Signaturefd LLC Purchases 11,774 Shares of Corning Incorporated (NYSE:GLW)

Signaturefd LLC raised its position in Corning Incorporated (NYSE:GLW) by 144.8% in the 4th quarter, Holdings Channel.com reports. The firm owned 19,907 shares of the electronics maker’s stock after buying an additional 11,774 shares during the period. Signaturefd LLC’s holdings in Corning were worth $606,000 at the end of the most recent quarter.

Other large investors have also recently bought and sold shares of the company. Peoples Bank KS bought a new position in Corning in the third quarter valued at about $25,000. OFI Invest Asset Management acquired a new stake in shares of Corning in the third quarter valued at about $25,000. SRS Capital Advisors Inc. increased its stake in shares of Corning by 232.9% in the third quarter. SRS Capital Advisors Inc. now owns 932 shares of the electronics maker’s stock valued at $28,000 after buying an additional 652 shares during the period. Bruce G. Allen Investments LLC acquired a new stake in shares of Corning in the fourth quarter valued at about $31,000. Finally, Emfo LLC acquired a new stake in shares of Corning in the fourth quarter valued at about $33,000. 69.80% of the stock is currently owned by institutional investors.

Insider Activity

In other news, Vice Chairman Lawrence D. Mcrae sold 77,464 shares of the firm’s stock in a transaction that occurred on Thursday, March 21st. The stock was sold at an average price of $33.24, for a total value of $2,574,903.36. Following the transaction, the insider now owns 215,254 shares in the company, valued at $7,155,042.96. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 0.45% of the company’s stock.

Corning Stock Down 0.1 %

Shares of NYSE:GLW opened at $31.53 on Wednesday. The business’s 50 day simple moving average is $32.31 and its two-hundred day simple moving average is $30.42. The firm has a market cap of $26.97 billion, a P/E ratio of 47.06, a PEG ratio of 1.75 and a beta of 1.08. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.05 and a current ratio of 1.67. Corning Incorporated has a 52-week low of $25.26 and a 52-week high of $36.01.

Corning (NYSE:GLW) last announced its quarterly earnings results on Tuesday, January 30th. The electronics maker reported $0.39 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.39. The business had revenue of $2.99 billion for the quarter, compared to analyst estimates of $3.26 billion. Corning had a return on equity of 12.31% and a net margin of 4.62%. The company’s quarterly revenue was down 12.1% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.47 earnings per share. As a group, research analysts forecast that Corning Incorporated will post 1.87 EPS for the current fiscal year.

Corning Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Thursday, February 29th were issued a $0.28 dividend. The ex-dividend date of this dividend was Wednesday, February 28th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 3.55%. Corning’s dividend payout ratio is presently 167.16%.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on GLW shares. Morgan Stanley reissued an “overweight” rating and issued a $35.00 price target on shares of Corning in a research note on Monday. HSBC cut Corning from a “hold” rating to a “reduce” rating and set a $29.00 price target for the company. in a research note on Thursday, February 1st. UBS Group raised their target price on Corning from $34.00 to $35.00 and gave the stock a “neutral” rating in a research note on Monday, April 8th. JPMorgan Chase & Co. raised their target price on Corning from $34.00 to $36.00 and gave the stock a “neutral” rating in a research note on Thursday, April 11th. Finally, StockNews.com raised Corning from a “sell” rating to a “hold” rating in a research note on Monday, April 1st. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $34.78.

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.