Socha Financial Group LLC Has $10.46 Million Stake in Corning Incorporated (NYSE:GLW)

Socha Financial Group LLC grew its holdings in shares of Corning Incorporated (NYSE:GLW) by 8.8% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 343,624 shares of the electronics maker’s stock after acquiring an additional 27,772 shares during the quarter. Corning comprises 5.0% of Socha Financial Group LLC’s investment portfolio, making the stock its 6th largest position. Socha Financial Group LLC’s holdings in Corning were worth $10,463,000 as of its most recent SEC filing.

A number of other large investors have also recently modified their holdings of the business. Peoples Bank KS purchased a new position in shares of Corning during the 3rd quarter valued at about $25,000. OFI Invest Asset Management purchased a new position in shares of Corning during the 3rd quarter valued at about $25,000. SRS Capital Advisors Inc. increased its stake in Corning by 232.9% in the 3rd quarter. SRS Capital Advisors Inc. now owns 932 shares of the electronics maker’s stock worth $28,000 after purchasing an additional 652 shares during the period. Bruce G. Allen Investments LLC purchased a new position in Corning in the 4th quarter worth approximately $31,000. Finally, Emfo LLC purchased a new position in Corning in the 4th quarter worth approximately $33,000. Institutional investors own 69.80% of the company’s stock.

Corning Stock Down 0.1 %

Shares of NYSE GLW traded down $0.02 during trading on Tuesday, reaching $31.53. The company had a trading volume of 3,186,546 shares, compared to its average volume of 4,718,803. The stock has a market cap of $26.97 billion, a PE ratio of 47.10, a P/E/G ratio of 1.73 and a beta of 1.08. The company has a quick ratio of 1.05, a current ratio of 1.67 and a debt-to-equity ratio of 0.61. Corning Incorporated has a 12-month low of $25.26 and a 12-month high of $36.01. The business’s 50-day moving average is $32.30 and its 200 day moving average is $30.41.

Corning (NYSE:GLW) last announced its quarterly earnings results on Tuesday, January 30th. The electronics maker reported $0.39 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.39. Corning had a return on equity of 12.31% and a net margin of 4.62%. The firm had revenue of $2.99 billion for the quarter, compared to the consensus estimate of $3.26 billion. During the same period in the prior year, the company posted $0.47 earnings per share. The company’s quarterly revenue was down 12.1% on a year-over-year basis. As a group, equities analysts forecast that Corning Incorporated will post 1.87 earnings per share for the current fiscal year.

Corning Announces Dividend

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

Insider Buying and Selling at Corning

In other news, Vice Chairman Lawrence D. Mcrae sold 77,464 shares of the firm’s stock in a transaction dated Thursday, March 21st. The stock was sold at an average price of $33.24, for a total value of $2,574,903.36. Following the transaction, the insider now owns 215,254 shares of the company’s stock, valued at $7,155,042.96. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 0.45% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of equities analysts have commented on GLW shares. Barclays lifted their price target on Corning from $28.00 to $35.00 and gave the stock an “equal weight” rating in a research note on Wednesday, January 31st. UBS Group upped their target price on Corning from $34.00 to $35.00 and gave the company a “neutral” rating in a report on Monday, April 8th. Morgan Stanley restated an “overweight” rating and set a $35.00 target price on shares of Corning in a report on Monday. Susquehanna reaffirmed a “positive” rating and issued a $40.00 price target on shares of Corning in a research note on Monday, April 1st. Finally, JPMorgan Chase & Co. upped their price target on Corning from $34.00 to $36.00 and gave the stock a “neutral” rating in a research note on Thursday, April 11th. One analyst has rated the stock with a sell rating, five have issued a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $34.78.

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.