Parkside Investments LLC Increases Stock Position in Corning Incorporated (NYSE:GLW)

Parkside Investments LLC lifted its stake in Corning Incorporated (NYSE:GLW – Get Rating) by 1.5% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 240,044 shares of the electronics maker’s stock after purchasing an additional 3,619 shares during the quarter. Corning accounts for approximately 1.5% of Parkside Investments LLC’s holdings, making the stock its 26th biggest position. Parkside Investments LLC’s holdings in Corning were worth $7,667,000 at the end of the most recent reporting period.

Several other large investors have also recently modified their holdings of the stock. Verity & Verity LLC raised its position in shares of Corning by 5.7% in the 4th quarter. Verity & Verity LLC now owns 434,732 shares of the electronics maker’s stock worth $13,885,000 after purchasing an additional 23,591 shares during the last quarter. Old Port Advisors raised its position in shares of Corning by 1.1% in the 4th quarter. Old Port Advisors now owns 96,602 shares of the electronics maker’s stock worth $3,085,000 after purchasing an additional 1,097 shares during the last quarter. Cullinan Associates Inc. raised its position in shares of Corning by 201.9% in the 4th quarter. Cullinan Associates Inc. now owns 67,325 shares of the electronics maker’s stock worth $2,150,000 after purchasing an additional 45,025 shares during the last quarter. Accurate Wealth Management LLC purchased a new position in shares of Corning in the 4th quarter worth about $39,000. Finally, O Keefe Stevens Advisory Inc. raised its position in shares of Corning by 2.1% in the 4th quarter. O Keefe Stevens Advisory Inc. now owns 296,565 shares of the electronics maker’s stock worth $9,472,000 after purchasing an additional 6,037 shares during the last quarter. Hedge funds and other institutional investors own 67.79% of the company’s stock.

Analysts Set New Price Targets

Several research firms have recently issued reports on GLW. Credit Suisse Group lowered their price target on Corning from $41.00 to $40.00 and set an “outperform” rating for the company in a research report on Wednesday, February 1st. JPMorgan Chase & Co. lowered their target price on shares of Corning from $44.00 to $40.00 and set an “overweight” rating on the stock in a research note on Tuesday, December 20th. UBS Group lifted their price target on shares of Corning from $37.00 to $40.00 and gave the stock a “buy” rating in a research note on Wednesday, January 11th. Susquehanna increased their price objective on shares of Corning from $39.00 to $40.00 and gave the company a “positive” rating in a research report on Thursday, February 2nd. Finally, Morgan Stanley cut their target price on shares of Corning from $36.00 to $35.00 and set an “equal weight” rating for the company in a research report on Tuesday, December 13th. Six analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $37.78.

Insider Buying and Selling

In related news, insider Li Fang sold 19,909 shares of the company’s stock in a transaction on Tuesday, March 7th. The shares were sold at an average price of $35.17, for a total value of $700,199.53. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In related news, insider Li Fang sold 19,909 shares of the company’s stock in a transaction on Tuesday, March 7th. The shares were sold at an average price of $35.17, for a total value of $700,199.53. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, VP John Z. Zhang sold 4,655 shares of the company’s stock in a transaction on Friday, February 3rd. The stock was sold at an average price of $36.00, for a total transaction of $167,580.00. Following the completion of the transaction, the vice president now directly owns 5,744 shares of the company’s stock, valued at approximately $206,784. The disclosure for this sale can be found here. 0.36% of the stock is currently owned by insiders.

Corning Trading Down 1.5 %

Shares of GLW stock opened at $32.82 on Friday. Corning Incorporated has a 1 year low of $28.98 and a 1 year high of $38.71. The firm has a fifty day moving average price of $35.10 and a 200-day moving average price of $33.35. The company has a debt-to-equity ratio of 0.54, a current ratio of 1.44 and a quick ratio of 0.88. The company has a market cap of $27.78 billion, a price-to-earnings ratio of 21.31, a PEG ratio of 2.29 and a beta of 1.07.

Corning (NYSE:GLW – Get Rating) last issued its quarterly earnings data on Tuesday, January 31st. The electronics maker reported $0.47 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.44 by $0.03. Corning had a net margin of 9.27% and a return on equity of 14.82%. The firm had revenue of $3.63 billion during the quarter, compared to the consensus estimate of $3.54 billion. During the same quarter in the previous year, the firm posted $0.54 EPS. The company’s revenue for the quarter was down 2.2% compared to the same quarter last year. As a group, equities analysts predict that Corning Incorporated will post 1.96 earnings per share for the current year.

Corning Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, March 30th. Investors of record on Tuesday, February 28th will be issued a $0.28 dividend. The ex-dividend date of this dividend is Monday, February 27th. This represents a $1.12 annualized dividend and a yield of 3.41%. This is an increase from Corning’s previous quarterly dividend of $0.27. Corning’s dividend payout ratio is currently 72.73%.

Corning Profile

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Corning, Inc engages in the provision of glass for notebook computers, flat panel desktop monitors, display televisions, and other information display applications, carrier network and enterprise network products for the telecommunications industry, ceramic substrates for gasoline and diesel engines in automotive and heavy-duty vehicle markets, laboratory products for the scientific community and polymer products for biotechnology applications, optical materials for the semiconductor industry and the scientific community, and polycrystalline silicon products and other technologies.