Syon Capital LLC Acquires Shares of 11,141 Corning Incorporated (NYSE:GLW)

Syon Capital LLC acquired a new position in shares of Corning Incorporated (NYSE:GLW) in the 4th quarter, according to its most recent disclosure with the SEC. The fund acquired 11,141 shares of the electronics maker’s stock, valued at approximately $339,000.

Other large investors have also recently bought and sold shares of the company. Peoples Bank KS purchased a new position in shares of Corning in the 3rd quarter valued at about $25,000. OFI Invest Asset Management acquired a new position in shares of Corning in the 3rd quarter valued at $25,000. SRS Capital Advisors Inc. grew its position in shares of Corning by 232.9% in the 3rd 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 last quarter. Bruce G. Allen Investments LLC acquired a new stake in Corning during the 4th quarter worth $31,000. Finally, Emfo LLC purchased a new stake in Corning in the fourth quarter valued at $33,000. Hedge funds and other institutional investors own 69.80% of the company’s stock.

Insiders Place Their Bets

In other news, Vice Chairman Lawrence D. Mcrae sold 77,464 shares of the business’s 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 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 document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.40% of the stock is currently owned by insiders.

Corning Price Performance

GLW opened at $31.33 on Friday. Corning Incorporated has a 1 year low of $25.26 and a 1 year high of $36.01. The company’s 50 day simple moving average is $32.28 and its 200 day simple moving average is $30.46. The stock has a market capitalization of $26.80 billion, a PE ratio of 46.76, a P/E/G ratio of 1.73 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 (NYSE:GLW) last posted its quarterly earnings results on Tuesday, January 30th. The electronics maker reported $0.39 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.39. Corning had a net margin of 4.62% and a return on equity of 12.31%. The company had revenue of $2.99 billion for the quarter, compared to the consensus estimate of $3.26 billion. During the same quarter last year, the firm posted $0.47 earnings per share. Corning’s revenue was down 12.1% on a year-over-year basis. As a group, sell-side analysts expect that Corning Incorporated will post 1.87 EPS for the current year.

Corning Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Shareholders of record on Thursday, February 29th were given a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a yield of 3.57%. The ex-dividend date of this dividend was Wednesday, February 28th. Corning’s dividend payout ratio (DPR) is presently 167.16%.

Wall Street Analysts Forecast Growth

GLW has been the subject of a number of recent research reports. JPMorgan Chase & Co. increased their price target on shares of Corning from $34.00 to $36.00 and gave the stock a “neutral” rating in a research note on Thursday, April 11th. Susquehanna reaffirmed a “positive” rating and issued a $40.00 price objective on shares of Corning in a report on Monday, April 1st. Barclays increased their target price on Corning from $28.00 to $35.00 and gave the stock an “equal weight” rating in a research note on Wednesday, January 31st. StockNews.com upgraded Corning from a “sell” rating to a “hold” rating in a research note on Monday, April 1st. Finally, HSBC cut Corning from a “hold” rating to a “reduce” rating and set a $29.00 price objective for the company. in a research report on Thursday, February 1st. One research 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. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $34.78.

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.