FengHe Fund Management Pte. Ltd. Grows Stock Position in Corning Incorporated (NYSE:GLW)

FengHe Fund Management Pte. Ltd. raised its position in Corning Incorporated (NYSE:GLW) by 28.1% during the fourth quarter, according to its most recent 13F filing with the SEC. The fund owned 581,800 shares of the electronics maker’s stock after buying an additional 127,500 shares during the period. Corning comprises approximately 8.2% of FengHe Fund Management Pte. Ltd.’s holdings, making the stock its 6th largest holding. FengHe Fund Management Pte. Ltd. owned about 0.07% of Corning worth $27,647,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently bought and sold shares of the company. Principal Securities Inc. boosted its position in Corning by 3.5% in the 4th quarter. Principal Securities Inc. now owns 6,170 shares of the electronics maker’s stock valued at $293,000 after buying an additional 211 shares during the last quarter. Bogart Wealth LLC boosted its position in Corning by 18.3% in the 4th quarter. Bogart Wealth LLC now owns 1,419 shares of the electronics maker’s stock valued at $67,000 after buying an additional 219 shares during the last quarter. Buffington Mohr McNeal boosted its position in Corning by 2.1% in the 4th quarter. Buffington Mohr McNeal now owns 10,461 shares of the electronics maker’s stock valued at $497,000 after buying an additional 220 shares during the last quarter. Allworth Financial LP boosted its position in Corning by 1.1% in the 4th quarter. Allworth Financial LP now owns 19,581 shares of the electronics maker’s stock valued at $930,000 after buying an additional 220 shares during the last quarter. Finally, Sound Income Strategies LLC lifted its stake in shares of Corning by 76.7% in the 4th quarter. Sound Income Strategies LLC now owns 523 shares of the electronics maker’s stock valued at $25,000 after purchasing an additional 227 shares during the period. 69.80% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on GLW shares. JPMorgan Chase & Co. increased their price target on Corning from $55.00 to $60.00 and gave the company an “overweight” rating in a research note on Wednesday, October 30th. UBS Group increased their price target on Corning from $46.00 to $51.00 and gave the company a “neutral” rating in a research note on Wednesday, October 30th. Barclays cut their price target 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. Deutsche Bank Aktiengesellschaft increased their price target on Corning from $49.00 to $54.00 and gave the company a “buy” rating in a research note on Wednesday, October 30th. Finally, StockNews.com raised Corning from a “hold” rating to a “buy” rating in a research note on Tuesday, December 24th. Three equities research analysts have rated the stock with a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $53.00.

Corning Stock Performance

Shares of Corning stock opened at $52.58 on Monday. The stock’s fifty day simple moving average is $49.52 and its 200 day simple moving average is $46.26. The company has a market capitalization of $45.02 billion, a PE ratio of 90.66, a PEG ratio of 1.55 and a beta of 1.03. The company has a current ratio of 1.62, a quick ratio of 1.07 and a debt-to-equity ratio of 0.62. Corning Incorporated has a 12 month low of $30.72 and a 12 month high of $55.33.

Corning (NYSE:GLW) last released its earnings results on Wednesday, January 29th. The electronics maker reported $0.57 earnings per share (EPS) for the quarter, topping 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%. On average, research analysts predict that Corning Incorporated will post 2.33 EPS for the current year.

Corning Dividend Announcement

The company 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. This represents a $1.12 dividend on an annualized basis and a yield of 2.13%. The ex-dividend date is Friday, February 28th. Corning’s dividend payout ratio (DPR) is presently 193.11%.

Insiders Place Their Bets

In other Corning news, SVP Michael Alan Bell sold 2,209 shares of the 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 legal filing with the Securities & Exchange Commission, which is accessible through 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 shares were 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 owns 152,944 shares of the company’s stock, valued at $7,940,852.48. The trade was a 16.40 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 46,085 shares of company stock worth $2,345,436. Corporate insiders own 0.40% of the company’s stock.

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.