Mainstream Capital Management LLC Makes New $35,000 Investment in Corning Incorporated (NYSE:GLW)

Mainstream Capital Management LLC bought a new stake in Corning Incorporated (NYSE:GLW) during the 4th quarter, HoldingsChannel.com reports. The firm bought 742 shares of the electronics maker’s stock, valued at approximately $35,000.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Charles Schwab Investment Management Inc. raised its stake in Corning by 1.7% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 4,937,981 shares of the electronics maker’s stock valued at $234,653,000 after purchasing an additional 84,905 shares during the last quarter. Steward Partners Investment Advisory LLC grew its holdings in shares of Corning by 1.9% during the fourth quarter. Steward Partners Investment Advisory LLC now owns 93,431 shares of the electronics maker’s stock worth $4,440,000 after buying an additional 1,705 shares in the last quarter. Fidelis Capital Partners LLC acquired a new stake in shares of Corning in the fourth quarter valued at about $418,000. LGT Group Foundation lifted its stake in shares of Corning by 4.0% in the fourth quarter. LGT Group Foundation now owns 300,113 shares of the electronics maker’s stock worth $14,261,000 after buying an additional 11,675 shares in the last quarter. Finally, SBI Securities Co. Ltd. acquired a new position in Corning during the fourth quarter worth about $115,000. 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 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 transaction of $110,162.83. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, COO Eric S. Musser sold 30,000 shares of the firm’s stock in a transaction that occurred on Friday, January 31st. The shares were sold at an average price of $51.92, for a total transaction of $1,557,600.00. Following the completion of the sale, the chief operating officer now directly owns 152,944 shares in the company, valued at approximately $7,940,852.48. This trade represents a 16.40 % decrease in their position. The disclosure for this sale can be found here. 0.40% of the stock is currently owned by company insiders.

Corning Stock Performance

NYSE GLW opened at $46.50 on Wednesday. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.62 and a quick ratio of 1.07. The company has a market cap of $39.83 billion, a P/E ratio of 80.17, a P/E/G ratio of 1.50 and a beta of 1.03. The stock has a 50-day moving average of $50.16 and a two-hundred day moving average of $47.26. Corning Incorporated has a 1-year low of $30.72 and a 1-year high of $55.33.

Corning (NYSE:GLW) last announced its quarterly earnings data on Wednesday, January 29th. The electronics maker reported $0.57 earnings per share for the quarter, beating analysts’ consensus estimates of $0.56 by $0.01. Corning had a net margin of 3.86% and a return on equity of 15.10%. As a group, analysts anticipate that Corning Incorporated will post 2.33 EPS for the current year.

Corning Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Friday, February 28th will be paid a $0.28 dividend. This represents a $1.12 annualized dividend and a dividend yield of 2.41%. The ex-dividend date is Friday, February 28th. Corning’s payout ratio is currently 193.10%.

Analyst Upgrades and Downgrades

GLW has been the subject of a number of recent research reports. HSBC upgraded shares of Corning from a “hold” rating to a “buy” rating and increased their price objective for the company from $51.00 to $60.00 in a report on Thursday, January 30th. StockNews.com cut Corning from a “buy” rating to a “hold” rating in a report on Tuesday, February 25th. Morgan Stanley boosted their price objective on Corning from $39.00 to $48.00 and gave the stock an “equal weight” rating in a research note on Tuesday, December 17th. Citigroup raised their target price on Corning from $55.00 to $58.00 and gave the stock a “buy” rating in a research note on Tuesday, January 21st. Finally, Barclays lowered their price target on shares of Corning from $53.00 to $52.00 and set an “equal weight” rating on the stock in a research report on Wednesday, January 29th. Four investment 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 company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target 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.