Mainstream Capital Management LLC Acquires New Holdings in Corning Incorporated (NYSE:GLW)

Mainstream Capital Management LLC bought a new position in Corning Incorporated (NYSE:GLW) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 742 shares of the electronics maker’s stock, valued at approximately $35,000.

A number of other large investors have also added to or reduced their stakes in the company. Gladstone Institutional Advisory LLC bought a new position in shares of Corning during the 3rd quarter worth approximately $284,000. Farther Finance Advisors LLC increased its position in shares of Corning by 61.9% during the third quarter. Farther Finance Advisors LLC now owns 23,936 shares of the electronics maker’s stock worth $1,081,000 after purchasing an additional 9,149 shares in the last quarter. Janney Montgomery Scott LLC lifted its holdings in shares of Corning by 6.7% during the 3rd quarter. Janney Montgomery Scott LLC now owns 404,686 shares of the electronics maker’s stock valued at $18,272,000 after purchasing an additional 25,576 shares during the last quarter. Robeco Institutional Asset Management B.V. lifted its holdings in shares of Corning by 372.1% during the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 413,327 shares of the electronics maker’s stock valued at $18,662,000 after purchasing an additional 325,776 shares during the last quarter. Finally, National Pension Service boosted its position in shares of Corning by 11.3% in the 3rd quarter. National Pension Service now owns 1,508,868 shares of the electronics maker’s stock worth $68,125,000 after purchasing an additional 152,922 shares in the last quarter. 69.80% of the stock is currently owned by institutional investors.

Corning Stock Down 3.6 %

Corning stock opened at $46.50 on Wednesday. The business’s 50-day moving average price is $50.16 and its 200 day moving average price is $47.26. The company has a quick ratio of 1.07, a current ratio of 1.62 and a debt-to-equity ratio of 0.62. The firm has a market cap of $39.83 billion, a price-to-earnings ratio of 80.17, a price-to-earnings-growth ratio of 1.50 and a beta of 1.03. Corning Incorporated has a 52 week low of $30.72 and a 52 week high of $55.33.

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

Corning Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Friday, February 28th will be given a $0.28 dividend. The ex-dividend date of this dividend is Friday, February 28th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.41%. Corning’s dividend payout ratio (DPR) is currently 193.10%.

Analysts Set New Price Targets

GLW has been the subject of a number of research analyst reports. Morgan Stanley increased their price target on Corning from $39.00 to $48.00 and gave the company an “equal weight” rating in a research note on Tuesday, December 17th. StockNews.com lowered shares of Corning from a “buy” rating to a “hold” rating in a research report on Tuesday, February 25th. Barclays dropped their target price on shares of Corning from $53.00 to $52.00 and set an “equal weight” rating on the stock in a research report on Wednesday, January 29th. HSBC upgraded shares of Corning from a “hold” rating to a “buy” rating and upped their price target for the company from $51.00 to $60.00 in a research note on Thursday, January 30th. Finally, Citigroup boosted their price objective on shares of Corning from $55.00 to $58.00 and gave the company a “buy” rating in a report on Tuesday, January 21st. Four research 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 stock. According to data from MarketBeat.com, Corning currently has a consensus rating of “Moderate Buy” and a consensus price target of $53.00.

Insider Transactions at Corning

In other news, SVP Michael Alan Bell sold 2,209 shares of the business’s stock in a transaction that occurred on Thursday, January 30th. The stock was sold at an average price of $49.87, for a total value of $110,162.83. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, COO Eric S. Musser sold 30,000 shares of the stock in a transaction that occurred on 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 transaction, the chief operating officer now owns 152,944 shares in the company, valued at $7,940,852.48. This trade represents a 16.40 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.40% of the company’s stock.

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.