Richard Bernstein Advisors LLC Buys Shares of 57,567 Corning Incorporated (NYSE:GLW)

Richard Bernstein Advisors LLC bought a new stake in Corning Incorporated (NYSE:GLW) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 57,567 shares of the electronics maker’s stock, valued at approximately $2,736,000.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Allspring Global Investments Holdings LLC grew its stake in shares of Corning by 7.2% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 40,214 shares of the electronics maker’s stock valued at $1,816,000 after buying an additional 2,702 shares in the last quarter. International Assets Investment Management LLC grew its position in Corning by 1,780.0% in the third quarter. International Assets Investment Management LLC now owns 248,009 shares of the electronics maker’s stock worth $11,198,000 after acquiring an additional 234,817 shares in the last quarter. Hennion & Walsh Asset Management Inc. bought a new stake in Corning in the third quarter worth approximately $269,000. Allworth Financial LP grew its position in Corning by 1.3% in the third quarter. Allworth Financial LP now owns 19,361 shares of the electronics maker’s stock worth $874,000 after acquiring an additional 251 shares in the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. grew its position in Corning by 75.7% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 96,824 shares of the electronics maker’s stock worth $4,344,000 after acquiring an additional 41,715 shares in the last quarter. Hedge funds and other 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 the stock in a transaction dated Thursday, January 30th. The shares were sold at an average price of $49.87, for a total value of $110,162.83. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, COO Eric S. Musser sold 30,000 shares of the firm’s stock in a transaction dated Friday, January 31st. The stock was sold at an average price of $51.92, for a total transaction of $1,557,600.00. Following the transaction, the chief operating officer now owns 152,944 shares of the company’s stock, 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. Corporate insiders own 0.40% of the company’s stock.

Corning Price Performance

NYSE:GLW opened at $49.73 on Wednesday. The stock has a market cap of $42.59 billion, a P/E ratio of 85.74, a PEG ratio of 1.50 and a beta of 1.03. Corning Incorporated has a one year low of $30.72 and a one year high of $55.33. The company has a fifty day moving average price of $50.01 and a 200 day moving average price of $46.93. 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 earnings results on Wednesday, January 29th. The electronics maker reported $0.57 EPS for the quarter, beating 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 earnings per share for the current year.

Corning Dividend Announcement

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 paid a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a yield of 2.25%. The ex-dividend date is Friday, February 28th. Corning’s payout ratio is currently 193.10%.

Wall Street Analysts Forecast Growth

GLW has been the subject of several recent research reports. Citigroup boosted their target price 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 shares of Corning from a “hold” rating to a “buy” rating and boosted their target price for the stock from $51.00 to $60.00 in a research report on Thursday, January 30th. Hsbc Global Res raised shares of Corning from a “hold” rating to a “strong-buy” rating in a research report on Thursday, January 30th. StockNews.com downgraded shares of Corning from a “buy” rating to a “hold” rating in a research report on Tuesday. Finally, JPMorgan Chase & Co. boosted their price objective on shares of Corning from $55.00 to $60.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 30th. Four 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 stock. According to data from MarketBeat, Corning presently has a consensus rating of “Moderate Buy” and a consensus target price of $53.00.

Corning 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.