Old Port Advisors Has $3.09 Million Position in Corning Incorporated (NYSE:GLW)

Old Port Advisors grew its holdings in Corning Incorporated (NYSE:GLW – Get Rating) by 1.1% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 96,602 shares of the electronics maker’s stock after purchasing an additional 1,097 shares during the quarter. Corning comprises about 1.2% of Old Port Advisors’ investment portfolio, making the stock its 19th largest position. Old Port Advisors’ holdings in Corning were worth $3,085,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Standard Family Office LLC bought a new stake in shares of Corning during the third quarter worth $29,000. CI Investments Inc. raised its position in shares of Corning by 981.9% during the third quarter. CI Investments Inc. now owns 1,017 shares of the electronics maker’s stock worth $30,000 after acquiring an additional 923 shares during the last quarter. Chilton Capital Management LLC bought a new stake in shares of Corning during the second quarter worth $32,000. Core Alternative Capital raised its position in shares of Corning by 488.3% during the third quarter. Core Alternative Capital now owns 1,206 shares of the electronics maker’s stock worth $35,000 after acquiring an additional 1,001 shares during the last quarter. Finally, Kathleen S. Wright Associates Inc. bought a new stake in shares of Corning during the third quarter worth $35,000. Institutional investors own 67.79% of the company’s stock.

Insider Transactions at Corning

In other news, VP John Z. Zhang sold 4,655 shares of the company’s stock in a transaction dated Friday, February 3rd. The stock was sold at an average price of $36.00, for a total transaction of $167,580.00. Following the completion of the transaction, the vice president now directly owns 5,744 shares of the company’s stock, valued at $206,784. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, VP John Z. Zhang sold 4,655 shares of the company’s stock in a transaction dated Friday, February 3rd. The stock was sold at an average price of $36.00, for a total transaction of $167,580.00. Following the completion of the transaction, the vice president now directly owns 5,744 shares of the company’s stock, valued at $206,784. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Li Fang sold 19,909 shares of the company’s stock in a transaction dated Tuesday, March 7th. The stock was sold at an average price of $35.17, for a total value of $700,199.53. The disclosure for this sale can be found here. 0.36% of the stock is owned by insiders.

Corning Stock Down 1.5 %

NYSE:GLW opened at $32.82 on Friday. Corning Incorporated has a 1 year low of $28.98 and a 1 year high of $38.71. The company has a current ratio of 1.44, a quick ratio of 0.88 and a debt-to-equity ratio of 0.54. The stock has a market cap of $27.78 billion, a price-to-earnings ratio of 21.31, a PEG ratio of 2.29 and a beta of 1.07. The stock has a 50-day moving average price of $35.10 and a two-hundred day moving average price of $33.35.

Corning (NYSE:GLW – Get Rating) last posted its earnings results on Tuesday, January 31st. The electronics maker reported $0.47 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.44 by $0.03. Corning had a return on equity of 14.82% and a net margin of 9.27%. The firm had revenue of $3.63 billion during the quarter, compared to analysts’ expectations of $3.54 billion. During the same period in the previous year, the firm earned $0.54 earnings per share. The company’s revenue was down 2.2% on a year-over-year basis. As a group, equities analysts expect that Corning Incorporated will post 1.96 earnings per share for the current year.

Corning Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, March 30th. Stockholders of record on Tuesday, February 28th will be given a dividend of $0.28 per share. This is a boost from Corning’s previous quarterly dividend of $0.27. This represents a $1.12 annualized dividend and a dividend yield of 3.41%. The ex-dividend date of this dividend is Monday, February 27th. Corning’s dividend payout ratio is currently 72.73%.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on GLW. Credit Suisse Group dropped their target price on Corning from $41.00 to $40.00 and set an “outperform” rating for the company in a research report on Wednesday, February 1st. JPMorgan Chase & Co. dropped their price objective on Corning from $44.00 to $40.00 and set an “overweight” rating for the company in a report on Tuesday, December 20th. Susquehanna upped their price objective on Corning from $39.00 to $40.00 and gave the company a “positive” rating in a report on Thursday, February 2nd. StockNews.com initiated coverage on Corning in a report on Thursday. They issued a “hold” rating for the company. Finally, Morgan Stanley dropped their price objective on Corning from $36.00 to $35.00 and set an “equal weight” rating for the company in a report on Tuesday, December 13th. Six investment analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $37.78.

Corning Profile

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Corning, Inc engages in the provision of glass for notebook computers, flat panel desktop monitors, display televisions, and other information display applications, carrier network and enterprise network products for the telecommunications industry, ceramic substrates for gasoline and diesel engines in automotive and heavy-duty vehicle markets, laboratory products for the scientific community and polymer products for biotechnology applications, optical materials for the semiconductor industry and the scientific community, and polycrystalline silicon products and other technologies.