Lee Danner & Bass Inc. Purchases New Shares in Corning Incorporated (NYSE:GLW)

Lee Danner & Bass Inc. purchased a new stake in shares of Corning Incorporated (NYSE:GLW) during the 4th quarter, Holdings Channel reports. The fund purchased 1,694 shares of the electronics maker’s stock, valued at approximately $80,000.

Several other hedge funds and other institutional investors also recently bought and sold shares of the stock. Sound Income Strategies LLC grew its position in Corning by 76.7% in 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 last quarter. Sierra Ocean LLC bought a new position in Corning in the 4th quarter valued at $25,000. Asset Planning Inc bought a new position in Corning in the 4th quarter valued at $29,000. Mainstream Capital Management LLC bought a new position in Corning in the 4th quarter valued at $35,000. Finally, Rosenberg Matthew Hamilton grew its position in Corning by 202.4% in the 4th quarter. Rosenberg Matthew Hamilton now owns 747 shares of the electronics maker’s stock valued at $35,000 after acquiring an additional 500 shares during the last quarter. Hedge funds and other institutional investors own 69.80% of the company’s stock.

Insider Transactions at Corning

In other news, SVP Michael Alan Bell sold 2,209 shares of the firm’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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, 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 completion of the transaction, the chief operating officer now owns 152,944 shares of the company’s stock, valued at approximately $7,940,852.48. The trade was a 16.40 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.45% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have commented on GLW. Morgan Stanley upped their price objective on Corning from $39.00 to $48.00 and gave the company an “equal weight” rating in a research report on Tuesday, December 17th. StockNews.com downgraded Corning from a “buy” rating to a “hold” rating in a research report on Tuesday, February 25th. Hsbc Global Res raised Corning from a “hold” rating to a “strong-buy” rating in a research report on Thursday, January 30th. HSBC raised Corning from a “hold” rating to a “buy” rating and increased their price target for the stock from $51.00 to $60.00 in a research report on Thursday, January 30th. Finally, Barclays dropped their price target 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. Four research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Corning has a consensus rating of “Moderate Buy” and a consensus target price of $54.31.

Corning Trading Down 0.4 %

Corning stock opened at $48.49 on Friday. The stock has a 50-day moving average of $49.91 and a two-hundred day moving average of $47.67. 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 $30.72 and a one year high of $55.33. The stock has a market cap of $41.53 billion, a PE ratio of 83.60, a price-to-earnings-growth ratio of 1.50 and a beta of 1.03.

Corning (NYSE:GLW) last released its quarterly earnings results 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 return on equity of 15.10% and a net margin of 3.86%. On average, research 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. Shareholders of record on Friday, February 28th will be paid a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a yield of 2.31%. The ex-dividend date of this dividend is Friday, February 28th. Corning’s dividend payout ratio (DPR) is presently 193.10%.

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.