Leavell Investment Management Inc. Increases Stake in Corning Incorporated (NYSE:GLW)

Leavell Investment Management Inc. lifted its holdings in Corning Incorporated (NYSE:GLW) by 13.9% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 11,689 shares of the electronics maker’s stock after purchasing an additional 1,425 shares during the quarter. Leavell Investment Management Inc.’s holdings in Corning were worth $555,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of GLW. Fortress Financial Solutions LLC bought a new stake in Corning in the fourth quarter worth $331,000. Weatherly Asset Management L. P. lifted its position in shares of Corning by 1.8% during the fourth quarter. Weatherly Asset Management L. P. now owns 49,612 shares of the electronics maker’s stock worth $2,358,000 after purchasing an additional 862 shares during the last quarter. Stonebridge Financial Group LLC bought a new stake in shares of Corning during the fourth quarter worth $3,767,000. Focus Financial Network Inc. lifted its stake in Corning by 13.0% in the fourth quarter. Focus Financial Network Inc. now owns 10,680 shares of the electronics maker’s stock worth $508,000 after acquiring an additional 1,232 shares during the period. Finally, Ferguson Wellman Capital Management Inc. lifted its stake in Corning by 4.1% in the fourth quarter. Ferguson Wellman Capital Management Inc. now owns 19,555 shares of the electronics maker’s stock worth $929,000 after acquiring an additional 778 shares during the period. 69.80% of the stock is owned by hedge funds and other institutional investors.

Corning Stock Performance

GLW opened at $52.00 on Friday. Corning Incorporated has a 52-week low of $30.72 and a 52-week high of $55.33. The company has a quick ratio of 1.07, a current ratio of 1.62 and a debt-to-equity ratio of 0.62. The company has a market cap of $44.52 billion, a P/E ratio of 89.65, a price-to-earnings-growth ratio of 1.55 and a beta of 1.03. The firm’s 50-day moving average price is $49.41 and its 200-day moving average price is $46.15.

Corning (NYSE:GLW) last issued its quarterly earnings results 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%. As a group, equities analysts anticipate that Corning Incorporated will post 2.33 EPS for the current fiscal year.

Corning Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Friday, February 28th will be issued a $0.28 dividend. The ex-dividend date of this dividend is Friday, February 28th. This represents a $1.12 annualized dividend and a yield of 2.15%. Corning’s dividend payout ratio (DPR) is presently 193.11%.

Insider Buying and Selling

In related news, SVP John P. Bayne, Jr. sold 5,000 shares of the stock in a transaction that occurred on Friday, November 22nd. The shares were sold at an average price of $48.39, for a total value of $241,950.00. Following the transaction, the senior vice president now owns 6,700 shares in the company, valued at approximately $324,213. This represents a 42.74 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, COO Eric S. Musser sold 30,000 shares of the company’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 value of $1,557,600.00. Following the completion of the sale, the chief operating officer now owns 152,944 shares in the company, valued at approximately $7,940,852.48. This represents a 16.40 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 46,085 shares of company stock worth $2,345,436. 0.40% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of analysts recently weighed in on the stock. Oppenheimer reaffirmed an “outperform” rating and issued a $58.00 price objective (up from $51.00) on shares of Corning in a research note on Wednesday, October 30th. Morgan Stanley boosted their target price on shares of Corning from $39.00 to $48.00 and gave the stock an “equal weight” rating in a report on Tuesday, December 17th. StockNews.com upgraded shares of Corning from a “hold” rating to a “buy” rating in a report on Tuesday, December 24th. Citigroup boosted their target price on shares of Corning from $55.00 to $58.00 and gave the stock a “buy” rating in a report on Tuesday, January 21st. Finally, Barclays reduced their target price on shares of Corning from $53.00 to $52.00 and set an “equal weight” rating for the company in a report on Wednesday, January 29th. Three analysts have rated the stock with a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $53.00.

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.