EHP Funds Inc. Takes $836,000 Position in Corning Incorporated (NYSE:GLW)

EHP Funds Inc. purchased a new position in Corning Incorporated (NYSE:GLW) in the fourth quarter, HoldingsChannel.com reports. The firm purchased 17,600 shares of the electronics maker’s stock, valued at approximately $836,000. Corning makes up approximately 0.8% of EHP Funds Inc.’s holdings, making the stock its 22nd largest holding.

Several other institutional investors have also recently made changes to their positions in GLW. Northstar Advisory Group LLC raised its stake in Corning by 258.4% during the 4th quarter. Northstar Advisory Group LLC now owns 123,808 shares of the electronics maker’s stock worth $5,883,000 after acquiring an additional 89,268 shares during the period. Franklin Resources Inc. lifted its stake in shares of Corning by 48.4% during the 3rd quarter. Franklin Resources Inc. now owns 191,648 shares of the electronics maker’s stock valued at $8,975,000 after buying an additional 62,514 shares in the last quarter. Fifth Third Bancorp boosted its holdings in Corning by 16.8% in the 4th quarter. Fifth Third Bancorp now owns 111,448 shares of the electronics maker’s stock worth $5,296,000 after buying an additional 16,001 shares during the period. New Century Financial Group LLC purchased a new stake in Corning in the 4th quarter worth $1,110,000. Finally, Oak Thistle LLC purchased a new stake in Corning in the 4th quarter worth $373,000. Institutional investors own 69.80% of the company’s stock.

Insider Buying and Selling at Corning

In other Corning news, SVP Michael Alan Bell sold 20,262 shares of the company’s stock in a transaction dated 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 available through this link. 0.40% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on GLW shares. StockNews.com lowered Corning from a “buy” rating to a “hold” rating in a research note on Tuesday, February 25th. Citigroup cut their price objective on shares of Corning from $58.00 to $50.00 and set a “buy” rating for the company in a report on Monday, April 14th. Oppenheimer dropped their target price on shares of Corning from $58.00 to $55.00 and set an “outperform” rating for the company in a research report on Wednesday, April 30th. HSBC upgraded shares of Corning from a “hold” rating to a “buy” rating and lifted their price target for the company from $51.00 to $60.00 in a report on Thursday, January 30th. Finally, Bank of America increased their price objective on shares of Corning from $65.00 to $68.00 and gave the company a “buy” rating in a report on Wednesday, March 19th. Four research analysts have rated the stock with a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $53.08.

Corning Stock Performance

NYSE GLW opened at $44.84 on Wednesday. The company has a market cap of $38.42 billion, a P/E ratio of 77.32, a P/E/G ratio of 1.50 and a beta of 1.09. The business’s 50 day moving average price is $44.62 and its 200-day moving average price is $47.53. Corning Incorporated has a fifty-two week low of $33.30 and a fifty-two week high of $55.33. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.07 and a current ratio of 1.62.

Corning (NYSE:GLW) last announced its earnings results on Tuesday, April 29th. The electronics maker reported $0.54 earnings per share for the quarter, beating 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 business had revenue of $3.68 billion for the quarter, compared to the consensus estimate of $3.63 billion. During the same quarter in the prior 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. Sell-side analysts predict that Corning Incorporated will post 2.33 earnings per share for the current year.

Corning Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 27th. Investors of record on Friday, May 30th will be paid a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.50%. The ex-dividend date of this dividend is Friday, May 30th. Corning’s dividend payout ratio is currently 215.38%.

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.