Cullen Investment Group LTD. Invests $2.39 Million in Corning Incorporated (NYSE:GLW)

Cullen Investment Group LTD. acquired a new position in Corning Incorporated (NYSE:GLW) in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 78,584 shares of the electronics maker’s stock, valued at approximately $2,393,000.

Several other hedge funds have also recently made changes to their positions in GLW. Peoples Bank KS bought a new stake in Corning in the 3rd quarter valued at about $25,000. OFI Invest Asset Management bought a new stake in Corning in the 3rd quarter valued at about $25,000. Janiczek Wealth Management LLC increased its position in 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 in the last quarter. Quarry LP bought a new stake in Corning in the 2nd quarter valued at about $32,000. Finally, SRS Capital Advisors Inc. increased its position in 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 in the last quarter. 69.80% of the stock is owned by institutional investors.

Corning Stock Performance

Shares of NYSE:GLW traded up $0.09 during mid-day trading on Monday, reaching $31.58. The company had a trading volume of 486,381 shares, compared to its average volume of 4,696,404. The company has a current ratio of 1.67, a quick ratio of 1.05 and a debt-to-equity ratio of 0.61. The firm has a market cap of $27.01 billion, a price-to-earnings ratio of 47.00, a PEG ratio of 1.79 and a beta of 1.08. The company’s 50-day moving average price is $32.40 and its 200-day moving average price is $30.37. Corning Incorporated has a one year low of $25.26 and a one year high of $36.01.

Corning (NYSE:GLW) last posted 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 analysts’ expectations of $3.26 billion. During the same quarter in the previous year, the firm posted $0.47 EPS. Corning’s revenue was down 12.1% on a year-over-year basis. As a group, equities research analysts anticipate that Corning Incorporated will post 1.86 EPS for the current fiscal year.

Corning Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, March 28th. Shareholders of record on Thursday, February 29th were issued a dividend of $0.28 per share. The ex-dividend date of this dividend was Wednesday, February 28th. This represents a $1.12 dividend on an annualized basis and a yield of 3.55%. Corning’s payout ratio is 167.16%.

Insider Buying and Selling at Corning

In related news, Vice Chairman Lawrence D. Mcrae sold 77,464 shares of the stock in a transaction dated Thursday, March 21st. The shares were sold at an average price of $33.24, for a total value of $2,574,903.36. Following the sale, the insider now directly owns 215,254 shares of the company’s stock, valued at approximately $7,155,042.96. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.45% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on GLW. UBS Group lifted their price target on Corning from $34.00 to $35.00 and gave the company a “neutral” rating in a research note on Monday, April 8th. Susquehanna restated a “positive” rating and issued a $40.00 target price on shares of Corning in a research note on Monday, April 1st. StockNews.com upgraded Corning from a “sell” rating to a “hold” rating in a research note on Monday, April 1st. Barclays boosted their target price on Corning from $28.00 to $35.00 and gave the stock an “equal weight” rating in a research note on Wednesday, January 31st. Finally, HSBC downgraded Corning from a “hold” rating to a “reduce” rating and set a $29.00 target price on the stock. in a research note on Thursday, February 1st. One research 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. Based on data from MarketBeat, Corning currently has an average rating of “Hold” and a consensus target price of $34.56.

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.