Millstone Evans Group LLC Makes New Investment in Corning Incorporated (NYSE:GLW)

Millstone Evans Group LLC acquired a new position in Corning Incorporated (NYSE:GLW) during the fourth quarter, according to the company in its most recent filing with the SEC. The fund acquired 5,415 shares of the electronics maker’s stock, valued at approximately $257,000.

A number of other institutional investors have also recently added to or reduced their stakes in GLW. Amundi lifted its holdings in Corning by 139.0% in the 4th quarter. Amundi now owns 3,900,808 shares of the electronics maker’s stock worth $186,186,000 after buying an additional 2,268,436 shares in the last quarter. Raymond James Financial Inc. acquired a new position in Corning in the 4th quarter worth $92,522,000. Appaloosa LP acquired a new position in Corning in the 4th quarter worth $71,280,000. FMR LLC raised its stake in shares of Corning by 52.8% in the 3rd quarter. FMR LLC now owns 3,723,044 shares of the electronics maker’s stock valued at $168,095,000 after purchasing an additional 1,285,836 shares in the last quarter. Finally, State Street Corp raised its stake in shares of Corning by 3.8% in the 3rd quarter. State Street Corp now owns 33,983,090 shares of the electronics maker’s stock valued at $1,534,337,000 after purchasing an additional 1,242,718 shares in the last quarter. Institutional investors and hedge funds own 69.80% of the company’s stock.

Analysts Set New Price Targets

GLW has been the topic of a number of recent analyst reports. Morgan Stanley upped their target price on shares of Corning from $39.00 to $48.00 and gave the company an “equal weight” rating in a research note on Tuesday, December 17th. Hsbc Global Res upgraded shares of Corning from a “hold” rating to a “strong-buy” rating in a research note on Thursday, January 30th. Barclays cut their target price on shares of Corning from $53.00 to $52.00 and set an “equal weight” rating on the stock in a research note on Wednesday, January 29th. Citigroup upped their target price on shares of Corning from $55.00 to $58.00 and gave the company a “buy” rating in a research note on Tuesday, January 21st. Finally, Bank of America increased their price objective on shares of Corning from $65.00 to $68.00 and gave the stock a “buy” rating in a research note on Wednesday. Four equities research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $54.31.

Insider Activity at Corning

In related news, COO Eric S. Musser sold 30,000 shares of the firm’s stock in a transaction that occurred on Friday, January 31st. The shares were sold at an average price of $51.92, for a total transaction of $1,557,600.00. Following the transaction, the chief operating officer now owns 152,944 shares in the company, valued at $7,940,852.48. This trade represents a 16.40 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Michael Alan Bell sold 2,209 shares of the firm’s stock in a transaction that occurred on Thursday, January 30th. The shares were sold at an average price of $49.87, for a total transaction of $110,162.83. The disclosure for this sale can be found here. Company insiders own 0.45% of the company’s stock.

Corning Price Performance

Shares of NYSE:GLW opened at $48.49 on Friday. The firm’s 50 day moving average is $49.91 and its two-hundred day moving average is $47.63. Corning Incorporated has a 52 week low of $30.72 and a 52 week high of $55.33. The firm has a market capitalization of $41.53 billion, a P/E ratio of 83.60, a PEG ratio of 1.50 and a beta of 1.03. 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 results on Wednesday, January 29th. The electronics maker reported $0.57 EPS for the quarter, beating the consensus estimate of $0.56 by $0.01. Corning had a net margin of 3.86% and a return on equity of 15.10%. Analysts anticipate that Corning Incorporated will post 2.33 earnings per share for the current year.

Corning Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Friday, February 28th will be paid a dividend of $0.28 per share. The ex-dividend date of this dividend is Friday, February 28th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.31%. Corning’s dividend payout ratio is presently 193.10%.

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.