Personal CFO Solutions LLC Buys 1,911 Shares of Corning Incorporated (NYSE:GLW)

Personal CFO Solutions LLC boosted its stake in shares of Corning Incorporated (NYSE:GLW) by 35.4% in the fourth quarter, HoldingsChannel reports. The institutional investor owned 7,309 shares of the electronics maker’s stock after purchasing an additional 1,911 shares during the period. Personal CFO Solutions LLC’s holdings in Corning were worth $347,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Amundi lifted its holdings in Corning by 139.0% during the 4th quarter. Amundi now owns 3,900,808 shares of the electronics maker’s stock valued at $186,186,000 after buying an additional 2,268,436 shares in the last quarter. Dorsey & Whitney Trust CO LLC lifted its holdings in Corning by 4.4% during the 4th quarter. Dorsey & Whitney Trust CO LLC now owns 19,990 shares of the electronics maker’s stock valued at $950,000 after buying an additional 840 shares in the last quarter. Lifeworks Advisors LLC lifted its holdings in Corning by 19.7% during the 4th quarter. Lifeworks Advisors LLC now owns 73,359 shares of the electronics maker’s stock valued at $3,486,000 after buying an additional 12,061 shares in the last quarter. Larson Financial Group LLC lifted its holdings in Corning by 9.8% during the 4th quarter. Larson Financial Group LLC now owns 7,990 shares of the electronics maker’s stock valued at $380,000 after buying an additional 710 shares in the last quarter. Finally, PNC Financial Services Group Inc. lifted its holdings in Corning by 0.3% during the 4th quarter. PNC Financial Services Group Inc. now owns 626,131 shares of the electronics maker’s stock valued at $29,754,000 after buying an additional 1,587 shares in the last quarter. Institutional investors own 69.80% of the company’s stock.

Wall Street Analyst Weigh In

GLW has been the subject of several recent research reports. Morgan Stanley boosted their price target on shares of Corning from $39.00 to $48.00 and gave the company an “equal weight” rating in a report on Tuesday, December 17th. HSBC upgraded shares of Corning from a “hold” rating to a “buy” rating and boosted their price target for the company from $51.00 to $60.00 in a report on Thursday, January 30th. Citigroup boosted their price target on shares of Corning from $55.00 to $58.00 and gave the company a “buy” rating in a report on Tuesday, January 21st. Barclays reduced 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. Finally, Hsbc Global Res upgraded shares of 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 given a strong buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $53.00.

Corning Stock Down 2.0 %

NYSE:GLW opened at $45.00 on Tuesday. The company has a market cap of $38.55 billion, a PE ratio of 77.59, a P/E/G ratio of 1.50 and a beta of 1.03. Corning Incorporated has a twelve month low of $30.72 and a twelve 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 company’s 50 day moving average is $50.01 and its two-hundred day moving average is $47.40.

Corning (NYSE:GLW) last released its earnings results 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%. Analysts anticipate that Corning Incorporated will post 2.33 EPS for the current year.

Corning Dividend Announcement

The firm 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 $0.28 dividend. This represents a $1.12 annualized dividend and a dividend yield of 2.49%. The ex-dividend date is Friday, February 28th. Corning’s dividend payout ratio (DPR) is currently 193.10%.

Insider Activity

In other news, COO Eric S. Musser sold 30,000 shares of the company’s stock in a transaction 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 sale, the chief operating officer now directly owns 152,944 shares of the company’s stock, valued at $7,940,852.48. This represents a 16.40 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Michael Alan Bell sold 2,209 shares of the company’s stock in a transaction on Thursday, January 30th. The shares were 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. 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.