Bryn Mawr Capital Management LLC Acquires Shares of 11,138 Corning Incorporated (NYSE:GLW)

Bryn Mawr Capital Management LLC bought a new stake in Corning Incorporated (NYSE:GLW) during the fourth quarter, HoldingsChannel.com reports. The firm bought 11,138 shares of the electronics maker’s stock, valued at approximately $339,000.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Oak Thistle LLC bought a new position in shares of Corning during the third quarter worth about $538,000. Czech National Bank increased its position in shares of Corning by 48.1% during the third quarter. Czech National Bank now owns 134,175 shares of the electronics maker’s stock worth $4,088,000 after buying an additional 43,601 shares during the period. Asset Management One Co. Ltd. lifted its holdings in Corning by 2.6% in the third quarter. Asset Management One Co. Ltd. now owns 340,309 shares of the electronics maker’s stock valued at $10,369,000 after buying an additional 8,486 shares during the period. Connecticut Wealth Management LLC acquired a new stake in Corning during the 3rd quarter worth about $283,000. Finally, Lineweaver Wealth Advisors LLC bought a new stake in shares of Corning during the 3rd quarter valued at about $204,000. Institutional investors own 69.80% of the company’s stock.

Corning Price Performance

Shares of NYSE:GLW opened at $31.33 on Friday. The company has a 50 day moving average of $32.28 and a 200 day moving average of $30.46. The company has a current ratio of 1.67, a quick ratio of 1.05 and a debt-to-equity ratio of 0.61. The stock has a market cap of $26.80 billion, a P/E ratio of 46.76, a P/E/G ratio of 1.73 and a beta of 1.08. Corning Incorporated has a 12 month low of $25.26 and a 12 month high of $36.01.

Corning (NYSE:GLW) last released its quarterly earnings results on Tuesday, January 30th. The electronics maker reported $0.39 EPS for the quarter, meeting analysts’ consensus estimates of $0.39. Corning had a net margin of 4.62% and a return on equity of 12.31%. The firm had revenue of $2.99 billion during the quarter, compared to analyst estimates of $3.26 billion. During the same period in the previous year, the business earned $0.47 EPS. The business’s revenue for the quarter was down 12.1% on a year-over-year basis. As a group, sell-side analysts forecast that Corning Incorporated will post 1.87 EPS for the current fiscal year.

Corning Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Shareholders of record on Thursday, February 29th were issued a $0.28 dividend. The ex-dividend date of this dividend was Wednesday, February 28th. This represents a $1.12 annualized dividend and a dividend yield of 3.57%. Corning’s payout ratio is currently 167.16%.

Wall Street Analyst Weigh In

Several analysts have recently commented on the company. JPMorgan Chase & Co. raised their target price on Corning from $34.00 to $36.00 and gave the company a “neutral” rating in a research note on Thursday, April 11th. StockNews.com upgraded shares of Corning from a “sell” rating to a “hold” rating in a research note on Monday, April 1st. Barclays raised their price objective on shares of Corning from $28.00 to $35.00 and gave the company an “equal weight” rating in a research note on Wednesday, January 31st. Morgan Stanley restated an “overweight” rating and set a $35.00 price target on shares of Corning in a report on Monday, April 22nd. Finally, HSBC lowered Corning from a “hold” rating to a “reduce” rating and set a $29.00 price target on the stock. in a report on Thursday, February 1st. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $34.78.

Insider Transactions at Corning

In related news, Vice Chairman Lawrence D. Mcrae sold 77,464 shares of the firm’s stock in a transaction that occurred on Thursday, March 21st. The shares were sold at an average price of $33.24, for a total value of $2,574,903.36. Following the sale, the insider now directly owns 215,254 shares of the company’s stock, valued at $7,155,042.96. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 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.