Hood River Capital Management LLC Has $6.54 Million Stock Position in Corning Incorporated (NYSE:GLW)

Hood River Capital Management LLC raised its holdings in Corning Incorporated (NYSE:GLW) by 5.7% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 137,668 shares of the electronics maker’s stock after purchasing an additional 7,414 shares during the quarter. Hood River Capital Management LLC’s holdings in Corning were worth $6,542,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently modified their holdings of the business. Norges Bank acquired a new stake in Corning in the fourth quarter valued at about $490,933,000. Amundi boosted its stake in shares of Corning by 139.0% in the 4th quarter. Amundi now owns 3,900,808 shares of the electronics maker’s stock valued at $186,186,000 after purchasing an additional 2,268,436 shares in the last quarter. Mariner LLC grew its holdings in shares of Corning by 134.0% during the 4th quarter. Mariner LLC now owns 3,869,358 shares of the electronics maker’s stock valued at $183,867,000 after purchasing an additional 2,215,840 shares during the last quarter. Raymond James Financial Inc. acquired a new position in Corning during the 4th quarter worth approximately $92,522,000. Finally, Appaloosa LP bought a new position in Corning in the 4th quarter valued at approximately $71,280,000. Institutional investors own 69.80% of the company’s stock.

Corning Trading Up 3.0 %

GLW opened at $43.02 on Thursday. Corning Incorporated has a twelve month low of $31.20 and a twelve month high of $55.33. The company has a fifty day moving average of $45.80 and a 200-day moving average of $47.61. The stock has a market cap of $36.86 billion, a PE ratio of 74.17, a price-to-earnings-growth ratio of 1.50 and a beta of 1.03. The company has a quick ratio of 1.07, a current ratio of 1.62 and a debt-to-equity ratio of 0.62.

Corning (NYSE:GLW) last issued its quarterly earnings results on Wednesday, January 29th. The electronics maker reported $0.57 earnings per share for the quarter, topping analysts’ consensus estimates of $0.56 by $0.01. Corning had a return on equity of 15.10% and a net margin of 3.86%. On average, sell-side analysts predict that Corning Incorporated will post 2.33 EPS for the current year.

Corning Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 28th. Shareholders of record on Friday, February 28th were paid a $0.28 dividend. This represents a $1.12 annualized dividend and a yield of 2.60%. The ex-dividend date of this dividend was Friday, February 28th. Corning’s dividend payout ratio (DPR) is presently 193.10%.

Insiders Place Their Bets

In other news, SVP Michael Alan Bell sold 2,209 shares of the company’s stock in a transaction dated Thursday, January 30th. The shares were sold at an average price of $49.87, for a total transaction of $110,162.83. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, COO Eric S. Musser sold 30,000 shares of the firm’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 owns 152,944 shares of the company’s stock, valued at approximately $7,940,852.48. This represents a 16.40 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.40% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on GLW. Barclays lowered their price target on shares of Corning from $53.00 to $52.00 and set an “equal weight” rating for the company in a report on Wednesday, January 29th. HSBC raised Corning from a “hold” rating to a “buy” rating and upped their target price for the stock from $51.00 to $60.00 in a report on Thursday, January 30th. Citigroup cut their price target on Corning from $58.00 to $50.00 and set a “buy” rating on the stock in a research note on Monday, April 14th. Mizuho set a $52.00 price objective on Corning in a research note on Tuesday, April 15th. Finally, StockNews.com lowered shares of Corning from a “buy” rating to a “hold” rating in a report on Tuesday, February 25th. Four investment analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $53.31.

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.