Corning Incorporated (NYSE:GLW) Shares Bought by Bowen Hanes & Co. Inc.

Bowen Hanes & Co. Inc. lifted its stake in Corning Incorporated (NYSE:GLW) by 12.5% in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 1,443,969 shares of the electronics maker’s stock after purchasing an additional 159,975 shares during the quarter. Corning comprises about 1.8% of Bowen Hanes & Co. Inc.’s holdings, making the stock its 20th largest holding. Bowen Hanes & Co. Inc.’s holdings in Corning were worth $68,617,000 as of its most recent filing with the SEC.

A number of other institutional investors have also recently added to or reduced their stakes in GLW. Amundi grew its stake in shares of Corning by 139.0% in the 4th 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 period. Raymond James Financial Inc. purchased a new stake in shares of Corning in the 4th quarter valued at approximately $92,522,000. FMR LLC increased its holdings in Corning by 52.8% in the 3rd quarter. FMR LLC now owns 3,723,044 shares of the electronics maker’s stock valued at $168,095,000 after purchasing 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 valued at $1,534,337,000 after buying an additional 1,242,718 shares in the last quarter. Finally, Cookson Peirce & Co. Inc. boosted its holdings in Corning by 218.5% during the 4th quarter. Cookson Peirce & Co. Inc. now owns 1,009,208 shares of the electronics maker’s stock valued at $47,958,000 after acquiring an additional 692,366 shares during the period. Hedge funds and other institutional investors own 69.80% of the company’s stock.

Corning Price Performance

Shares of GLW opened at $45.35 on Thursday. The stock’s 50 day moving average is $49.92 and its two-hundred day moving average is $47.45. Corning Incorporated has a twelve month low of $30.72 and a twelve month high of $55.33. The firm has a market capitalization of $38.84 billion, a PE ratio of 78.19, a P/E/G ratio of 1.50 and a beta of 1.03. The company has a current ratio of 1.62, a quick ratio of 1.07 and a debt-to-equity ratio of 0.62.

Corning (NYSE:GLW) last issued its earnings results on Wednesday, January 29th. The electronics maker reported $0.57 EPS for the quarter, topping the consensus estimate of $0.56 by $0.01. Corning had a net margin of 3.86% and a return on equity of 15.10%. Research analysts anticipate that Corning Incorporated will post 2.33 earnings per share for the current year.

Corning Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Friday, February 28th will be given a dividend of $0.28 per share. The ex-dividend date is Friday, February 28th. This represents a $1.12 annualized dividend and a yield of 2.47%. Corning’s payout ratio is currently 193.10%.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on GLW shares. Citigroup upped their price objective on Corning from $55.00 to $58.00 and gave the stock a “buy” rating in a research report on Tuesday, January 21st. HSBC raised shares of Corning from a “hold” rating to a “buy” rating and raised their price objective for the stock from $51.00 to $60.00 in a report on Thursday, January 30th. Barclays reduced their target price on Corning from $53.00 to $52.00 and set an “equal weight” rating for the company in a report on Wednesday, January 29th. Morgan Stanley raised their price target on Corning from $39.00 to $48.00 and gave the stock an “equal weight” rating in a research note on Tuesday, December 17th. Finally, Hsbc Global Res upgraded Corning from a “hold” rating to a “strong-buy” rating in a research note on Thursday, January 30th. Four investment analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $53.00.

Insider Buying and Selling at Corning

In related news, SVP Michael Alan Bell sold 2,209 shares of Corning stock in a transaction on Thursday, January 30th. The stock was sold at an average price of $49.87, for a total transaction of $110,162.83. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, COO Eric S. Musser sold 30,000 shares of the business’s stock in a transaction on Friday, January 31st. The stock was sold at an average price of $51.92, for a total value of $1,557,600.00. Following the sale, the chief operating officer now owns 152,944 shares in the company, valued at approximately $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. 0.40% of the stock is currently owned by corporate insiders.

About Corning

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.