Oak Thistle LLC Grows Holdings in Corning Incorporated (NYSE:GLW)

Oak Thistle LLC grew its stake in shares of Corning Incorporated (NYSE:GLW) by 328.7% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 75,676 shares of the electronics maker’s stock after acquiring an additional 58,024 shares during the period. Corning comprises approximately 0.7% of Oak Thistle LLC’s holdings, making the stock its 11th biggest position. Oak Thistle LLC’s holdings in Corning were worth $2,304,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds also recently added to or reduced their stakes in GLW. Peoples Bank KS acquired a new position in Corning during the 3rd quarter worth $25,000. OFI Invest Asset Management acquired a new position in Corning during the 3rd quarter worth $25,000. Janiczek Wealth Management LLC boosted its holdings in shares of Corning by 173.6% in the 3rd quarter. Janiczek Wealth Management LLC now owns 900 shares of the electronics maker’s stock valued at $27,000 after buying an additional 571 shares during the period. Pacifica Partners Inc. acquired a new position in shares of Corning in the 3rd quarter valued at about $28,000. Finally, SRS Capital Advisors Inc. boosted its holdings in shares of Corning by 232.9% in the 3rd quarter. SRS Capital Advisors Inc. now owns 932 shares of the electronics maker’s stock valued at $28,000 after buying an additional 652 shares during the period. 69.80% of the stock is owned by institutional investors and hedge funds.

Corning Stock Performance

NYSE:GLW traded down $0.30 during mid-day trading on Monday, hitting $32.67. The stock had a trading volume of 2,304,507 shares, compared to its average volume of 4,805,625. The stock has a market capitalization of $27.94 billion, a price-to-earnings ratio of 49.21, a P/E/G ratio of 1.88 and a beta of 1.08. The company has a 50 day simple moving average of $32.22 and a 200-day simple moving average of $30.29. Corning Incorporated has a 52 week low of $25.26 and a 52 week high of $36.01. The company has a current ratio of 1.67, a quick ratio of 1.05 and a debt-to-equity ratio of 0.61.

Corning (NYSE:GLW) last released its quarterly earnings results on Tuesday, January 30th. The electronics maker reported $0.39 EPS for the quarter, hitting analysts’ consensus estimates of $0.39. Corning had a net margin of 4.62% and a return on equity of 12.31%. The company had revenue of $2.99 billion for the quarter, compared to the consensus estimate of $3.26 billion. During the same period in the previous year, the firm earned $0.47 EPS. Corning’s revenue was down 12.1% on a year-over-year basis. On average, research analysts expect that Corning Incorporated will post 1.86 earnings per share for the current fiscal year.

Corning Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Shareholders of record on Thursday, February 29th were given a dividend of $0.28 per share. The ex-dividend date was Wednesday, February 28th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 3.43%. Corning’s dividend payout ratio (DPR) is 167.16%.

Insiders Place Their Bets

In other Corning news, Vice Chairman Lawrence D. Mcrae sold 77,464 shares of the business’s stock in a transaction dated Thursday, March 21st. The shares were sold at an average price of $33.24, for a total transaction of $2,574,903.36. Following the sale, the insider now directly owns 215,254 shares in the company, valued at approximately $7,155,042.96. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 0.40% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

GLW has been the subject of several research reports. HSBC lowered shares of Corning from a “hold” rating to a “reduce” rating and set a $29.00 price target for the company. in a report on Thursday, February 1st. StockNews.com raised shares of Corning from a “sell” rating to a “hold” rating in a report on Monday. UBS Group lifted their price target on shares of Corning from $29.00 to $32.00 and gave the company a “neutral” rating in a report on Thursday, January 11th. Barclays lifted their price target on shares of Corning from $28.00 to $35.00 and gave the company an “equal weight” rating in a report on Wednesday, January 31st. Finally, Susquehanna reaffirmed a “positive” rating and issued a $40.00 price target on shares of Corning in a report on Monday. One analyst has rated the stock with a sell rating, five have given a hold rating and four have assigned a buy rating to the stock. According to MarketBeat.com, Corning currently has an average rating of “Hold” and an average price target of $33.67.

Corning Company 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.