Syon Capital LLC Purchases Shares of 11,141 Corning Incorporated (NYSE:GLW)

Syon Capital LLC purchased a new stake in shares of Corning Incorporated (NYSE:GLW) in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 11,141 shares of the electronics maker’s stock, valued at approximately $339,000.

Other large investors have also recently bought and sold shares of the company. Oak Thistle LLC bought a new stake in Corning during the third quarter worth $538,000. Czech National Bank lifted its stake in Corning by 48.1% in the 3rd quarter. Czech National Bank now owns 134,175 shares of the electronics maker’s stock valued at $4,088,000 after purchasing an additional 43,601 shares during the last quarter. Asset Management One Co. Ltd. grew its holdings in Corning by 2.6% during the third quarter. Asset Management One Co. Ltd. now owns 340,309 shares of the electronics maker’s stock worth $10,369,000 after purchasing an additional 8,486 shares during the period. Connecticut Wealth Management LLC acquired a new position in Corning during the third quarter worth approximately $283,000. Finally, Lineweaver Wealth Advisors LLC bought a new stake in Corning in the third quarter valued at approximately $204,000. 69.80% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several brokerages have recently commented on GLW. UBS Group boosted their target price on Corning from $34.00 to $35.00 and gave the stock a “neutral” rating in a report on Monday, April 8th. Morgan Stanley reissued an “overweight” rating and issued a $35.00 price objective on shares of Corning in a research report on Monday, April 22nd. Susquehanna reaffirmed a “positive” rating and set a $40.00 target price on shares of Corning in a report on Monday, April 1st. HSBC downgraded shares of Corning from a “hold” rating to a “reduce” rating and set a $29.00 price objective for the company. in a research report on Thursday, February 1st. Finally, JPMorgan Chase & Co. upped their target price on Corning from $34.00 to $36.00 and gave the company a “neutral” rating in a research report on Thursday, April 11th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $34.78.

Corning Stock Performance

Shares of GLW opened at $31.33 on Friday. Corning Incorporated has a 12 month low of $25.26 and a 12 month high of $36.01. The stock has a 50 day moving average of $32.28 and a 200 day moving average of $30.46. The company has a market capitalization of $26.80 billion, a price-to-earnings ratio of 46.76, a PEG ratio of 1.73 and a beta of 1.08. 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 data on Tuesday, January 30th. The electronics maker reported $0.39 EPS for the quarter, hitting the consensus estimate 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 during the quarter, compared to the consensus estimate of $3.26 billion. During the same period last year, the firm earned $0.47 EPS. Corning’s revenue for the quarter was down 12.1% on a year-over-year basis. As a group, sell-side analysts forecast that Corning Incorporated will post 1.87 earnings per share for the current year.

Corning Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 28th. Shareholders of record on Thursday, February 29th were given a $0.28 dividend. The ex-dividend date of this dividend was Wednesday, February 28th. This represents a $1.12 annualized dividend and a yield of 3.57%. Corning’s payout ratio is currently 167.16%.

Insider Activity

In other Corning news, Vice Chairman Lawrence D. Mcrae sold 77,464 shares of the stock in a transaction on 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 completion of the sale, the insider now owns 215,254 shares of the company’s stock, valued at approximately $7,155,042.96. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Insiders own 0.40% of the company’s stock.

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.