SG Capital Management LLC Has $21.66 Million Holdings in Corning Incorporated (NYSE:GLW)

SG Capital Management LLC grew its position in Corning Incorporated (NYSE:GLW) by 31.8% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 455,731 shares of the electronics maker’s stock after purchasing an additional 110,045 shares during the quarter. Corning comprises approximately 2.1% of SG Capital Management LLC’s investment portfolio, making the stock its 13th biggest position. SG Capital Management LLC’s holdings in Corning were worth $21,656,000 at the end of the most recent reporting period.

A number of other large investors also recently made changes to their positions in GLW. Sound Income Strategies LLC grew its holdings in Corning by 76.7% in the 4th 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 in the last quarter. Sierra Ocean LLC acquired a new stake in shares of Corning during the fourth quarter worth $25,000. Asset Planning Inc bought a new stake in shares of Corning in the fourth quarter valued at about $29,000. Mainstream Capital Management LLC acquired a new position in shares of Corning in the fourth quarter valued at about $35,000. Finally, Rosenberg Matthew Hamilton increased its position in Corning by 202.4% during the fourth quarter. Rosenberg Matthew Hamilton now owns 747 shares of the electronics maker’s stock worth $35,000 after acquiring an additional 500 shares during the period. Institutional investors own 69.80% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on GLW. HSBC raised shares of Corning from a “hold” rating to a “buy” rating and boosted their price objective for the company from $51.00 to $60.00 in a report on Thursday, January 30th. Bank of America raised their price objective on Corning from $65.00 to $68.00 and gave the stock a “buy” rating in a research note on Wednesday, March 19th. JPMorgan Chase & Co. cut their target price on Corning from $62.00 to $50.00 and set an “overweight” rating for the company in a research report on Thursday, April 17th. StockNews.com lowered Corning from a “buy” rating to a “hold” rating in a report on Tuesday, February 25th. Finally, Hsbc Global Res raised Corning from a “hold” rating to a “strong-buy” rating in a research note on Thursday, January 30th. Four investment analysts have rated the stock with a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $53.08.

Corning Trading Up 1.2%

NYSE GLW opened at $47.56 on Friday. The company has a market cap of $40.73 billion, a price-to-earnings ratio of 82.00, a price-to-earnings-growth ratio of 1.50 and a beta of 1.09. Corning Incorporated has a twelve month low of $35.01 and a twelve month high of $55.33. The company has a quick ratio of 1.07, a current ratio of 1.62 and a debt-to-equity ratio of 0.62. The business’s fifty day moving average is $44.53 and its 200 day moving average is $47.50.

Corning (NYSE:GLW) last announced its quarterly earnings results on Tuesday, April 29th. The electronics maker reported $0.54 EPS for the quarter, beating analysts’ consensus estimates of $0.51 by $0.03. Corning had a return on equity of 15.10% and a net margin of 3.86%. The firm had revenue of $3.68 billion for the quarter, compared to analyst estimates of $3.63 billion. During the same period last year, the firm posted $0.38 earnings per share. The business’s revenue for the quarter was up 12.9% on a year-over-year basis. As a group, sell-side analysts expect that Corning Incorporated will post 2.33 EPS for the current fiscal year.

Corning Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 27th. Investors of record on Friday, May 30th will be paid a $0.28 dividend. The ex-dividend date of this dividend is Friday, May 30th. This represents a $1.12 annualized dividend and a dividend yield of 2.35%. Corning’s dividend payout ratio is 215.38%.

Insider Buying and Selling at Corning

In other news, SVP Michael Alan Bell sold 20,262 shares of the business’s stock in a transaction that occurred on Wednesday, April 30th. The shares were sold at an average price of $44.06, for a total value of $892,743.72. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, VP John Z. Zhang sold 8,000 shares of the stock in a transaction on Monday, May 12th. The stock was sold at an average price of $46.91, for a total transaction of $375,280.00. Following the sale, the vice president now owns 9,610 shares of the company’s stock, valued at approximately $450,805.10. This trade represents a 45.43% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.40% of the company’s stock.

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.