Savvy Advisors Inc. Makes New Investment in Corning Incorporated (NYSE:GLW)

Savvy Advisors Inc. acquired a new stake in shares of Corning Incorporated (NYSE:GLW) in the fourth quarter, HoldingsChannel.com reports. The fund acquired 4,412 shares of the electronics maker’s stock, valued at approximately $210,000.

Other hedge funds also recently made changes to their positions in the company. Oregon Public Employees Retirement Fund grew its position in Corning by 0.3% during the 4th quarter. Oregon Public Employees Retirement Fund now owns 66,063 shares of the electronics maker’s stock worth $3,139,000 after purchasing an additional 204 shares during the last quarter. Principal Securities Inc. raised its position in shares of Corning by 3.5% during the 4th quarter. Principal Securities Inc. now owns 6,170 shares of the electronics maker’s stock worth $293,000 after purchasing an additional 211 shares during the last quarter. Bogart Wealth LLC lifted its position in shares of Corning by 18.3% in the fourth quarter. Bogart Wealth LLC now owns 1,419 shares of the electronics maker’s stock valued at $67,000 after acquiring an additional 219 shares in the last quarter. Buffington Mohr McNeal boosted its stake in Corning by 2.1% during the 4th quarter. Buffington Mohr McNeal now owns 10,461 shares of the electronics maker’s stock worth $497,000 after purchasing an additional 220 shares during the last quarter. Finally, Allworth Financial LP grew its stake in Corning by 1.1% during the 4th quarter. Allworth Financial LP now owns 19,581 shares of the electronics maker’s stock valued at $930,000 after acquiring an additional 220 shares in the last quarter. 69.80% of the stock is currently owned by hedge funds and other institutional investors.

Corning Stock Up 0.4 %

GLW opened at $41.77 on Wednesday. The firm has a market cap of $35.79 billion, a P/E ratio of 72.02, a PEG ratio of 1.50 and a beta of 1.03. The business’s fifty day simple moving average is $47.10 and its 200 day simple moving average is $47.76. 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.

Corning (NYSE:GLW) last posted its quarterly earnings data on Wednesday, January 29th. The electronics maker reported $0.57 earnings per share 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%. As a group, equities research analysts anticipate that Corning Incorporated will post 2.33 EPS for the current fiscal year.

Corning Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 28th. Stockholders of record on Friday, February 28th were issued a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a dividend yield of 2.68%. The ex-dividend date of this dividend was Friday, February 28th. Corning’s dividend payout ratio (DPR) is 193.10%.

Analyst Ratings Changes

A number of equities research analysts have commented on the company. HSBC upgraded Corning from a “hold” rating to a “buy” rating and lifted their target price for the company from $51.00 to $60.00 in a research report on Thursday, January 30th. Barclays lowered their price target on Corning from $53.00 to $52.00 and set an “equal weight” rating on the stock in a report on Wednesday, January 29th. Morgan Stanley increased their price target on Corning from $39.00 to $48.00 and gave the stock an “equal weight” rating in a report on Tuesday, December 17th. StockNews.com downgraded shares of Corning from a “buy” rating to a “hold” rating in a report on Tuesday, February 25th. Finally, Citigroup dropped their price objective on Corning from $58.00 to $50.00 and set a “buy” rating on the stock in a report on Monday. Four research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, Corning currently has a consensus rating of “Moderate Buy” and an average target price of $54.08.

Insider Activity

In other Corning news, COO Eric S. Musser sold 30,000 shares of the 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. This trade represents a 16.40 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, SVP Michael Alan Bell sold 2,209 shares of the business’s stock in a transaction on Thursday, January 30th. The shares were 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. Company 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.