Nemes Rush Group LLC Raises Stock Holdings in Corning Incorporated (NYSE:GLW)

Nemes Rush Group LLC boosted its position in Corning Incorporated (NYSE:GLW) by 196.5% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 7,917 shares of the electronics maker’s stock after purchasing an additional 5,247 shares during the quarter. Nemes Rush Group LLC’s holdings in Corning were worth $376,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of the business. Sound Income Strategies LLC lifted its position in Corning by 76.7% during the 4th quarter. Sound Income Strategies LLC now owns 523 shares of the electronics maker’s stock valued at $25,000 after acquiring an additional 227 shares during the period. Sierra Ocean LLC bought a new position in shares of Corning during the fourth quarter valued at approximately $25,000. Asset Planning Inc bought a new stake in shares of Corning in the 4th quarter worth approximately $29,000. Rosenberg Matthew Hamilton grew its stake in shares of 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 during the last quarter. Finally, Mainstream Capital Management LLC bought a new position in Corning during the 4th quarter valued at approximately $35,000. Institutional investors own 69.80% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have recently commented on the company. HSBC raised Corning from a “hold” rating to a “buy” rating and increased their target price for the stock from $51.00 to $60.00 in a research note on Thursday, January 30th. Bank of America lifted their target price on shares of Corning from $65.00 to $68.00 and gave the stock a “buy” rating in a report on Wednesday, March 19th. Barclays cut their price target 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. StockNews.com lowered shares of Corning from a “buy” rating to a “hold” rating in a report on Tuesday, February 25th. Finally, Morgan Stanley increased their target price on Corning from $39.00 to $48.00 and gave the company an “equal weight” rating in a research note on Tuesday, December 17th. Four 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’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $54.31.

Corning Trading Down 0.6 %

Corning stock opened at $45.53 on Wednesday. Corning Incorporated has a 52-week low of $30.72 and a 52-week high of $55.33. The company has a market cap of $39.00 billion, a P/E ratio of 78.49, a P/E/G ratio of 1.50 and a beta of 1.03. 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 business has a 50-day simple moving average of $49.64 and a two-hundred day simple moving average of $48.00.

Corning (NYSE:GLW) last announced its earnings results on Wednesday, January 29th. The electronics maker reported $0.57 earnings per share (EPS) for the quarter, beating 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%. Analysts predict that Corning Incorporated will post 2.33 EPS for the current year.

Corning Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, March 28th. Investors of record on Friday, February 28th were issued a $0.28 dividend. The ex-dividend date was Friday, February 28th. This represents a $1.12 dividend on an annualized basis and a yield of 2.46%. Corning’s dividend payout ratio is currently 193.10%.

Insider Buying and Selling at Corning

In other Corning news, COO Eric S. Musser sold 30,000 shares of Corning stock in a transaction that occurred 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 transaction, the chief operating officer now owns 152,944 shares of the company’s stock, valued at $7,940,852.48. The trade was a 16.40 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Michael Alan Bell sold 2,209 shares of the stock in a transaction on Thursday, January 30th. The stock was sold at an average price of $49.87, for a total transaction of $110,162.83. The disclosure for this sale can be found here. 0.40% of the stock is currently owned by corporate insiders.

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.