Corning Incorporated (NYSE:GLW) Holdings Lifted by Ossiam

Ossiam increased its holdings in Corning Incorporated (NYSE:GLW) by 4,497.7% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 29,931 shares of the electronics maker’s stock after acquiring an additional 29,280 shares during the period. Ossiam’s holdings in Corning were worth $1,422,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently bought and sold shares of GLW. Sound Income Strategies LLC lifted its position in shares of Corning by 76.7% in the fourth quarter. Sound Income Strategies LLC now owns 523 shares of the electronics maker’s stock worth $25,000 after purchasing an additional 227 shares in the last quarter. Sierra Ocean LLC purchased a new position in Corning during the fourth quarter valued at approximately $25,000. Asset Planning Inc acquired a new position in Corning in the 4th quarter valued at approximately $29,000. Rosenberg Matthew Hamilton lifted its position in Corning by 202.4% in the 4th quarter. Rosenberg Matthew Hamilton now owns 747 shares of the electronics maker’s stock worth $35,000 after buying an additional 500 shares in the last quarter. Finally, Mainstream Capital Management LLC acquired a new stake in shares of Corning during the 4th quarter valued at $35,000. 69.80% of the stock is currently owned by institutional investors and hedge funds.

Corning Stock Up 0.5 %

Shares of NYSE GLW opened at $41.50 on Monday. The business has a fifty day moving average of $46.42 and a two-hundred day moving average of $47.69. 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 Incorporated has a 52-week low of $31.20 and a 52-week high of $55.33. The stock has a market cap of $35.55 billion, a PE ratio of 71.55, a PEG ratio of 1.50 and a beta of 1.03.

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, beating 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%. As a group, equities research analysts expect that Corning Incorporated will post 2.33 earnings per share for the current fiscal year.

Corning Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, March 28th. Stockholders of record on Friday, February 28th were paid a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a dividend yield of 2.70%. The ex-dividend date of this dividend was Friday, February 28th. Corning’s dividend payout ratio (DPR) is presently 193.10%.

Insider Activity at Corning

In related news, COO Eric S. Musser sold 30,000 shares of the stock in a transaction that occurred 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 transaction, the chief operating officer now directly owns 152,944 shares in the company, valued at $7,940,852.48. This represents a 16.40 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, SVP Michael Alan Bell sold 2,209 shares of the 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. 0.40% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several analysts recently issued reports on GLW shares. Hsbc Global Res upgraded Corning from a “hold” rating to a “strong-buy” rating in a report on Thursday, January 30th. Barclays reduced their price target on Corning from $53.00 to $52.00 and set an “equal weight” rating for the company in a report on Wednesday, January 29th. 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. Citigroup decreased their target price on shares of Corning from $58.00 to $50.00 and set a “buy” rating for the company in a research report on Monday, April 14th. Finally, Mizuho set a $52.00 price target on shares of Corning in a report on Tuesday, April 15th. Four analysts have rated the stock with a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Corning presently has a consensus rating of “Moderate Buy” and an average price target of $53.31.

About Corning

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.