Headlands Technologies LLC Takes $51,000 Position in Corning Incorporated (NYSE:GLW)

Headlands Technologies LLC bought a new position in Corning Incorporated (NYSE:GLW) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 1,665 shares of the electronics maker’s stock, valued at approximately $51,000.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Peoples Bank KS purchased a new position in shares of Corning in the third quarter valued at about $25,000. OFI Invest Asset Management bought a new stake in shares of Corning in the third quarter worth about $25,000. SRS Capital Advisors Inc. increased its holdings in Corning by 232.9% during the 3rd quarter. SRS Capital Advisors Inc. now owns 932 shares of the electronics maker’s stock valued at $28,000 after purchasing an additional 652 shares during the period. Bruce G. Allen Investments LLC bought a new position in Corning during the 4th quarter valued at approximately $31,000. Finally, Emfo LLC bought a new stake in shares of Corning in the 4th quarter worth approximately $33,000. 69.80% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on GLW. UBS Group upped their target price on Corning from $34.00 to $35.00 and gave the company a “neutral” rating in a report on Monday, April 8th. Barclays raised their target price on shares of Corning from $28.00 to $35.00 and gave the stock an “equal weight” rating in a research report on Wednesday, January 31st. Susquehanna reiterated a “positive” rating and set a $40.00 price target on shares of Corning in a research report on Monday, April 1st. JPMorgan Chase & Co. raised their price objective on shares of Corning from $36.00 to $37.00 and gave the stock a “neutral” rating in a report on Wednesday. Finally, HSBC downgraded Corning from a “hold” rating to a “reduce” rating and set a $29.00 target price on the stock. in a report on Thursday, February 1st. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $34.89.

Corning Price Performance

Shares of NYSE GLW opened at $33.48 on Thursday. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.05 and a current ratio of 1.67. The company has a 50 day simple moving average of $32.32 and a two-hundred day simple moving average of $30.55. Corning Incorporated has a fifty-two week low of $25.26 and a fifty-two week high of $36.01. The company has a market capitalization of $28.64 billion, a price-to-earnings ratio of 47.15, a P/E/G ratio of 1.85 and a beta of 1.07.

Corning (NYSE:GLW) last posted its quarterly earnings data on Tuesday, April 30th. The electronics maker reported $0.38 earnings per share for the quarter, beating analysts’ consensus estimates of $0.36 by $0.02. Corning had a return on equity of 12.31% and a net margin of 4.96%. The company had revenue of $2.98 billion during the quarter, compared to analyst estimates of $3.12 billion. During the same quarter last year, the company earned $0.41 EPS. The firm’s revenue for the quarter was down 11.5% on a year-over-year basis. Analysts expect that Corning Incorporated will post 1.87 EPS for the current fiscal year.

Corning Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Investors of record on Thursday, February 29th were paid a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a yield of 3.35%. The ex-dividend date was Wednesday, February 28th. Corning’s payout ratio is 157.75%.

Insider Buying and Selling

In other Corning news, Vice Chairman Lawrence D. Mcrae sold 77,464 shares of the firm’s stock in a transaction dated Thursday, March 21st. The shares were sold at an average price of $33.24, for a total transaction of $2,574,903.36. Following the completion of the sale, the insider now directly owns 215,254 shares in the company, valued at approximately $7,155,042.96. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 0.40% of the stock is currently owned by company insiders.

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.