Corning Incorporated (NYSE:GLW) Shares Bought by HUB Investment Partners LLC

HUB Investment Partners LLC lifted its position in shares of Corning Incorporated (NYSE:GLW) by 42.1% during the fourth quarter, HoldingsChannel reports. The fund owned 8,247 shares of the electronics maker’s stock after acquiring an additional 2,445 shares during the quarter. HUB Investment Partners LLC’s holdings in Corning were worth $392,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors have also recently added to or reduced their stakes in GLW. Empowered Funds LLC raised its position in Corning by 2.9% in the third quarter. Empowered Funds LLC now owns 17,777 shares of the electronics maker’s stock worth $803,000 after acquiring an additional 509 shares in the last quarter. Quest Partners LLC purchased a new position in shares of Corning in the 3rd quarter valued at about $106,000. Prospera Financial Services Inc acquired a new stake in shares of Corning in the third quarter valued at about $264,000. B. Metzler seel. Sohn & Co. Holding AG purchased a new stake in Corning during the third quarter worth about $1,532,000. Finally, Prospera Private Wealth LLC acquired a new position in Corning during the third quarter worth about $50,000. 69.80% of the stock is owned by hedge funds and other institutional investors.

Corning Stock Performance

Corning stock opened at $48.49 on Friday. The stock has a fifty day moving average price of $49.91 and a 200 day moving average price of $47.63. The company has a current ratio of 1.62, a quick ratio of 1.07 and a debt-to-equity ratio of 0.62. Corning Incorporated has a 52 week low of $30.72 and a 52 week high of $55.33. The firm has a market capitalization of $41.53 billion, a P/E ratio of 83.60, a PEG ratio of 1.50 and a beta of 1.03.

Corning (NYSE:GLW) last posted its quarterly earnings data on Wednesday, January 29th. The electronics maker reported $0.57 EPS for the quarter, beating analysts’ consensus estimates of $0.56 by $0.01. Corning had a net margin of 3.86% and a return on equity of 15.10%. Equities research analysts anticipate that Corning Incorporated will post 2.33 earnings per share for the current year.

Corning Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Friday, February 28th will be issued a $0.28 dividend. The ex-dividend date is Friday, February 28th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.31%. Corning’s dividend payout ratio (DPR) is presently 193.10%.

Insider Activity

In other news, COO Eric S. Musser sold 30,000 shares of the firm’s stock in a transaction dated 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 transaction, the chief operating officer now directly owns 152,944 shares in the company, valued at $7,940,852.48. This trade represents a 16.40 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, SVP Michael Alan Bell sold 2,209 shares of the business’s stock in a transaction dated Thursday, January 30th. The stock was 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. Corporate insiders own 0.45% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on the company. HSBC raised Corning from a “hold” rating to a “buy” rating and raised their price objective for the company from $51.00 to $60.00 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 research note on Wednesday. Morgan Stanley increased their price objective on shares of Corning from $39.00 to $48.00 and gave the company an “equal weight” rating in a research note on Tuesday, December 17th. StockNews.com cut shares of Corning from a “buy” rating to a “hold” rating in a research report on Tuesday, February 25th. Finally, Hsbc Global Res upgraded shares of Corning from a “hold” rating to a “strong-buy” rating in a research report on Thursday, January 30th. Four equities research analysts have rated the stock with a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $54.31.

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.