Greenwood Gearhart Inc. increased its holdings in Corning Incorporated (NYSE:GLW) by 1.2% during the fourth quarter, HoldingsChannel reports. The institutional investor owned 203,853 shares of the electronics maker’s stock after acquiring an additional 2,342 shares during the quarter. Corning comprises 2.1% of Greenwood Gearhart Inc.’s investment portfolio, making the stock its 23rd biggest position. Greenwood Gearhart Inc.’s holdings in Corning were worth $6,521,000 at the end of the most recent reporting period.
Several other hedge funds have also modified their holdings of GLW. Motco increased its stake in Corning by 150.4% in the fourth quarter. Motco now owns 3,538 shares of the electronics maker’s stock valued at $113,000 after acquiring an additional 2,125 shares during the last quarter. Valeo Financial Advisors LLC increased its stake in Corning by 163.9% in the fourth quarter. Valeo Financial Advisors LLC now owns 4,991 shares of the electronics maker’s stock valued at $160,000 after acquiring an additional 3,100 shares during the last quarter. Resources Investment Advisors Inc. increased its stake in Corning by 611.0% in the fourth quarter. Resources Investment Advisors Inc. now owns 5,190 shares of the electronics maker’s stock valued at $166,000 after acquiring an additional 4,460 shares during the last quarter. Cable Hill Partners LLC increased its stake in Corning by 1,041.3% in the third quarter. Cable Hill Partners LLC now owns 5,273 shares of the electronics maker’s stock valued at $158,000 after acquiring an additional 4,811 shares during the last quarter. Finally, Bank of Nova Scotia Trust Co. bought a new position in Corning in the third quarter valued at $163,000. Institutional investors own 69.94% of the company’s stock.
Corning Incorporated (NYSE:GLW) opened at $29.30 on Monday. Corning Incorporated has a 12 month low of $26.32 and a 12 month high of $35.10. The stock has a market capitalization of $25,123.38, a PE ratio of -37.56, a PEG ratio of 4.38 and a beta of 1.34. The company has a debt-to-equity ratio of 0.35, a quick ratio of 2.22 and a current ratio of 2.75.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, March 29th. Stockholders of record on Wednesday, February 28th will be paid a dividend of $0.18 per share. This is a boost from Corning’s previous quarterly dividend of $0.16. This represents a $0.72 dividend on an annualized basis and a dividend yield of 2.46%. The ex-dividend date of this dividend is Tuesday, February 27th. Corning’s dividend payout ratio (DPR) is -79.49%.
A number of research firms recently commented on GLW. Oppenheimer reissued a “hold” rating on shares of Corning in a research note on Wednesday, January 31st. Citigroup increased their target price on Corning from $33.00 to $35.00 and gave the company a “neutral” rating in a research note on Thursday, January 25th. Guggenheim reissued a “buy” rating and issued a $35.00 target price on shares of Corning in a research note on Tuesday, December 12th. ValuEngine raised Corning from a “hold” rating to a “buy” rating in a research note on Friday, February 2nd. Finally, Barclays set a $38.00 target price on Corning and gave the company a “buy” rating in a research note on Wednesday, January 10th. Two research analysts have rated the stock with a sell rating, six have given a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company’s stock. Corning presently has a consensus rating of “Hold” and a consensus target price of $31.47.
In related news, Director Deborah Rieman sold 2,083 shares of the firm’s stock in a transaction dated Thursday, December 14th. The stock was sold at an average price of $32.16, for a total value of $66,989.28. Following the sale, the director now directly owns 102,896 shares of the company’s stock, valued at $3,309,135.36. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Vice Chairman Lawrence D. Mcrae sold 51,676 shares of the firm’s stock in a transaction dated Thursday, December 21st. The stock was sold at an average price of $32.42, for a total value of $1,675,335.92. Following the completion of the sale, the insider now directly owns 136,032 shares in the company, valued at $4,410,157.44. The disclosure for this sale can be found here. 0.59% of the stock is currently owned by company insiders.
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Corning Incorporated is engaged in manufacturing specialty glass and ceramics. Its segments include Display Technologies, Optical Communications, Environmental Technologies, Specialty Materials, Life Sciences and All Other. The Display Technologies segment manufactures glass substrates for flat panel liquid crystal displays (LCDs).
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