Sierra Summit Advisors LLC Purchases 246,769 Shares of Corning Incorporated (NYSE:GLW)

Sierra Summit Advisors LLC increased its position in shares of Corning Incorporated (NYSE:GLW) by 1,031.4% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 270,694 shares of the electronics maker’s stock after purchasing an additional 246,769 shares during the period. Corning accounts for 2.6% of Sierra Summit Advisors LLC’s portfolio, making the stock its 11th largest holding. Sierra Summit Advisors LLC’s holdings in Corning were worth $12,863,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of GLW. Norges Bank bought a new stake in Corning during the fourth quarter valued at about $490,933,000. Amundi grew its position in shares of Corning by 139.0% during the fourth quarter. Amundi now owns 3,900,808 shares of the electronics maker’s stock worth $186,186,000 after purchasing an additional 2,268,436 shares in the last quarter. Raymond James Financial Inc. bought a new stake in Corning during the 4th quarter valued at approximately $92,522,000. Appaloosa LP purchased a new position in Corning in the 4th quarter worth approximately $71,280,000. Finally, Vanguard Group Inc. boosted its stake in Corning by 0.9% in the 4th quarter. Vanguard Group Inc. now owns 99,903,247 shares of the electronics maker’s stock worth $4,747,402,000 after purchasing an additional 916,528 shares during the period. Hedge funds and other institutional investors own 69.80% of the company’s stock.

Corning Price Performance

Corning stock opened at $39.08 on Monday. Corning Incorporated has a 12-month low of $30.72 and a 12-month high of $55.33. The company has a current ratio of 1.62, a quick ratio of 1.07 and a debt-to-equity ratio of 0.62. The firm has a 50-day moving average price of $48.95 and a 200-day moving average price of $48.00. The firm has a market capitalization of $33.48 billion, a PE ratio of 67.37, a price-to-earnings-growth ratio of 1.50 and a beta of 1.03.

Corning (NYSE:GLW) last announced its quarterly earnings data on Wednesday, January 29th. The electronics maker reported $0.57 earnings per share (EPS) 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 research analysts forecast that Corning Incorporated will post 2.33 EPS for the current year.

Corning Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, March 28th. Shareholders of record on Friday, February 28th were paid a $0.28 dividend. The ex-dividend date of this dividend was Friday, February 28th. This represents a $1.12 dividend on an annualized basis and a yield of 2.87%. Corning’s payout ratio is 193.10%.

Analyst Ratings Changes

GLW has been the topic of several research analyst reports. 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. Bank of America boosted their price target on shares of Corning from $65.00 to $68.00 and gave the stock a “buy” rating in a research note on Wednesday, March 19th. Barclays reduced their target price on Corning from $53.00 to $52.00 and set an “equal weight” rating on the stock in a report on Wednesday, January 29th. HSBC raised Corning from a “hold” rating to a “buy” rating and increased their price target for the company from $51.00 to $60.00 in a research note on Thursday, January 30th. Finally, Hsbc Global Res raised Corning from a “hold” rating to a “strong-buy” rating in a research note on Thursday, January 30th. Four research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, Corning presently has an average rating of “Moderate Buy” and an average target price of $54.31.

Insider Transactions at Corning

In other news, SVP Michael Alan Bell sold 2,209 shares of the firm’s stock in a transaction that occurred on Thursday, January 30th. The shares were sold at an average price of $49.87, for a total transaction of $110,162.83. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, COO Eric S. Musser sold 30,000 shares of the business’s stock in a transaction that occurred on Friday, January 31st. The shares were 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 of the company’s stock, valued at $7,940,852.48. The trade was a 16.40 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.40% of the company’s stock.

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.