Leigh Baldwin & CO. LLC Takes $26.99 Million Position in Corning Incorporated (NYSE:GLW)

Leigh Baldwin & CO. LLC acquired a new position in shares of Corning Incorporated (NYSE:GLW) in the 4th quarter, HoldingsChannel reports. The institutional investor acquired 567,964 shares of the electronics maker’s stock, valued at approximately $26,990,000.

Several other large investors have also bought and sold shares of the business. Oregon Public Employees Retirement Fund lifted its position in Corning by 0.3% in the 4th quarter. Oregon Public Employees Retirement Fund now owns 66,063 shares of the electronics maker’s stock worth $3,139,000 after buying an additional 204 shares in the last quarter. Principal Securities Inc. boosted its position in Corning by 3.5% during the fourth quarter. Principal Securities Inc. now owns 6,170 shares of the electronics maker’s stock valued at $293,000 after purchasing an additional 211 shares during the last quarter. Bogart Wealth LLC grew its stake in Corning by 18.3% in the fourth quarter. Bogart Wealth LLC now owns 1,419 shares of the electronics maker’s stock valued at $67,000 after purchasing an additional 219 shares in the last quarter. Buffington Mohr McNeal increased its position in Corning by 2.1% in the 4th quarter. Buffington Mohr McNeal now owns 10,461 shares of the electronics maker’s stock worth $497,000 after purchasing an additional 220 shares during the last quarter. Finally, Allworth Financial LP increased its position in Corning by 1.1% in the 4th quarter. Allworth Financial LP now owns 19,581 shares of the electronics maker’s stock worth $930,000 after purchasing an additional 220 shares during the last quarter. 69.80% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Corning news, SVP Michael Alan Bell sold 20,262 shares of the firm’s stock in a transaction 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 SEC, which is available through the SEC website. 0.40% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on GLW. Barclays dropped their price objective on Corning from $53.00 to $52.00 and set an “equal weight” rating on the stock in a report on Wednesday, January 29th. StockNews.com cut Corning from a “buy” rating to a “hold” rating in a report on Tuesday, February 25th. Bank of America upped their price objective on shares of Corning from $65.00 to $68.00 and gave the company a “buy” rating in a research report on Wednesday, March 19th. Oppenheimer cut their price objective on Corning from $58.00 to $55.00 and set an “outperform” rating on the stock in a report on Wednesday, April 30th. Finally, JPMorgan Chase & Co. decreased their price objective on Corning from $62.00 to $50.00 and set an “overweight” rating for the company in a report on Thursday, April 17th. Four analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, Corning has a consensus rating of “Moderate Buy” and a consensus target price of $53.08.

Corning Stock Up 0.1%

Shares of NYSE GLW opened at $45.08 on Monday. The stock has a 50-day moving average price of $44.42 and a two-hundred day moving average price of $47.49. The company has a market cap of $38.61 billion, a price-to-earnings ratio of 77.73, a PEG ratio of 1.50 and a beta of 1.09. Corning Incorporated has a 12 month low of $34.15 and a 12 month high of $55.33. The company has a current ratio of 1.62, a quick ratio of 1.07 and a debt-to-equity ratio of 0.62.

Corning (NYSE:GLW) last announced its quarterly earnings data on Tuesday, April 29th. The electronics maker reported $0.54 earnings per share (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 company had revenue of $3.68 billion for the quarter, compared to the consensus estimate of $3.63 billion. During the same period in the previous year, the business earned $0.38 EPS. The firm’s revenue was up 12.9% compared to the same quarter last year. As a group, analysts forecast that Corning Incorporated will post 2.33 earnings per share for the current fiscal year.

Corning Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 27th. Stockholders of record on Friday, May 30th will be given a dividend of $0.28 per share. The ex-dividend date of this dividend is Friday, May 30th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.48%. Corning’s dividend payout ratio (DPR) is presently 215.38%.

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.