Belpointe Asset Management LLC Boosts Holdings in Corning Incorporated (NYSE:GLW)

Belpointe Asset Management LLC lifted its holdings in Corning Incorporated (NYSE:GLW) by 8.8% in the fourth quarter, HoldingsChannel reports. The firm owned 8,469 shares of the electronics maker’s stock after buying an additional 682 shares during the quarter. Belpointe Asset Management LLC’s holdings in Corning were worth $402,000 as of its most recent SEC filing.

Several other large investors have also recently added to or reduced their stakes in GLW. Oregon Public Employees Retirement Fund lifted its stake in shares of Corning by 0.3% during the fourth quarter. Oregon Public Employees Retirement Fund now owns 66,063 shares of the electronics maker’s stock valued at $3,139,000 after buying an additional 204 shares during the period. Principal Securities Inc. increased its stake in Corning by 3.5% in the fourth quarter. Principal Securities Inc. now owns 6,170 shares of the electronics maker’s stock valued at $293,000 after purchasing an additional 211 shares during the last quarter. Bogart Wealth LLC lifted its position in Corning by 18.3% during the fourth quarter. Bogart Wealth LLC now owns 1,419 shares of the electronics maker’s stock worth $67,000 after buying an additional 219 shares during the period. Buffington Mohr McNeal boosted its stake in Corning by 2.1% in the 4th quarter. Buffington Mohr McNeal now owns 10,461 shares of the electronics maker’s stock worth $497,000 after buying an additional 220 shares during the last quarter. Finally, Allworth Financial LP grew its holdings 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 period. 69.80% of the stock is owned by hedge funds and other institutional investors.

Corning Price Performance

GLW opened at $41.30 on Thursday. Corning Incorporated has a twelve month low of $30.72 and a twelve month high of $55.33. The company has a current ratio of 1.62, a quick ratio of 1.07 and a debt-to-equity ratio of 0.62. The firm has a market cap of $35.38 billion, a price-to-earnings ratio of 71.21, a PEG ratio of 1.50 and a beta of 1.03. The company has a fifty day simple moving average of $46.86 and a 200 day simple moving average of $47.71.

Corning (NYSE:GLW) last announced 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%. Equities research analysts expect that Corning Incorporated will post 2.33 EPS for the current fiscal year.

Corning Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, March 28th. Stockholders of record on Friday, February 28th were given a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.71%. The ex-dividend date was Friday, February 28th. Corning’s payout ratio is currently 193.10%.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on GLW shares. Mizuho set a $52.00 target price on shares of Corning in a research report on Tuesday. HSBC upgraded shares of Corning from a “hold” rating to a “buy” rating and lifted their price target for the company from $51.00 to $60.00 in a report on Thursday, January 30th. Bank of America upped their price objective on Corning from $65.00 to $68.00 and gave the stock a “buy” rating in a report on Wednesday, March 19th. Barclays reduced their target price on Corning from $53.00 to $52.00 and set an “equal weight” rating on the stock in a report on Wednesday, January 29th. Finally, Citigroup dropped their price target on Corning from $58.00 to $50.00 and set a “buy” rating for the company in a research note on Monday. Four research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $54.08.

Insider Buying and Selling

In other Corning news, COO Eric S. Musser sold 30,000 shares of the firm’s stock in a transaction 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 transaction, the chief operating officer now directly owns 152,944 shares of the company’s stock, valued at $7,940,852.48. This trade represents a 16.40 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Michael Alan Bell sold 2,209 shares of the company’s stock in a transaction dated Thursday, January 30th. The shares were sold at an average price of $49.87, for a total transaction of $110,162.83. The disclosure for this sale can be found here. 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.