Future Fund LLC Boosts Stock Holdings in Corning Incorporated (NYSE:GLW)

Future Fund LLC boosted its holdings in Corning Incorporated (NYSE:GLW) by 23.5% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 26,250 shares of the electronics maker’s stock after purchasing an additional 5,000 shares during the quarter. Corning comprises 3.6% of Future Fund LLC’s portfolio, making the stock its 9th largest position. Future Fund LLC’s holdings in Corning were worth $1,247,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in GLW. Sound Income Strategies LLC increased its position in Corning by 76.7% during the 4th quarter. Sound Income Strategies LLC now owns 523 shares of the electronics maker’s stock valued at $25,000 after buying an additional 227 shares in the last quarter. Sierra Ocean LLC bought a new stake in Corning in the fourth quarter worth $25,000. Asset Planning Inc purchased a new stake in shares of Corning in the fourth quarter worth $29,000. Mainstream Capital Management LLC bought a new position in shares of Corning during the fourth quarter valued at $35,000. Finally, Rosenberg Matthew Hamilton raised its position in shares of Corning by 202.4% in the 4th quarter. Rosenberg Matthew Hamilton now owns 747 shares of the electronics maker’s stock worth $35,000 after purchasing an additional 500 shares during the last quarter. Institutional investors own 69.80% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on GLW. Hsbc Global Res upgraded shares of Corning from a “hold” rating to a “strong-buy” rating in a research note on Thursday, January 30th. Citigroup upped their target price on shares of Corning from $55.00 to $58.00 and gave the stock a “buy” rating in a research note on Tuesday, January 21st. Morgan Stanley raised their price target on shares of Corning from $39.00 to $48.00 and gave the company an “equal weight” rating in a research report on Tuesday, December 17th. HSBC upgraded shares of Corning from a “hold” rating to a “buy” rating and boosted their price objective for the stock from $51.00 to $60.00 in a report on Thursday, January 30th. Finally, Barclays cut their target price on Corning from $53.00 to $52.00 and set an “equal weight” rating on the stock in a research note on Wednesday, January 29th. Four analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $53.00.

Insiders Place Their Bets

In other Corning news, SVP Michael Alan Bell sold 2,209 shares of the business’s stock in a transaction dated Thursday, January 30th. The stock was 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 Securities & Exchange Commission, which is available at this link. 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 value of $1,557,600.00. Following the completion of the transaction, the chief operating officer now directly owns 152,944 shares in the company, valued at $7,940,852.48. This trade represents a 16.40 % decrease in their position. The disclosure for this sale can be found here. Insiders own 0.40% of the company’s stock.

Corning Stock Performance

Shares of GLW opened at $45.89 on Monday. The firm has a market capitalization of $39.31 billion, a P/E ratio of 79.13, a PEG ratio of 1.50 and a beta of 1.03. 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 Incorporated has a one year low of $30.72 and a one year high of $55.33. The business has a fifty day moving average of $50.06 and a 200 day moving average of $47.38.

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

Corning Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Friday, February 28th will be issued a dividend of $0.28 per share. The ex-dividend date of this dividend is Friday, February 28th. This represents a $1.12 dividend on an annualized basis and a yield of 2.44%. Corning’s dividend payout ratio is currently 193.10%.

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.