Oak Thistle LLC Increases Position in Corning Incorporated (NYSE:GLW)

Oak Thistle LLC raised its holdings in shares of Corning Incorporated (NYSE:GLW) by 328.7% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 75,676 shares of the electronics maker’s stock after buying an additional 58,024 shares during the period. Corning comprises approximately 0.7% of Oak Thistle LLC’s investment portfolio, making the stock its 11th biggest position. Oak Thistle LLC’s holdings in Corning were worth $2,304,000 at the end of the most recent quarter.

Several other large investors have also modified their holdings of GLW. Monte Financial Group LLC boosted its holdings in shares of Corning by 12.1% in the fourth quarter. Monte Financial Group LLC now owns 160,979 shares of the electronics maker’s stock valued at $4,902,000 after purchasing an additional 17,337 shares during the period. Essex Savings Bank boosted its holdings in shares of Corning by 9.1% in the fourth quarter. Essex Savings Bank now owns 8,356 shares of the electronics maker’s stock valued at $254,000 after purchasing an additional 694 shares during the period. Bridge Creek Capital Management LLC boosted its holdings in shares of Corning by 0.5% in the fourth quarter. Bridge Creek Capital Management LLC now owns 118,499 shares of the electronics maker’s stock valued at $3,608,000 after purchasing an additional 535 shares during the period. Bonness Enterprises Inc. boosted its holdings in shares of Corning by 53.0% in the fourth quarter. Bonness Enterprises Inc. now owns 86,300 shares of the electronics maker’s stock valued at $2,628,000 after purchasing an additional 29,900 shares during the period. Finally, AdvisorNet Financial Inc boosted its holdings in shares of Corning by 25.9% in the fourth quarter. AdvisorNet Financial Inc now owns 4,178 shares of the electronics maker’s stock valued at $127,000 after purchasing an additional 860 shares during the period. Hedge funds and other institutional investors own 69.80% of the company’s stock.

Insider Buying and Selling at Corning

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 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 owns 215,254 shares in the company, valued at approximately $7,155,042.96. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 0.40% of the stock is owned by insiders.

Corning Price Performance

Corning stock traded down $0.30 during midday trading on Monday, reaching $32.67. The company had a trading volume of 2,304,507 shares, compared to its average volume of 4,805,625. The company has a market capitalization of $27.94 billion, a P/E ratio of 49.21, a P/E/G ratio of 1.88 and a beta of 1.08. Corning Incorporated has a 12-month low of $25.26 and a 12-month high of $36.01. The firm’s fifty day simple moving average is $32.22 and its 200-day simple moving average is $30.29. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.67 and a quick ratio of 1.05.

Corning (NYSE:GLW) last issued its quarterly earnings results on Tuesday, January 30th. The electronics maker reported $0.39 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.39. The firm had revenue of $2.99 billion for the quarter, compared to analyst estimates of $3.26 billion. Corning had a net margin of 4.62% and a return on equity of 12.31%. Corning’s quarterly revenue was down 12.1% compared to the same quarter last year. During the same period last year, the company posted $0.47 EPS. As a group, equities analysts anticipate that Corning Incorporated will post 1.86 EPS for the current year.

Corning Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, March 28th. Shareholders of record on Thursday, February 29th were issued a $0.28 dividend. The ex-dividend date was Wednesday, February 28th. This represents a $1.12 dividend on an annualized basis and a yield of 3.43%. Corning’s payout ratio is 167.16%.

Analyst Ratings Changes

A number of analysts have weighed in on the company. UBS Group upped their target price on Corning from $29.00 to $32.00 and gave the stock a “neutral” rating in a report on Thursday, January 11th. Susquehanna restated a “positive” rating and set a $40.00 target price on shares of Corning in a report on Monday. StockNews.com upgraded Corning from a “sell” rating to a “hold” rating in a report on Monday. HSBC lowered Corning from a “hold” rating to a “reduce” rating and set a $29.00 target price for the company. in a report on Thursday, February 1st. Finally, Barclays upped their price target on Corning from $28.00 to $35.00 and gave the stock an “equal weight” rating in a research report on Wednesday, January 31st. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and four have given a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $33.67.

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.