Corning Incorporated (NYSE:GLW) Shares Bought by Sigma Planning Corp

Sigma Planning Corp increased its position in Corning Incorporated (NYSE:GLW) by 19.3% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 12,589 shares of the electronics maker’s stock after buying an additional 2,037 shares during the period. Sigma Planning Corp’s holdings in Corning were worth $598,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of GLW. Allspring Global Investments Holdings LLC lifted its stake in shares of Corning by 7.2% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 40,214 shares of the electronics maker’s stock worth $1,816,000 after purchasing an additional 2,702 shares during the period. International Assets Investment Management LLC increased its stake in Corning by 1,780.0% in the third quarter. International Assets Investment Management LLC now owns 248,009 shares of the electronics maker’s stock valued at $11,198,000 after purchasing an additional 234,817 shares during the last quarter. Hennion & Walsh Asset Management Inc. purchased a new position in Corning during the third quarter worth about $269,000. Mirae Asset Global Investments Co. Ltd. boosted its stake in Corning by 75.7% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 96,824 shares of the electronics maker’s stock worth $4,344,000 after buying an additional 41,715 shares during the last quarter. Finally, Valmark Advisers Inc. boosted its stake in Corning by 12.5% in the 3rd quarter. Valmark Advisers Inc. now owns 7,572 shares of the electronics maker’s stock worth $342,000 after buying an additional 842 shares during the last quarter. Hedge funds and other institutional investors own 69.80% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on the stock. Oppenheimer reiterated an “outperform” rating and set a $58.00 price objective (up from $51.00) on shares of Corning in a report on Wednesday, October 30th. Morgan Stanley increased their price target on shares of Corning from $39.00 to $48.00 and gave the stock an “equal weight” rating in a research note on Tuesday, December 17th. UBS Group boosted their price objective on shares of Corning from $46.00 to $51.00 and gave the company a “neutral” rating in a research note on Wednesday, October 30th. Deutsche Bank Aktiengesellschaft upped their price objective on Corning from $49.00 to $54.00 and gave the stock a “buy” rating in a report on Wednesday, October 30th. Finally, Barclays reduced their target price on Corning from $53.00 to $52.00 and set an “equal weight” rating on the stock in a report on Wednesday, January 29th. Four research 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. According to MarketBeat.com, Corning presently has an average rating of “Moderate Buy” and an average price target of $53.00.

Corning Stock Performance

Shares of NYSE:GLW opened at $49.99 on Thursday. The business’s 50-day simple moving average is $50.08 and its 200 day simple moving average is $47.01. The company has a market cap of $42.82 billion, a P/E ratio of 86.19, a PEG ratio of 1.50 and a beta of 1.03. 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 Incorporated has a one year low of $30.72 and a one year high of $55.33.

Corning (NYSE:GLW) last posted its quarterly earnings data on Wednesday, January 29th. The electronics maker reported $0.57 earnings per share (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%. On average, sell-side analysts forecast that Corning Incorporated will post 2.33 earnings per share for the current fiscal year.

Corning Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Friday, February 28th will be issued a $0.28 dividend. The ex-dividend date is Friday, February 28th. This represents a $1.12 dividend on an annualized basis and a yield of 2.24%. Corning’s dividend payout ratio is currently 193.10%.

Insider Buying and Selling at Corning

In other Corning news, COO Eric S. Musser sold 30,000 shares of Corning stock in a transaction that occurred on Friday, January 31st. The stock was sold at an average price of $51.92, for a total transaction of $1,557,600.00. Following the sale, the chief operating officer now directly owns 152,944 shares in the company, valued at $7,940,852.48. The trade was a 16.40 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Michael Alan Bell sold 2,209 shares of the stock in a transaction that occurred on Thursday, January 30th. The shares were sold at an average price of $49.87, for a total value of $110,162.83. The disclosure for this sale can be found here. 0.40% of the stock is currently owned by corporate insiders.

Corning 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.