Focus Financial Network Inc. Buys 1,232 Shares of Corning Incorporated (NYSE:GLW)

Focus Financial Network Inc. boosted its stake in shares of Corning Incorporated (NYSE:GLW) by 13.0% in the fourth quarter, Holdings Channel reports. The institutional investor owned 10,680 shares of the electronics maker’s stock after purchasing an additional 1,232 shares during the period. Focus Financial Network Inc.’s holdings in Corning were worth $508,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Northstar Advisory Group LLC boosted its stake in Corning by 258.4% during the 4th quarter. Northstar Advisory Group LLC now owns 123,808 shares of the electronics maker’s stock valued at $5,883,000 after purchasing an additional 89,268 shares during the last quarter. Franklin Resources Inc. boosted its stake in Corning by 48.4% during the 3rd quarter. Franklin Resources Inc. now owns 191,648 shares of the electronics maker’s stock valued at $8,975,000 after purchasing an additional 62,514 shares during the last quarter. FMR LLC boosted its stake in Corning by 52.8% during the 3rd quarter. FMR LLC now owns 3,723,044 shares of the electronics maker’s stock valued at $168,095,000 after purchasing an additional 1,285,836 shares during the last quarter. Fifth Third Bancorp boosted its stake in Corning by 16.8% during the 4th quarter. Fifth Third Bancorp now owns 111,448 shares of the electronics maker’s stock valued at $5,296,000 after purchasing an additional 16,001 shares during the last quarter. Finally, First Financial Bank Trust Division boosted its stake in Corning by 27.5% during the 4th quarter. First Financial Bank Trust Division now owns 138,153 shares of the electronics maker’s stock valued at $6,565,000 after purchasing an additional 29,790 shares during the last quarter. Institutional investors own 69.80% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have commented on GLW shares. Oppenheimer reiterated an “outperform” rating and set a $58.00 target price (up from $51.00) on shares of Corning in a research note on Wednesday, October 30th. Hsbc Global Res raised Corning from a “hold” rating to a “strong-buy” rating in a report on Thursday, January 30th. Morgan Stanley raised their price target on Corning from $39.00 to $48.00 and gave the company an “equal weight” rating in a report on Tuesday, December 17th. StockNews.com raised Corning from a “hold” rating to a “buy” rating in a report on Tuesday, December 24th. Finally, JPMorgan Chase & Co. raised their price target on Corning from $55.00 to $60.00 and gave the company an “overweight” rating in a report on Wednesday, October 30th. Three research analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Corning currently has a consensus rating of “Moderate Buy” and a consensus price target of $53.00.

Corning Trading Down 0.0 %

Shares of GLW stock opened at $52.00 on Friday. Corning Incorporated has a 12-month low of $30.72 and a 12-month high of $55.33. The company has a current ratio of 1.62, a quick ratio of 1.07 and a debt-to-equity ratio of 0.62. The stock’s 50-day moving average price is $49.41 and its 200-day moving average price is $46.15. The stock has a market capitalization of $44.52 billion, a price-to-earnings ratio of 89.65, a price-to-earnings-growth ratio of 1.55 and a beta of 1.03.

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

Corning Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Friday, February 28th will be issued a dividend of $0.28 per share. The ex-dividend date is Friday, February 28th. This represents a $1.12 annualized dividend and a yield of 2.15%. Corning’s payout ratio is presently 193.11%.

Insider Buying and Selling

In other Corning news, 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 $7,940,852.48. This trade represents a 16.40 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Michael Alan Bell sold 2,209 shares of the company’s stock in a transaction that occurred on Thursday, January 30th. The shares were sold at an average price of $49.87, for a total value of $110,162.83. The disclosure for this sale can be found here. Insiders sold a total of 46,085 shares of company stock worth $2,345,436 over the last three months. 0.40% of the stock is 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.