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

Signaturefd LLC raised its stake in shares of Corning Incorporated (NYSE:GLW) by 144.8% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 19,907 shares of the electronics maker’s stock after acquiring an additional 11,774 shares during the quarter. Signaturefd LLC’s holdings in Corning were worth $606,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Natixis Advisors L.P. increased its stake in shares of Corning by 5.9% in the third quarter. Natixis Advisors L.P. now owns 101,322 shares of the electronics maker’s stock valued at $3,087,000 after buying an additional 5,616 shares in the last quarter. KMG Fiduciary Partners LLC acquired a new stake in shares of Corning in the fourth quarter valued at $1,199,000. HB Wealth Management LLC increased its stake in shares of Corning by 24.2% in the fourth quarter. HB Wealth Management LLC now owns 9,871 shares of the electronics maker’s stock valued at $301,000 after buying an additional 1,926 shares in the last quarter. SG Americas Securities LLC increased its stake in shares of Corning by 59.8% in the fourth quarter. SG Americas Securities LLC now owns 108,358 shares of the electronics maker’s stock valued at $3,300,000 after buying an additional 40,564 shares in the last quarter. Finally, Bank of New York Mellon Corp increased its stake in shares of Corning by 6.6% in the third quarter. Bank of New York Mellon Corp now owns 7,883,126 shares of the electronics maker’s stock valued at $240,199,000 after buying an additional 490,638 shares in the last quarter. 69.80% of the stock is owned by institutional investors.

Insider Activity

In other news, Vice Chairman Lawrence D. Mcrae sold 77,464 shares of Corning stock in a transaction dated Thursday, March 21st. The stock was sold at an average price of $33.24, for a total transaction of $2,574,903.36. Following the transaction, the insider now owns 215,254 shares in the company, valued at approximately $7,155,042.96. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.45% of the stock is currently owned by company insiders.

Corning Price Performance

Corning stock opened at $31.53 on Wednesday. The firm has a market capitalization of $26.97 billion, a P/E ratio of 47.06, a PEG ratio of 1.75 and a beta of 1.08. Corning Incorporated has a 1 year low of $25.26 and a 1 year high of $36.01. The business has a 50-day moving average of $32.31 and a 200-day moving average of $30.42. The company has a current ratio of 1.67, a quick ratio of 1.05 and a debt-to-equity ratio of 0.61.

Corning (NYSE:GLW) last posted its 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 company had revenue of $2.99 billion during 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 revenue for the quarter was down 12.1% compared to the same quarter last year. During the same period in the previous year, the company earned $0.47 EPS. On average, equities analysts anticipate that Corning Incorporated will post 1.87 EPS for the current year.

Corning Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Thursday, February 29th were issued a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a dividend yield of 3.55%. The ex-dividend date was Wednesday, February 28th. Corning’s dividend payout ratio (DPR) is presently 167.16%.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on the company. HSBC lowered Corning from a “hold” rating to a “reduce” rating and set a $29.00 target price for the company. in a research note on Thursday, February 1st. Barclays raised their target price on Corning from $28.00 to $35.00 and gave the company an “equal weight” rating in a research note on Wednesday, January 31st. JPMorgan Chase & Co. lifted their price objective on Corning from $34.00 to $36.00 and gave the stock a “neutral” rating in a research report on Thursday, April 11th. UBS Group lifted their price objective on Corning from $34.00 to $35.00 and gave the stock a “neutral” rating in a research report on Monday, April 8th. Finally, StockNews.com upgraded Corning from a “sell” rating to a “hold” rating in a research report on Monday, April 1st. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and four have issued a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average 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.