TradeLink Capital LLC Invests $203,000 in Corning Incorporated (NYSE:GLW)

TradeLink Capital LLC purchased a new position in shares of Corning Incorporated (NYSE:GLW) in the 4th quarter, HoldingsChannel.com reports. The institutional investor purchased 4,267 shares of the electronics maker’s stock, valued at approximately $203,000. Corning comprises approximately 2.0% of TradeLink Capital LLC’s portfolio, making the stock its 21st largest position.

Other large investors also recently made changes to their positions in the company. Oregon Public Employees Retirement Fund boosted its position in Corning by 0.3% in the 4th quarter. Oregon Public Employees Retirement Fund now owns 66,063 shares of the electronics maker’s stock valued at $3,139,000 after buying an additional 204 shares during the last quarter. Principal Securities Inc. boosted its position in shares of Corning by 3.5% in the 4th quarter. Principal Securities Inc. now owns 6,170 shares of the electronics maker’s stock worth $293,000 after purchasing an additional 211 shares during the last quarter. Bogart Wealth LLC boosted its position in shares of Corning by 18.3% in the 4th quarter. Bogart Wealth LLC now owns 1,419 shares of the electronics maker’s stock worth $67,000 after purchasing an additional 219 shares during the last quarter. Buffington Mohr McNeal boosted its position in shares of Corning by 2.1% in the 4th quarter. Buffington Mohr McNeal now owns 10,461 shares of the electronics maker’s stock worth $497,000 after purchasing an additional 220 shares during the last quarter. Finally, Allworth Financial LP boosted its position in shares of Corning by 1.1% in the 4th quarter. Allworth Financial LP now owns 19,581 shares of the electronics maker’s stock worth $930,000 after purchasing an additional 220 shares during the last quarter. Institutional investors own 69.80% of the company’s stock.

Insider Activity at Corning

In related news, SVP Michael Alan Bell sold 2,209 shares of Corning stock in a transaction dated 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 filing with the SEC, which is available at this link. Also, COO Eric S. Musser sold 30,000 shares of Corning 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 in the company, valued at approximately $7,940,852.48. This represents a 16.40 % decrease in their position. The disclosure for this sale can be found here. 0.40% of the stock is owned by company insiders.

Corning Stock Performance

GLW opened at $45.89 on Friday. The business’s 50-day moving average price is $50.06 and its two-hundred day moving average price is $47.33. Corning Incorporated has a 1 year low of $30.72 and a 1 year high of $55.33. The company has a market capitalization of $39.31 billion, a price-to-earnings ratio of 79.13, a P/E/G 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 (NYSE:GLW) last released its quarterly earnings results on Wednesday, January 29th. The electronics maker reported $0.57 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.56 by $0.01. Corning had a return on equity of 15.10% and a net margin of 3.86%. Equities analysts expect that Corning Incorporated will post 2.33 EPS for the current fiscal year.

Corning Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Friday, February 28th will be given a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.44%. The ex-dividend date of this dividend is Friday, February 28th. Corning’s dividend payout ratio is currently 193.10%.

Analysts Set New Price Targets

Several research firms have recently issued reports on GLW. Morgan Stanley raised their price target on Corning from $39.00 to $48.00 and gave the stock an “equal weight” rating in a research report on Tuesday, December 17th. StockNews.com lowered Corning from a “buy” rating to a “hold” rating in a research report on Tuesday, February 25th. Citigroup raised their price target on Corning from $55.00 to $58.00 and gave the stock a “buy” rating in a research report on Tuesday, January 21st. Barclays dropped their price objective on Corning from $53.00 to $52.00 and set an “equal weight” rating on the stock in a research note on Wednesday, January 29th. Finally, HSBC raised Corning from a “hold” rating to a “buy” rating and raised their price objective for the stock from $51.00 to $60.00 in a research note on Thursday, January 30th. Four equities research analysts have rated the stock with a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, Corning presently has a consensus rating of “Moderate Buy” and an average target price of $53.00.

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.