Corning Incorporated (NYSE:GLW) Shares Bought by DSC Meridian Capital LP

DSC Meridian Capital LP grew its stake in Corning Incorporated (NYSE:GLW) by 33.3% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 12,876 shares of the electronics maker’s stock after purchasing an additional 3,220 shares during the period. Corning makes up approximately 0.2% of DSC Meridian Capital LP’s portfolio, making the stock its 11th biggest holding. DSC Meridian Capital LP’s holdings in Corning were worth $612,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently modified their holdings of GLW. Sound Income Strategies LLC boosted its position in Corning by 76.7% during the fourth quarter. Sound Income Strategies LLC now owns 523 shares of the electronics maker’s stock worth $25,000 after purchasing an additional 227 shares in the last quarter. Sierra Ocean LLC purchased a new stake in shares of Corning in the fourth quarter worth about $25,000. Asset Planning Inc purchased a new stake in shares of Corning in the fourth quarter worth about $29,000. Mainstream Capital Management LLC purchased a new position in Corning in the fourth quarter valued at about $35,000. Finally, Rosenberg Matthew Hamilton boosted its holdings in Corning by 202.4% in the fourth quarter. Rosenberg Matthew Hamilton now owns 747 shares of the electronics maker’s stock valued at $35,000 after purchasing an additional 500 shares during the last quarter. 69.80% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research analysts have recently commented on the company. Citigroup lifted their target price on Corning from $55.00 to $58.00 and gave the stock a “buy” rating in a research report on Tuesday, January 21st. Morgan Stanley lifted their target price on Corning from $39.00 to $48.00 and gave the company an “equal weight” rating in a research note on Tuesday, December 17th. HSBC raised 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. StockNews.com cut Corning from a “buy” rating to a “hold” rating in a report on Tuesday, February 25th. Finally, Hsbc Global Res upgraded Corning from a “hold” rating to a “strong-buy” rating in a report on Thursday, January 30th. Four investment analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $53.00.

Corning Stock Performance

Shares of NYSE:GLW opened at $44.91 on Wednesday. The company’s 50 day simple moving average is $49.96 and its 200 day simple moving average is $47.42. The stock has a market capitalization of $38.47 billion, a price-to-earnings ratio of 77.44, a price-to-earnings-growth ratio of 1.50 and a beta of 1.03. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.62 and a quick ratio of 1.07. Corning Incorporated has a 1 year low of $30.72 and a 1 year high of $55.33.

Corning (NYSE:GLW) last issued its quarterly earnings data on Wednesday, January 29th. The electronics maker reported $0.57 earnings per share for the quarter, topping the consensus estimate 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, research analysts predict that Corning Incorporated will post 2.33 EPS for the current fiscal year.

Corning Dividend Announcement

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 issued a dividend of $0.28 per share. The ex-dividend date of this dividend is Friday, February 28th. This represents a $1.12 annualized dividend and a dividend yield of 2.49%. Corning’s dividend payout ratio is currently 193.10%.

Insider Transactions at Corning

In other Corning news, COO Eric S. Musser sold 30,000 shares of the company’s stock in a transaction dated Friday, January 31st. The shares were sold at an average price of $51.92, for a total value of $1,557,600.00. Following the completion of the sale, the chief operating officer now directly owns 152,944 shares of the company’s stock, valued at approximately $7,940,852.48. This represents a 16.40 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, SVP Michael Alan Bell sold 2,209 shares of the company’s 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. 0.40% of the stock is currently owned by 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.