Corning Incorporated (NYSE:GLW) Shares Purchased by SVB Wealth LLC

SVB Wealth LLC raised its position in shares of Corning Incorporated (NYSE:GLW) by 10.0% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 9,790 shares of the electronics maker’s stock after purchasing an additional 889 shares during the period. SVB Wealth LLC’s holdings in Corning were worth $298,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of GLW. Norges Bank acquired a new position in Corning during the 4th quarter valued at about $241,456,000. Price T Rowe Associates Inc. MD boosted its stake in Corning by 74.1% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 8,681,332 shares of the electronics maker’s stock valued at $306,278,000 after purchasing an additional 3,694,339 shares during the period. Morgan Stanley boosted its stake in Corning by 26.5% during the 4th quarter. Morgan Stanley now owns 13,734,071 shares of the electronics maker’s stock valued at $438,666,000 after purchasing an additional 2,875,197 shares during the period. Ameriprise Financial Inc. boosted its stake in Corning by 15.0% during the 3rd quarter. Ameriprise Financial Inc. now owns 17,615,078 shares of the electronics maker’s stock valued at $536,114,000 after purchasing an additional 2,301,745 shares during the period. Finally, Wellington Management Group LLP raised its position in shares of Corning by 7.7% during the 3rd quarter. Wellington Management Group LLP now owns 28,714,901 shares of the electronics maker’s stock worth $874,943,000 after buying an additional 2,055,388 shares in the last quarter. 69.80% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Corning

In other Corning news, Vice Chairman Lawrence D. Mcrae sold 77,464 shares of the company’s stock in a transaction that occurred on Thursday, March 21st. The shares were 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 in the company, valued at approximately $7,155,042.96. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Company insiders own 0.45% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have commented on GLW. UBS Group boosted their price target on shares of Corning from $34.00 to $35.00 and gave the stock a “neutral” rating in a research report on Monday, April 8th. Susquehanna restated a “positive” rating and set a $40.00 price target on shares of Corning in a research report on Monday, April 1st. JPMorgan Chase & Co. boosted their price target on shares of Corning from $34.00 to $36.00 and gave the stock a “neutral” rating in a research report on Thursday, April 11th. Barclays increased their target price on shares of Corning from $28.00 to $35.00 and gave the company an “equal weight” rating in a research note on Wednesday, January 31st. Finally, HSBC lowered shares of Corning from a “hold” rating to a “reduce” rating and set a $29.00 target price for the company. in a research note on Thursday, February 1st. One 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. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $34.56.

Corning Stock Up 1.2 %

Shares of NYSE:GLW opened at $31.27 on Monday. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.05 and a current ratio of 1.67. The company has a market cap of $26.75 billion, a PE ratio of 46.67, a price-to-earnings-growth ratio of 1.73 and a beta of 1.08. Corning Incorporated has a 52 week low of $25.26 and a 52 week high of $36.01. The firm has a 50 day simple moving average of $32.31 and a 200 day simple moving average of $30.40.

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

Corning Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 28th. Shareholders of record on Thursday, February 29th were paid a $0.28 dividend. The ex-dividend date was Wednesday, February 28th. This represents a $1.12 annualized dividend and a yield of 3.58%. Corning’s dividend payout ratio is presently 167.16%.

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.