Davis R M Inc. Increases Stock Position in Corning Incorporated (NYSE:GLW)

Davis R M Inc. raised its holdings in shares of Corning Incorporated (NYSE:GLW) by 11.1% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 13,057 shares of the electronics maker’s stock after purchasing an additional 1,302 shares during the period. Davis R M Inc.’s holdings in Corning were worth $620,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also modified their holdings of GLW. Amundi boosted its position in shares of Corning by 139.0% during the fourth quarter. Amundi now owns 3,900,808 shares of the electronics maker’s stock valued at $186,186,000 after buying an additional 2,268,436 shares during the last quarter. Raymond James Financial Inc. bought a new position in Corning during the 4th quarter valued at about $92,522,000. FMR LLC boosted its holdings in shares of Corning by 52.8% during the 3rd quarter. FMR LLC now owns 3,723,044 shares of the electronics maker’s stock valued at $168,095,000 after acquiring an additional 1,285,836 shares during the last quarter. State Street Corp grew its stake in shares of Corning by 3.8% in the third quarter. State Street Corp now owns 33,983,090 shares of the electronics maker’s stock worth $1,534,337,000 after acquiring an additional 1,242,718 shares during the period. Finally, Cookson Peirce & Co. Inc. raised its holdings in shares of Corning by 218.5% during the fourth quarter. Cookson Peirce & Co. Inc. now owns 1,009,208 shares of the electronics maker’s stock valued at $47,958,000 after purchasing an additional 692,366 shares during the last quarter. Institutional investors own 69.80% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on GLW shares. Citigroup raised their target price on shares of Corning from $55.00 to $58.00 and gave the stock a “buy” rating in a report on Tuesday, January 21st. Barclays dropped their price target on Corning from $53.00 to $52.00 and set an “equal weight” rating on the stock in a research note on Wednesday, January 29th. StockNews.com cut Corning from a “buy” rating to a “hold” rating in a research report on Tuesday, February 25th. HSBC raised Corning from a “hold” rating to a “buy” rating and increased their target price for the company from $51.00 to $60.00 in a report on Thursday, January 30th. Finally, Morgan Stanley boosted their price target on Corning from $39.00 to $48.00 and gave the company an “equal weight” rating in a research note on Tuesday, December 17th. Four research analysts have rated the stock with a hold rating, ten have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, Corning currently has an average rating of “Moderate Buy” and an average target price of $53.00.

Corning Stock Down 0.2 %

Shares of GLW stock opened at $44.91 on Wednesday. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.62 and a quick ratio of 1.07. Corning Incorporated has a one year low of $30.72 and a one year high of $55.33. The company’s fifty day moving average price is $49.96 and its 200-day moving average price is $47.42. The company has a market capitalization of $38.47 billion, a price-to-earnings ratio of 77.44, a PEG ratio of 1.50 and a beta of 1.03.

Corning (NYSE:GLW) last posted its quarterly earnings results on Wednesday, January 29th. The electronics maker reported $0.57 EPS for the quarter, beating analysts’ consensus estimates of $0.56 by $0.01. Corning had a return on equity of 15.10% and a net margin of 3.86%. Sell-side analysts expect that Corning Incorporated will post 2.33 EPS for the current fiscal year.

Corning Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Friday, February 28th will be paid a $0.28 dividend. The ex-dividend date is Friday, February 28th. This represents a $1.12 annualized dividend and a yield of 2.49%. Corning’s payout ratio is 193.10%.

Insider Buying and Selling at Corning

In related news, SVP Michael Alan Bell sold 2,209 shares of the company’s stock in a transaction on Thursday, January 30th. The shares were sold at an average price of $49.87, for a total transaction of $110,162.83. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, COO Eric S. Musser sold 30,000 shares of the firm’s stock in a transaction 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 transaction, the chief operating officer now directly owns 152,944 shares of the company’s stock, valued at $7,940,852.48. The trade was a 16.40 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 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.