Linden Thomas Advisory Services LLC Increases Stake in Corning Incorporated (NYSE:GLW)

Linden Thomas Advisory Services LLC lifted its stake in Corning Incorporated (NYSE:GLW) by 2.9% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 41,496 shares of the electronics maker’s stock after purchasing an additional 1,168 shares during the quarter. Linden Thomas Advisory Services LLC’s holdings in Corning were worth $1,264,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. Peoples Bank KS acquired a new position in Corning in the 3rd quarter worth approximately $25,000. OFI Invest Asset Management acquired a new position in Corning in the 3rd quarter worth approximately $25,000. SRS Capital Advisors Inc. increased its holdings in Corning by 232.9% in the 3rd quarter. SRS Capital Advisors Inc. now owns 932 shares of the electronics maker’s stock worth $28,000 after buying an additional 652 shares during the period. Bruce G. Allen Investments LLC acquired a new position in Corning in the 4th quarter worth approximately $31,000. Finally, Emfo LLC acquired a new position in Corning in the 4th quarter worth approximately $33,000. 69.80% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on GLW shares. Morgan Stanley reiterated an “overweight” rating and issued a $35.00 price target on shares of Corning in a report on Monday. Barclays increased their price target on shares of Corning from $28.00 to $35.00 and gave the stock an “equal weight” rating in a report on Wednesday, January 31st. StockNews.com raised shares of Corning from a “sell” rating to a “hold” rating in a research note on Monday, April 1st. JPMorgan Chase & Co. raised their price objective 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. Finally, Susquehanna reaffirmed a “positive” rating and set a $40.00 price objective on shares of Corning in a research note on Monday, April 1st. One analyst has rated the stock with a sell rating, five have assigned a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Corning currently has an average rating of “Hold” and a consensus target price of $34.78.

Insider Buying and Selling

In related news, Vice Chairman Lawrence D. Mcrae sold 77,464 shares of the business’s stock in a transaction that occurred on 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 $7,155,042.96. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 0.40% of the stock is owned by company insiders.

Corning Stock Performance

NYSE GLW opened at $31.52 on Thursday. The company has a market cap of $26.96 billion, a P/E ratio of 47.04, a P/E/G ratio of 1.75 and a beta of 1.08. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.67 and a quick ratio of 1.05. The stock has a 50-day moving average of $32.30 and a two-hundred day moving average of $30.43. Corning Incorporated has a 1-year low of $25.26 and a 1-year high of $36.01.

Corning (NYSE:GLW) last released its earnings results on Tuesday, January 30th. The electronics maker reported $0.39 earnings per share for the quarter, meeting the consensus estimate of $0.39. Corning had a return on equity of 12.31% and a net margin of 4.62%. The company had revenue of $2.99 billion during the quarter, compared to the consensus estimate of $3.26 billion. During the same period in the previous year, the company posted $0.47 EPS. Corning’s revenue was down 12.1% compared to the same quarter last year. As a group, analysts anticipate that Corning Incorporated will post 1.87 EPS for the current year.

Corning Dividend Announcement

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

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.