Allianz Asset Management GmbH Grows Holdings in Corning Incorporated (NYSE:GLW)

Allianz Asset Management GmbH increased its holdings in shares of Corning Incorporated (NYSE:GLW) by 66.7% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 611,982 shares of the electronics maker’s stock after purchasing an additional 244,788 shares during the period. Allianz Asset Management GmbH owned 0.07% of Corning worth $29,081,000 as of its most recent SEC filing.

Other large investors have also recently bought and sold shares of the company. Sound Income Strategies LLC boosted its stake in Corning by 76.7% during the 4th quarter. Sound Income Strategies LLC now owns 523 shares of the electronics maker’s stock worth $25,000 after purchasing an additional 227 shares during the period. Sierra Ocean LLC acquired a new stake in shares of Corning in the fourth quarter valued at about $25,000. Asset Planning Inc acquired a new stake in shares of Corning in the fourth quarter valued at about $29,000. Rosenberg Matthew Hamilton lifted its stake in shares of Corning by 202.4% in the fourth quarter. Rosenberg Matthew Hamilton now owns 747 shares of the electronics maker’s stock valued at $35,000 after purchasing an additional 500 shares during the period. Finally, JFS Wealth Advisors LLC increased its holdings in Corning by 171.8% during the 4th quarter. JFS Wealth Advisors LLC now owns 810 shares of the electronics maker’s stock valued at $38,000 after acquiring an additional 512 shares in the last quarter. Institutional investors and hedge funds own 69.80% of the company’s stock.

Analyst Upgrades and Downgrades

GLW has been the subject of several recent research reports. Hsbc Global Res upgraded shares of Corning from a “hold” rating to a “strong-buy” rating in a report on Thursday, January 30th. UBS Group raised their target price on shares of Corning from $46.00 to $51.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 30th. HSBC raised shares of Corning from a “hold” rating to a “buy” rating and lifted their price target for the company from $51.00 to $60.00 in a research report on Thursday, January 30th. StockNews.com raised shares of Corning from a “hold” rating to a “buy” rating in a research report on Tuesday, December 24th. Finally, JPMorgan Chase & Co. boosted their target price on shares of Corning from $55.00 to $60.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 30th. Three equities research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $53.00.

Insider Buying and Selling at Corning

In other Corning news, SVP Michael Alan Bell sold 2,209 shares of the business’s stock in a transaction dated Thursday, January 30th. The stock was sold at an average price of $49.87, for a total transaction of $110,162.83. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, COO Eric S. Musser sold 30,000 shares of the company’s stock in a transaction dated Friday, January 31st. The shares were sold at an average price of $51.92, for a total value of $1,557,600.00. Following the completion of the transaction, the chief operating officer now owns 152,944 shares in the company, valued at $7,940,852.48. This represents a 16.40 % decrease in their position. The disclosure for this sale can be found here. 0.40% of the stock is owned by corporate insiders.

Corning Stock Down 0.8 %

Corning stock opened at $51.46 on Monday. The company has a 50-day simple moving average of $49.92 and a 200-day simple moving average of $46.77. The firm has a market capitalization of $44.08 billion, a P/E ratio of 88.72, a P/E/G ratio of 1.50 and a beta of 1.03. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.07 and a current ratio of 1.62. Corning Incorporated has a one year low of $30.72 and a one year high of $55.33.

Corning (NYSE:GLW) last posted its quarterly earnings data on Wednesday, January 29th. The electronics maker reported $0.57 earnings per share 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%. As a group, equities analysts expect that Corning Incorporated will post 2.33 earnings per share for the current 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 issued a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a yield of 2.18%. The ex-dividend date of this dividend is Friday, February 28th. Corning’s payout ratio is 193.11%.

Corning 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.