HUB Investment Partners LLC Purchases 2,445 Shares of Corning Incorporated (NYSE:GLW)

HUB Investment Partners LLC grew its position in shares of Corning Incorporated (NYSE:GLW) by 42.1% in the fourth quarter, according to its most recent filing with the SEC. The fund owned 8,247 shares of the electronics maker’s stock after acquiring an additional 2,445 shares during the quarter. HUB Investment Partners LLC’s holdings in Corning were worth $392,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of GLW. Amundi boosted its holdings in shares of Corning by 139.0% in the 4th quarter. Amundi now owns 3,900,808 shares of the electronics maker’s stock worth $186,186,000 after purchasing an additional 2,268,436 shares during the period. Raymond James Financial Inc. purchased a new position in Corning during the fourth quarter worth $92,522,000. Appaloosa LP bought a new position in Corning during the fourth quarter valued at $71,280,000. FMR LLC raised its stake in shares of Corning by 52.8% in the third quarter. FMR LLC now owns 3,723,044 shares of the electronics maker’s stock valued at $168,095,000 after acquiring an additional 1,285,836 shares during the period. Finally, State Street Corp lifted its holdings in shares of Corning by 3.8% in the 3rd quarter. State Street Corp now owns 33,983,090 shares of the electronics maker’s stock worth $1,534,337,000 after acquiring an additional 1,242,718 shares during the last quarter. 69.80% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

GLW has been the subject of several recent analyst reports. StockNews.com lowered Corning from a “buy” rating to a “hold” rating in a research report on Tuesday, February 25th. Citigroup upped their price objective on Corning from $55.00 to $58.00 and gave the company a “buy” rating in a research report on Tuesday, January 21st. Barclays decreased their target price on Corning from $53.00 to $52.00 and set an “equal weight” rating for the company in a research report on Wednesday, January 29th. HSBC upgraded shares of Corning from a “hold” rating to a “buy” rating and upped their price target for the stock from $51.00 to $60.00 in a report on Thursday, January 30th. Finally, Morgan Stanley lifted their price objective on shares of Corning from $39.00 to $48.00 and gave the company an “equal weight” rating in a report on Tuesday, December 17th. Four research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $54.31.

Insider Transactions at Corning

In related news, SVP Michael Alan Bell sold 2,209 shares of the stock in a transaction on Thursday, January 30th. The stock was sold at an average price of $49.87, for a total value of $110,162.83. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, COO Eric S. Musser sold 30,000 shares of the 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 in the company, valued at approximately $7,940,852.48. The trade was a 16.40 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.45% of the company’s stock.

Corning Price Performance

NYSE:GLW opened at $48.49 on Friday. Corning Incorporated has a 52 week low of $30.72 and a 52 week high of $55.33. The stock’s fifty day moving average is $49.91 and its two-hundred day moving average is $47.63. The company has a market capitalization of $41.53 billion, a P/E ratio of 83.60, a P/E/G ratio of 1.50 and a beta of 1.03. The company has a quick ratio of 1.07, a current ratio of 1.62 and a debt-to-equity ratio of 0.62.

Corning (NYSE:GLW) last posted its quarterly earnings data on Wednesday, January 29th. The electronics maker reported $0.57 earnings per share for the quarter, topping 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%. Equities analysts expect that Corning Incorporated will post 2.33 EPS for the current year.

Corning Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Friday, February 28th will be paid a $0.28 dividend. The ex-dividend date is Friday, February 28th. This represents a $1.12 annualized dividend and a dividend yield of 2.31%. Corning’s dividend payout ratio (DPR) is 193.10%.

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.