Oppenheimer & Co. Inc. Purchases 11,789 Shares of Corning Incorporated (NYSE:GLW)

Oppenheimer & Co. Inc. raised its position in shares of Corning Incorporated (NYSE:GLW) by 6.8% during the fourth quarter, HoldingsChannel.com reports. The fund owned 185,597 shares of the electronics maker’s stock after buying an additional 11,789 shares during the quarter. Oppenheimer & Co. Inc.’s holdings in Corning were worth $8,820,000 at the end of the most recent quarter.

A number of other large investors have also recently bought and sold shares of GLW. Oppenheimer Asset Management Inc. boosted its position in shares of Corning by 0.7% during the 4th quarter. Oppenheimer Asset Management Inc. now owns 613,194 shares of the electronics maker’s stock valued at $29,139,000 after purchasing an additional 4,419 shares in the last quarter. FUKOKU MUTUAL LIFE INSURANCE Co lifted its stake in Corning by 72.9% in the fourth quarter. FUKOKU MUTUAL LIFE INSURANCE Co now owns 11,026 shares of the electronics maker’s stock valued at $524,000 after buying an additional 4,650 shares during the period. Mn Services Vermogensbeheer B.V. boosted its holdings in shares of Corning by 1.7% during the 4th quarter. Mn Services Vermogensbeheer B.V. now owns 316,000 shares of the electronics maker’s stock worth $15,016,000 after buying an additional 5,200 shares in the last quarter. New York Life Investment Management LLC grew its position in shares of Corning by 0.5% during the 4th quarter. New York Life Investment Management LLC now owns 114,903 shares of the electronics maker’s stock worth $5,460,000 after buying an additional 523 shares during the period. Finally, Lineweaver Wealth Advisors LLC increased its stake in shares of Corning by 4.8% in the 4th quarter. Lineweaver Wealth Advisors LLC now owns 26,405 shares of the electronics maker’s stock valued at $1,255,000 after acquiring an additional 1,217 shares in the last quarter. 69.80% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on GLW. StockNews.com lowered shares of Corning from a “buy” rating to a “hold” rating in a research note on Tuesday. Citigroup increased their price objective on shares of Corning from $55.00 to $58.00 and gave the stock a “buy” rating in a research report on Tuesday, January 21st. HSBC raised Corning from a “hold” rating to a “buy” rating and boosted their target price for the company from $51.00 to $60.00 in a research report on Thursday, January 30th. Morgan Stanley increased their price target on Corning from $39.00 to $48.00 and gave the stock an “equal weight” rating in a report on Tuesday, December 17th. Finally, Barclays decreased their price objective on Corning from $53.00 to $52.00 and set an “equal weight” rating for the company in a report on Wednesday, January 29th. Four 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 stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $53.00.

Corning Stock Down 2.2 %

Shares of NYSE:GLW opened at $48.93 on Friday. The business’s 50 day moving average is $50.12 and its 200 day moving average is $47.03. Corning Incorporated has a 12-month low of $30.72 and a 12-month high of $55.33. The stock has a market cap of $41.91 billion, a price-to-earnings ratio of 84.35, a PEG 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 data on Wednesday, January 29th. The electronics maker reported $0.57 earnings per share 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%. On average, sell-side analysts forecast that Corning Incorporated will post 2.33 earnings per share for the current fiscal 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. This represents a $1.12 dividend on an annualized basis and a yield of 2.29%. The ex-dividend date of this dividend is Friday, February 28th. Corning’s payout ratio is 193.10%.

Insider Buying and Selling at Corning

In other Corning news, SVP Michael Alan Bell sold 2,209 shares of the business’s stock in a transaction 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 SEC, which is available at this link. Also, COO Eric S. Musser sold 30,000 shares of the firm’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 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.

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.