Focus Financial Network Inc. Increases Stock Holdings in Corning Incorporated (NYSE:GLW)

Focus Financial Network Inc. lifted its stake in shares of Corning Incorporated (NYSE:GLW) by 13.0% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 10,680 shares of the electronics maker’s stock after buying an additional 1,232 shares during the period. Focus Financial Network Inc.’s holdings in Corning were worth $508,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of GLW. Sound Income Strategies LLC boosted its position in shares of Corning by 76.7% during the fourth quarter. Sound Income Strategies LLC now owns 523 shares of the electronics maker’s stock valued at $25,000 after buying an additional 227 shares during the last quarter. Rosenberg Matthew Hamilton boosted its position in shares of Corning by 202.4% during the fourth quarter. Rosenberg Matthew Hamilton now owns 747 shares of the electronics maker’s stock valued at $35,000 after buying an additional 500 shares during the last quarter. Cassady Schiller Wealth Management LLC purchased a new position in Corning in the third quarter worth $39,000. RPg Family Wealth Advisory LLC purchased a new position in Corning in the third quarter worth $40,000. Finally, Union Bancaire Privee UBP SA bought a new stake in shares of Corning in the fourth quarter valued at $40,000. Hedge funds and other institutional investors own 69.80% of the company’s stock.

Insider Buying and Selling at Corning

In other news, COO Eric S. Musser sold 30,000 shares of the stock in a transaction that occurred on Friday, January 31st. The stock was sold at an average price of $51.92, for a total value of $1,557,600.00. Following the completion of the transaction, the chief operating officer now owns 152,944 shares of the company’s stock, valued at approximately $7,940,852.48. This represents a 16.40 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Michael Alan Bell sold 2,209 shares of the stock in a transaction that occurred on Thursday, January 30th. The stock was sold at an average price of $49.87, for a total value of $110,162.83. The disclosure for this sale can be found here. Insiders sold 46,085 shares of company stock valued at $2,345,436 in the last 90 days. Insiders own 0.40% of the company’s stock.

Analyst Ratings Changes

Several analysts have issued reports on GLW shares. Hsbc Global Res upgraded Corning from a “hold” rating to a “strong-buy” rating in a research note on Thursday, January 30th. StockNews.com upgraded Corning from a “hold” rating to a “buy” rating in a research note on Tuesday, December 24th. Oppenheimer reiterated an “outperform” rating and set a $58.00 price objective (up from $51.00) on shares of Corning in a research note on Wednesday, October 30th. Morgan Stanley boosted their target price on Corning from $39.00 to $48.00 and gave the stock an “equal weight” rating in a research report on Tuesday, December 17th. Finally, UBS Group boosted their target price on Corning from $46.00 to $51.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 30th. Three research analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $53.00.

Corning Trading Down 0.0 %

GLW opened at $52.00 on Friday. The business has a 50 day simple moving average of $49.41 and a two-hundred day simple moving average of $46.15. The firm has a market capitalization of $44.52 billion, a price-to-earnings ratio of 89.65, a PEG ratio of 1.55 and a beta of 1.03. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.62 and a quick ratio of 1.07. Corning Incorporated has a one year low of $30.72 and a one year high of $55.33.

Corning (NYSE:GLW) last released its quarterly earnings results on Wednesday, January 29th. The electronics maker reported $0.57 EPS for the quarter, beating analysts’ consensus estimates of $0.56 by $0.01. Corning had a return on equity of 15.10% and a net margin of 3.86%. Analysts predict that Corning Incorporated will post 2.33 EPS for the current year.

Corning Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Friday, February 28th will be given a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a yield of 2.15%. The ex-dividend date of this dividend is Friday, February 28th. Corning’s payout ratio is 193.11%.

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.