Aigen Investment Management LP Acquires Shares of 30,935 Corning Incorporated (NYSE:GLW)

Aigen Investment Management LP purchased a new position in shares of Corning Incorporated (NYSE:GLW) in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 30,935 shares of the electronics maker’s stock, valued at approximately $1,470,000.

Several other institutional investors also recently modified their holdings of the stock. Proficio Capital Partners LLC acquired a new position in shares of Corning during the fourth quarter worth $8,996,000. Assetmark Inc. increased its holdings in shares of Corning by 101.5% during the fourth quarter. Assetmark Inc. now owns 1,076 shares of the electronics maker’s stock worth $51,000 after buying an additional 542 shares in the last quarter. Smithfield Trust Co increased its holdings in shares of Corning by 6.9% during the fourth quarter. Smithfield Trust Co now owns 7,483 shares of the electronics maker’s stock worth $355,000 after buying an additional 481 shares in the last quarter. J.Safra Asset Management Corp increased its holdings in shares of Corning by 134.9% during the fourth quarter. J.Safra Asset Management Corp now owns 4,386 shares of the electronics maker’s stock worth $208,000 after buying an additional 2,519 shares in the last quarter. Finally, Cookson Peirce & Co. Inc. increased its holdings in shares of Corning by 218.5% during the fourth quarter. Cookson Peirce & Co. Inc. now owns 1,009,208 shares of the electronics maker’s stock worth $47,958,000 after buying an additional 692,366 shares in the last quarter. 69.80% of the stock is currently owned by institutional investors and hedge funds.

Corning Stock Performance

Shares of GLW opened at $47.12 on Thursday. The company has a current ratio of 1.62, a quick ratio of 1.07 and a debt-to-equity ratio of 0.62. The stock has a market capitalization of $40.36 billion, a P/E ratio of 81.23, a price-to-earnings-growth ratio of 1.50 and a beta of 1.03. The firm’s fifty day simple moving average is $50.15 and its two-hundred day simple moving average is $47.31. Corning Incorporated has a 12 month low of $30.72 and a 12 month high of $55.33.

Corning (NYSE:GLW) last issued its quarterly earnings results on Wednesday, January 29th. The electronics maker reported $0.57 EPS for the quarter, beating analysts’ consensus estimates of $0.56 by $0.01. Corning had a net margin of 3.86% and a return on equity of 15.10%. As a group, analysts predict that Corning Incorporated will post 2.33 EPS for the current year.

Corning Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Friday, February 28th will be given 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 2.38%. Corning’s dividend payout ratio (DPR) is presently 193.10%.

Insider Transactions at Corning

In other news, COO Eric S. Musser sold 30,000 shares of the stock in a transaction dated 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 of the company’s stock, valued at $7,940,852.48. This represents a 16.40 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, SVP Michael Alan Bell sold 2,209 shares of the stock in a transaction dated Thursday, January 30th. The stock was 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. Insiders own 0.40% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on GLW shares. StockNews.com cut shares of Corning from a “buy” rating to a “hold” rating in a research note on Tuesday, February 25th. Hsbc Global Res raised shares of Corning from a “hold” rating to a “strong-buy” rating in a research note on Thursday, January 30th. Barclays reduced their price objective 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 boosted their price objective on shares of Corning from $55.00 to $58.00 and gave the stock a “buy” rating in a research note on Tuesday, January 21st. Finally, HSBC raised shares of Corning from a “hold” rating to a “buy” rating and boosted their price objective for the stock from $51.00 to $60.00 in a research note on Thursday, January 30th. Four 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 presently has an average rating of “Moderate Buy” and an average target price of $53.00.

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.