165,646 Shares in Corning Incorporated (NYSE:GLW) Bought by Candelo Capital Management LP

Candelo Capital Management LP acquired a new position in shares of Corning Incorporated (NYSE:GLW) during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 165,646 shares of the electronics maker’s stock, valued at approximately $7,871,000. Corning makes up about 4.0% of Candelo Capital Management LP’s investment portfolio, making the stock its 3rd biggest holding.

A number of other institutional investors have also recently bought and sold shares of GLW. Sound Income Strategies LLC increased its position in shares of Corning by 76.7% during the 4th 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 bought a new position in shares of Corning in the 4th quarter worth $25,000. Asset Planning Inc acquired a new position in shares of Corning during the 4th quarter worth about $29,000. Rosenberg Matthew Hamilton grew its holdings 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 buying an additional 500 shares during the period. Finally, Mainstream Capital Management LLC acquired a new stake in Corning during the 4th quarter worth approximately $35,000. Institutional investors and hedge funds own 69.80% of the company’s stock.

Insider Activity at Corning

In other Corning news, SVP Michael Alan Bell sold 2,209 shares of the firm’s stock in a transaction that occurred on Thursday, January 30th. The stock was sold at an average price of $49.87, for a total value of $110,162.83. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, COO Eric S. Musser sold 30,000 shares of the business’s stock in a transaction on Friday, January 31st. The shares were sold at an average price of $51.92, for a total transaction of $1,557,600.00. Following the sale, the chief operating officer now owns 152,944 shares of the company’s stock, valued at $7,940,852.48. This trade represents a 16.40 % decrease in their position. The disclosure for this sale can be found here. 0.40% of the stock is owned by corporate insiders.

Corning Stock Up 2.6 %

NYSE:GLW opened at $41.76 on Wednesday. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.62 and a quick ratio of 1.07. Corning Incorporated has a one year low of $31.20 and a one year high of $55.33. The firm’s 50 day simple moving average is $45.99 and its 200 day simple moving average is $47.64. The company has a market cap of $35.78 billion, a PE ratio of 72.00, a P/E/G ratio of 1.50 and a beta of 1.03.

Corning (NYSE:GLW) last issued its quarterly earnings data on Wednesday, January 29th. The electronics maker reported $0.57 earnings per share for the quarter, topping the consensus estimate of $0.56 by $0.01. Corning had a net margin of 3.86% and a return on equity of 15.10%. On average, research 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 given a dividend of $0.28 per share. The ex-dividend date was Friday, February 28th. This represents a $1.12 dividend on an annualized basis and a yield of 2.68%. Corning’s dividend payout ratio (DPR) is currently 193.10%.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on the company. Hsbc Global Res upgraded Corning from a “hold” rating to a “strong-buy” rating in a research note on Thursday, January 30th. Bank of America lifted their price target on Corning from $65.00 to $68.00 and gave the stock a “buy” rating in a report on Wednesday, March 19th. Barclays decreased their price objective on shares of Corning from $53.00 to $52.00 and set an “equal weight” rating on the stock in a report on Wednesday, January 29th. Citigroup cut their price objective 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 target price on Corning in a research report on Tuesday, April 15th. Four analysts have rated the stock with a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Corning presently has a consensus rating of “Moderate Buy” and a consensus target price of $53.31.

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.