Bryn Mawr Capital Management LLC Makes New $339,000 Investment in Corning Incorporated (NYSE:GLW)

Bryn Mawr Capital Management LLC acquired a new position in Corning Incorporated (NYSE:GLW) in the fourth quarter, according to the company in its most recent filing with the SEC. The firm acquired 11,138 shares of the electronics maker’s stock, valued at approximately $339,000.

A number of other hedge funds also recently modified their holdings of the company. Ameriprise Financial Inc. raised its holdings in shares of Corning by 15.0% in the 3rd quarter. Ameriprise Financial Inc. now owns 17,615,078 shares of the electronics maker’s stock worth $536,114,000 after buying an additional 2,301,745 shares in the last quarter. Wellington Management Group LLP raised its holdings in shares of Corning by 7.7% in the 3rd quarter. Wellington Management Group LLP now owns 28,714,901 shares of the electronics maker’s stock worth $874,943,000 after buying an additional 2,055,388 shares in the last quarter. Federated Hermes Inc. raised its holdings in shares of Corning by 1,329.2% in the 4th quarter. Federated Hermes Inc. now owns 1,321,494 shares of the electronics maker’s stock worth $40,239,000 after buying an additional 1,229,031 shares in the last quarter. Assenagon Asset Management S.A. raised its holdings in shares of Corning by 302.7% in the 4th quarter. Assenagon Asset Management S.A. now owns 1,496,362 shares of the electronics maker’s stock worth $45,564,000 after buying an additional 1,124,787 shares in the last quarter. Finally, Morgan Stanley raised its holdings in shares of Corning by 5.1% in the 3rd quarter. Morgan Stanley now owns 21,899,529 shares of the electronics maker’s stock worth $667,279,000 after buying an additional 1,060,450 shares in the last quarter. Institutional investors own 69.80% of the company’s stock.

Corning Stock Down 0.1 %

NYSE GLW opened at $31.33 on Friday. The stock has a fifty day moving average of $32.28 and a 200-day moving average of $30.46. The stock has a market capitalization of $26.80 billion, a P/E ratio of 46.76, a price-to-earnings-growth ratio of 1.73 and a beta of 1.08. 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.

Corning (NYSE:GLW) last posted its quarterly earnings results on Tuesday, January 30th. The electronics maker reported $0.39 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.39. Corning had a return on equity of 12.31% and a net margin of 4.62%. The business had revenue of $2.99 billion for the quarter, compared to analyst estimates of $3.26 billion. During the same period last year, the company earned $0.47 EPS. The firm’s revenue was down 12.1% on a year-over-year basis. On average, equities research analysts forecast that Corning Incorporated will post 1.87 EPS for the current year.

Corning Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Thursday, February 29th were given a $0.28 dividend. The ex-dividend date was Wednesday, February 28th. This represents a $1.12 annualized dividend and a dividend yield of 3.57%. Corning’s dividend payout ratio is currently 167.16%.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on GLW shares. StockNews.com raised Corning from a “sell” rating to a “hold” rating in a report on Monday, April 1st. UBS Group raised their price target on Corning from $34.00 to $35.00 and gave the company a “neutral” rating in a report on Monday, April 8th. JPMorgan Chase & Co. raised their price target on Corning from $34.00 to $36.00 and gave the company a “neutral” rating in a report on Thursday, April 11th. Barclays raised their price target on Corning from $28.00 to $35.00 and gave the company an “equal weight” rating in a report on Wednesday, January 31st. Finally, Susquehanna reaffirmed a “positive” rating and set a $40.00 price target on shares of Corning in a report on Monday, April 1st. One investment analyst has rated the stock with a sell rating, five have given a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat, Corning currently has an average rating of “Hold” and an average target price of $34.78.

Insider Transactions at Corning

In other news, Vice Chairman Lawrence D. Mcrae sold 77,464 shares of the firm’s stock in a transaction on Thursday, March 21st. The stock was sold at an average price of $33.24, for a total value of $2,574,903.36. Following the transaction, the insider now directly owns 215,254 shares in the company, valued at approximately $7,155,042.96. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.40% of the stock is owned by corporate insiders.

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.