Napatree Capital LLC Purchases 536 Shares of Corning Incorporated (NYSE:GLW)

Napatree Capital LLC lifted its stake in Corning Incorporated (NYSE:GLW) by 7.7% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 7,488 shares of the electronics maker’s stock after acquiring an additional 536 shares during the quarter. Napatree Capital LLC’s holdings in Corning were worth $356,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also recently made changes to their positions in the company. Stevens Capital Management LP purchased a new position in shares of Corning in the fourth quarter worth $262,000. LPL Financial LLC increased its stake in Corning by 1.8% in the 4th quarter. LPL Financial LLC now owns 1,107,368 shares of the electronics maker’s stock worth $52,622,000 after buying an additional 19,768 shares during the period. Guardian Partners Inc. bought a new position in Corning during the 4th quarter worth about $852,000. Fox Run Management L.L.C. bought a new position in Corning during the 4th quarter worth about $2,575,000. Finally, KLP Kapitalforvaltning AS bought a new stake in shares of Corning in the 4th quarter valued at about $20,299,000. 69.80% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on GLW. StockNews.com lowered shares of Corning from a “buy” rating to a “hold” rating in a research report on Tuesday, February 25th. Citigroup lifted 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 boosted 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. Barclays cut their price target on shares of Corning from $53.00 to $52.00 and set an “equal weight” rating on the stock in a research note on Wednesday, January 29th. Finally, Bank of America upped their price target on Corning from $65.00 to $68.00 and gave the company a “buy” rating in a report on Wednesday. Four equities research analysts have rated the stock with a hold rating, ten have issued 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 target price of $54.31.

Insider Buying and Selling at Corning

In related news, SVP Michael Alan Bell sold 2,209 shares of Corning stock in a transaction that occurred on Thursday, January 30th. The shares were 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 SEC, which is accessible through this hyperlink. Also, COO Eric S. Musser sold 30,000 shares of Corning stock in a transaction that occurred 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 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. Insiders own 0.45% of the company’s stock.

Corning Trading Down 0.4 %

NYSE GLW opened at $48.49 on Friday. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.07 and a current ratio of 1.62. The company has a 50-day simple moving average of $49.91 and a 200-day simple moving average of $47.67. The firm has a market capitalization of $41.53 billion, a PE ratio of 83.60, a price-to-earnings-growth ratio of 1.50 and a beta of 1.03. Corning Incorporated has a one year low of $30.72 and a one year high of $55.33.

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

Corning Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Friday, February 28th will be paid a $0.28 dividend. 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 2.31%. Corning’s payout ratio is presently 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.