130,174 Shares in Corning Incorporated (NYSE:GLW) Bought by International Assets Investment Management LLC

International Assets Investment Management LLC bought a new position in shares of Corning Incorporated (NYSE:GLW) in the 4th quarter, according to its most recent 13F filing with the SEC. The fund bought 130,174 shares of the electronics maker’s stock, valued at approximately $4,275,000.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Raymond James Financial Services Advisors Inc. raised its holdings in Corning by 9.9% in the third quarter. Raymond James Financial Services Advisors Inc. now owns 269,980 shares of the electronics maker’s stock worth $8,226,000 after purchasing an additional 24,225 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in Corning by 2.8% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 133,739 shares of the electronics maker’s stock valued at $4,075,000 after acquiring an additional 3,663 shares during the period. Mackenzie Financial Corp increased its holdings in shares of Corning by 13.4% in the third quarter. Mackenzie Financial Corp now owns 99,610 shares of the electronics maker’s stock worth $2,990,000 after acquiring an additional 11,739 shares in the last quarter. Strs Ohio raised its position in shares of Corning by 50.1% during the third quarter. Strs Ohio now owns 541,013 shares of the electronics maker’s stock worth $16,484,000 after purchasing an additional 180,519 shares during the period. Finally, IFM Investors Pty Ltd lifted its holdings in shares of Corning by 3.6% during the 3rd quarter. IFM Investors Pty Ltd now owns 162,311 shares of the electronics maker’s stock valued at $4,946,000 after purchasing an additional 5,608 shares in the last quarter. 69.80% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

GLW has been the subject of a number of research reports. Barclays increased their target price on Corning from $28.00 to $35.00 and gave the stock an “equal weight” rating in a research note on Wednesday, January 31st. JPMorgan Chase & Co. increased their price objective on shares of Corning from $36.00 to $37.00 and gave the stock a “neutral” rating in a research report on Wednesday, May 1st. Susquehanna reaffirmed a “positive” rating and issued a $40.00 price objective on shares of Corning in a research report on Monday, April 1st. UBS Group increased their target price on Corning from $34.00 to $35.00 and gave the stock a “neutral” rating in a report on Monday, April 8th. Finally, StockNews.com upgraded Corning from a “sell” rating to a “hold” rating in a report on Monday, April 1st. One analyst has rated the stock with a sell rating, six have issued a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat.com, Corning has a consensus rating of “Hold” and an average price target of $35.00.

Insider Buying and Selling at Corning

In other news, VP Jeffrey W. Evenson sold 103,437 shares of the business’s stock in a transaction dated Monday, May 6th. The shares were sold at an average price of $33.19, for a total transaction of $3,433,074.03. Following the transaction, the vice president now directly owns 70,110 shares in the company, valued at approximately $2,326,950.90. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, VP Martin J. Curran sold 16,416 shares of the business’s stock in a transaction that occurred on Friday, May 3rd. The stock was sold at an average price of $33.70, for a total transaction of $553,219.20. Following the transaction, the vice president now directly owns 65,598 shares of the company’s stock, valued at approximately $2,210,652.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Jeffrey W. Evenson sold 103,437 shares of the firm’s stock in a transaction on Monday, May 6th. The shares were sold at an average price of $33.19, for a total value of $3,433,074.03. Following the sale, the vice president now directly owns 70,110 shares of the company’s stock, valued at approximately $2,326,950.90. The disclosure for this sale can be found here. Insiders sold a total of 239,841 shares of company stock worth $7,971,257 over the last quarter. 0.45% of the stock is currently owned by insiders.

Corning Price Performance

Shares of NYSE GLW opened at $33.93 on Thursday. Corning Incorporated has a fifty-two week low of $25.26 and a fifty-two week high of $36.01. The stock has a market capitalization of $29.06 billion, a price-to-earnings ratio of 47.78, a PEG ratio of 1.70 and a beta of 1.07. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.67 and a quick ratio of 1.02. The business has a 50-day moving average of $32.40 and a 200-day moving average of $30.74.

Corning (NYSE:GLW) last posted its quarterly earnings results on Tuesday, April 30th. The electronics maker reported $0.38 earnings per share for the quarter, beating analysts’ consensus estimates of $0.36 by $0.02. Corning had a return on equity of 12.31% and a net margin of 4.96%. The firm had revenue of $2.98 billion during the quarter, compared to the consensus estimate of $3.12 billion. During the same period last year, the company earned $0.41 earnings per share. The business’s revenue was down 11.5% compared to the same quarter last year. As a group, sell-side analysts predict that Corning Incorporated will post 1.9 earnings per share for the current fiscal year.

Corning Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, June 27th. Investors of record on Friday, May 31st will be issued a dividend of $0.28 per share. The ex-dividend date is Thursday, May 30th. This represents a $1.12 dividend on an annualized basis and a yield of 3.30%. Corning’s payout ratio is 157.75%.

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.