West Oak Capital LLC Has $1.56 Million Stock Position in Corning Incorporated (NYSE:GLW)

West Oak Capital LLC increased its stake in Corning Incorporated (NYSE:GLW) by 1.6% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 50,890 shares of the electronics maker’s stock after purchasing an additional 800 shares during the period. West Oak Capital LLC’s holdings in Corning were worth $1,557,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also bought and sold shares of GLW. Peoples Bank KS bought a new stake in Corning during the third quarter worth $25,000. OFI Invest Asset Management acquired a new position in shares of Corning during the 3rd quarter worth $25,000. Janiczek Wealth Management LLC lifted its position in shares of Corning by 173.6% during the 3rd quarter. Janiczek Wealth Management LLC now owns 900 shares of the electronics maker’s stock worth $27,000 after buying an additional 571 shares during the last quarter. Quarry LP bought a new position in shares of Corning in the second quarter worth about $32,000. Finally, SRS Capital Advisors Inc. boosted its position in Corning by 232.9% in the third quarter. SRS Capital Advisors Inc. now owns 932 shares of the electronics maker’s stock valued at $28,000 after buying an additional 652 shares in the last quarter. Institutional investors and hedge funds own 69.80% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on the stock. HSBC cut shares of Corning from a “hold” rating to a “reduce” rating and set a $29.00 price target for the company. in a research report on Thursday, February 1st. Barclays raised their price objective on shares of Corning from $28.00 to $35.00 and gave the stock an “equal weight” rating in a research report on Wednesday, January 31st. StockNews.com lowered Corning from a “hold” rating to a “sell” rating in a research report on Sunday. Finally, UBS Group lifted their price target on Corning from $29.00 to $32.00 and gave the company a “neutral” rating in a research note on Thursday, January 11th. Two analysts have rated the stock with a sell rating, four have assigned a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $32.88.

Corning Price Performance

GLW traded up $0.05 on Thursday, reaching $33.07. The company had a trading volume of 731,884 shares, compared to its average volume of 4,792,948. Corning Incorporated has a 52-week low of $25.26 and a 52-week high of $36.01. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.05 and a current ratio of 1.67. The company has a market cap of $28.29 billion, a price-to-earnings ratio of 49.28, a P/E/G ratio of 1.84 and a beta of 1.08. The business has a 50 day simple moving average of $32.05 and a 200 day simple moving average of $30.25.

Corning (NYSE:GLW) last released its earnings results on Tuesday, January 30th. The electronics maker reported $0.39 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.39. Corning had a return on equity of 12.31% and a net margin of 4.62%. The company had revenue of $2.99 billion during the quarter, compared to analyst estimates of $3.26 billion. During the same quarter in the previous year, the company posted $0.47 EPS. Corning’s revenue for the quarter was down 12.1% on a year-over-year basis. As a group, sell-side analysts anticipate that Corning Incorporated will post 1.86 EPS for the current year.

Corning Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, March 28th. Investors of record on Thursday, February 29th will be issued a dividend of $0.28 per share. The ex-dividend date of this dividend is Wednesday, February 28th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 3.39%. Corning’s dividend payout ratio is presently 167.16%.

Insider Buying and Selling

In related news, Vice Chairman Lawrence D. Mcrae sold 77,464 shares of the business’s stock in a transaction dated Thursday, March 21st. The shares were sold at an average price of $33.24, for a total transaction of $2,574,903.36. Following the transaction, the insider now owns 215,254 shares in the company, valued at $7,155,042.96. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 0.40% of the stock is currently owned by insiders.

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.