust Financial Advisors now owns 100,289 shares of the electronics maker’s stock valued at $4,528,000 after purchasing an additional 6,034 shares during the last quarter. Finally, Cobblestone Capital Advisors LLC NY increased its stake in Corning by 152.7% during the 3rd quarter. Cobblestone Capital Advisors LLC NY now owns 13,474 shares of the electronics maker’s stock valued at $608,000 after purchasing an additional 8,142 shares in the last quarter. Institutional investors own 69.80% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on GLW shares. HSBC upgraded shares of Corning from a “hold” rating to a “buy” rating and increased their price target for the company from $51.00 to $60.00 in a report on Thursday, January 30th. Bank of America lifted their target price on Corning from $65.00 to $68.00 and gave the stock a “buy” rating in a report on Wednesday, March 19th. Hsbc Global Res raised Corning from a “hold” rating to a “strong-buy” rating in a report on Thursday, January 30th. Barclays dropped their price objective on Corning from $53.00 to $52.00 and set an “equal weight” rating on the stock in a research report on Wednesday, January 29th. Finally, StockNews.com lowered Corning from a “buy” rating to a “hold” rating in a research report on Tuesday, February 25th. Four analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $54.31.

Corning Trading Down 1.4 %

Shares of Corning stock opened at $45.91 on Monday. 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 stock has a market capitalization of $39.33 billion, a PE ratio of 79.16, a P/E/G ratio of 1.50 and a beta of 1.03. Corning Incorporated has a 1-year low of $30.72 and a 1-year high of $55.33. The company’s fifty day simple moving average is $49.84 and its 200-day simple moving average is $47.95.

Corning (NYSE:GLW) last released its quarterly 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, equities analysts anticipate that Corning Incorporated will post 2.33 earnings per share for the current year.

Corning Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, March 28th. Shareholders of record on Friday, February 28th were issued a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a yield of 2.44%. The ex-dividend date of this dividend was Friday, February 28th. Corning’s dividend payout ratio is currently 193.10%.

Insiders Place Their Bets

In related news, 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 approximately $7,940,852.48. This represents a 16.40 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, SVP Michael Alan Bell sold 2,209 shares of the business’s stock in a transaction dated 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. Company insiders own 0.40% 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.