19,225 Shares in Corning Incorporated (NYSE:GLW) Bought by Bearing Point Capital LLC

Bearing Point Capital LLC purchased a new stake in Corning Incorporated (NYSE:GLW) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 19,225 shares of the electronics maker’s stock, valued at approximately $914,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in GLW. Sound Income Strategies LLC lifted its position in shares of Corning by 76.7% in the 4th quarter. Sound Income Strategies LLC now owns 523 shares of the electronics maker’s stock worth $25,000 after purchasing an additional 227 shares during the period. Sierra Ocean LLC bought a new position in shares of Corning in the 4th quarter worth about $25,000. Asset Planning Inc acquired a new position in shares of Corning in the 4th quarter valued at about $29,000. Rosenberg Matthew Hamilton boosted its position in shares of Corning by 202.4% during the 4th quarter. Rosenberg Matthew Hamilton now owns 747 shares of the electronics maker’s stock valued at $35,000 after purchasing an additional 500 shares in the last quarter. Finally, Mainstream Capital Management LLC bought a new stake in Corning in the fourth quarter worth approximately $35,000. 69.80% of the stock is owned by institutional investors and hedge funds.

Corning Stock Up 2.2 %

Shares of NYSE:GLW opened at $45.76 on Friday. The business has a fifty day moving average price of $44.79 and a two-hundred day moving average price of $47.54. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.62 and a quick ratio of 1.07. The company has a market capitalization of $39.21 billion, a PE ratio of 78.90, a price-to-earnings-growth ratio of 1.50 and a beta of 1.09. Corning Incorporated has a 1 year low of $32.92 and a 1 year high of $55.33.

Corning (NYSE:GLW) last issued its quarterly earnings results on Tuesday, April 29th. The electronics maker reported $0.54 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.51 by $0.03. Corning had a net margin of 3.86% and a return on equity of 15.10%. The company had revenue of $3.68 billion during the quarter, compared to analyst estimates of $3.63 billion. During the same quarter last year, the business posted $0.38 EPS. Corning’s quarterly revenue was up 12.9% compared to the same quarter last year. Analysts forecast that Corning Incorporated will post 2.33 earnings per share for the current year.

Corning Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 27th. Shareholders of record on Friday, May 30th will be issued a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a yield of 2.45%. The ex-dividend date of this dividend is Friday, May 30th. Corning’s dividend payout ratio (DPR) is presently 215.38%.

Insider Transactions at Corning

In related news, SVP Michael Alan Bell sold 20,262 shares of Corning 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 0.40% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have recently commented on GLW shares. HSBC raised shares of Corning from a “hold” rating to a “buy” rating and raised their price objective for the stock from $51.00 to $60.00 in a research report on Thursday, January 30th. Mizuho set a $52.00 price objective on shares of Corning in a report on Tuesday, April 15th. Barclays decreased their target price on Corning from $53.00 to $52.00 and set an “equal weight” rating for the company in a research report on Wednesday, January 29th. Bank of America raised their price objective on Corning from $65.00 to $68.00 and gave the company a “buy” rating in a research note on Wednesday, March 19th. Finally, Hsbc Global Res upgraded Corning from a “hold” rating to a “strong-buy” rating in a report on Thursday, January 30th. Four equities research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $53.08.

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.