Zurcher Kantonalbank Zurich Cantonalbank Acquires 4,342 Shares of Corning Incorporated (NYSE:GLW)

Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in Corning Incorporated (NYSE:GLW) by 3.2% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 138,081 shares of the electronics maker’s stock after purchasing an additional 4,342 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Corning were worth $4,205,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in GLW. Peoples Bank KS bought a new stake in shares of Corning in the third quarter worth $25,000. OFI Invest Asset Management bought a new stake in shares of Corning in the third quarter worth $25,000. Janiczek Wealth Management LLC lifted its position in shares of Corning by 173.6% in the third quarter. Janiczek Wealth Management LLC now owns 900 shares of the electronics maker’s stock worth $27,000 after purchasing an additional 571 shares in the last quarter. SRS Capital Advisors Inc. increased its holdings in Corning by 232.9% during the third quarter. SRS Capital Advisors Inc. now owns 932 shares of the electronics maker’s stock worth $28,000 after buying an additional 652 shares during the last quarter. Finally, Bruce G. Allen Investments LLC acquired a new position in Corning during the fourth quarter worth $31,000. Institutional investors own 69.80% of the company’s stock.

Insider Activity

In other news, Vice Chairman Lawrence D. Mcrae sold 77,464 shares of the business’s stock in a transaction dated 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 completion of the sale, the insider now owns 215,254 shares of the company’s stock, valued at $7,155,042.96. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.45% of the stock is currently owned by company insiders.

Corning Price Performance

NYSE:GLW opened at $31.27 on Monday. The firm’s fifty day moving average price is $32.31 and its two-hundred day moving average price is $30.40. The company has a market cap of $26.75 billion, a P/E ratio of 46.67, a P/E/G ratio of 1.73 and a beta of 1.08. Corning Incorporated has a one year low of $25.26 and a one year high of $36.01. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.67 and a quick ratio of 1.05.

Corning (NYSE:GLW) last announced its 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. The company had revenue of $2.99 billion during the quarter, compared to analysts’ expectations of $3.26 billion. Corning had a net margin of 4.62% and a return on equity of 12.31%. Corning’s quarterly revenue was down 12.1% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.47 earnings per share. Equities analysts expect that Corning Incorporated will post 1.87 earnings per share for the current year.

Corning Announces Dividend

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

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on GLW. UBS Group boosted their target price on shares of Corning from $34.00 to $35.00 and gave the stock a “neutral” rating in a report on Monday, April 8th. Barclays boosted their target price on shares of Corning from $28.00 to $35.00 and gave the stock an “equal weight” rating in a report on Wednesday, January 31st. StockNews.com upgraded shares of Corning from a “sell” rating to a “hold” rating in a report on Monday, April 1st. HSBC downgraded shares of Corning from a “hold” rating to a “reduce” rating and set a $29.00 target price on the stock. in a report on Thursday, February 1st. Finally, Susquehanna restated a “positive” rating and set a $40.00 target price on shares of Corning in a report on Monday, April 1st. One investment analyst has rated the stock with a sell rating, five have given a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat, Corning currently has an average rating of “Hold” and a consensus price target of $34.56.

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.