Leigh Baldwin & CO. LLC Purchases Shares of 567,964 Corning Incorporated (NYSE:GLW)

Leigh Baldwin & CO. LLC acquired a new stake in Corning Incorporated (NYSE:GLW) in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 567,964 shares of the electronics maker’s stock, valued at approximately $26,990,000. Leigh Baldwin & CO. LLC owned 0.07% of Corning at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in GLW. Norges Bank acquired a new stake in Corning during the 4th quarter worth approximately $490,933,000. Amundi lifted its stake in Corning by 139.0% during the fourth quarter. Amundi now owns 3,900,808 shares of the electronics maker’s stock valued at $186,186,000 after buying an additional 2,268,436 shares in the last quarter. Mariner LLC increased its position in Corning by 134.0% in the 4th quarter. Mariner LLC now owns 3,869,358 shares of the electronics maker’s stock worth $183,867,000 after purchasing an additional 2,215,840 shares during the last quarter. Raymond James Financial Inc. bought a new stake in Corning during the 4th quarter valued at approximately $92,522,000. Finally, Appaloosa LP acquired a new position in Corning during the fourth quarter worth $71,280,000. Institutional investors and hedge funds own 69.80% of the company’s stock.

Insider Transactions at Corning

In other Corning news, SVP Michael Alan Bell sold 20,262 shares of the firm’s stock in a transaction dated Wednesday, April 30th. The shares were sold at an average price of $44.06, for a total transaction of $892,743.72. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Company insiders own 0.40% of the company’s stock.

Corning Trading Up 0.1%

NYSE GLW opened at $45.08 on Monday. 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 one year low of $34.15 and a one year high of $55.33. The company’s 50 day moving average price is $44.42 and its 200 day moving average price is $47.49. The firm has a market capitalization of $38.61 billion, a price-to-earnings ratio of 77.73, a PEG ratio of 1.50 and a beta of 1.09.

Corning (NYSE:GLW) last announced its quarterly earnings data on Tuesday, April 29th. The electronics maker reported $0.54 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.51 by $0.03. The firm had revenue of $3.68 billion for the quarter, compared to analysts’ expectations of $3.63 billion. Corning had a return on equity of 15.10% and a net margin of 3.86%. The firm’s revenue for the quarter was up 12.9% on a year-over-year basis. During the same period last year, the business posted $0.38 earnings per share. On average, sell-side analysts predict that Corning Incorporated will post 2.33 EPS for the current year.

Corning Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 27th. Stockholders of record on Friday, May 30th will be given a $0.28 dividend. The ex-dividend date of this dividend is Friday, May 30th. This represents a $1.12 annualized dividend and a dividend yield of 2.48%. Corning’s dividend payout ratio (DPR) is presently 215.38%.

Analysts Set New Price Targets

Several brokerages have commented on GLW. Bank of America upped their target price on shares of Corning from $65.00 to $68.00 and gave the company a “buy” rating in a research report on Wednesday, March 19th. Mizuho set a $52.00 price objective on shares of Corning in a research report on Tuesday, April 15th. Barclays cut their target price 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. Citigroup decreased their price objective on Corning from $58.00 to $50.00 and set a “buy” rating on the stock in a research note on Monday, April 14th. Finally, HSBC raised shares of 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 research note on Thursday, January 30th. Four research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Corning presently has an average rating of “Moderate Buy” and a consensus price target of $53.08.

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.