Intech Investment Management LLC Takes Position in Corning Incorporated (NYSE:GLW)

Intech Investment Management LLC acquired a new position in shares of Corning Incorporated (NYSE:GLW - Free Report) during the 4th quarter, according to its most recent 13F filing with the SEC. The fund acquired 34,745 shares of the electronics maker's stock, valued at approximately $1,651,000.

A number of other institutional investors also recently made changes to their positions in the business. Sound Income Strategies LLC raised its holdings in Corning by 76.7% in the fourth quarter. Sound Income Strategies LLC now owns 523 shares of the electronics maker's stock valued at $25,000 after acquiring an additional 227 shares in the last quarter. Sierra Ocean LLC bought a new stake in shares of Corning in the 4th quarter worth about $25,000. Asset Planning Inc acquired a new stake in shares of Corning in the 4th quarter valued at about $29,000. Rosenberg Matthew Hamilton lifted its position in shares of Corning by 202.4% during the fourth quarter. Rosenberg Matthew Hamilton now owns 747 shares of the electronics maker's stock worth $35,000 after purchasing an additional 500 shares during the last quarter. Finally, Mainstream Capital Management LLC acquired a new position in Corning in the fourth quarter worth about $35,000. 69.80% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on the company. Bank of America increased their target price on Corning from $65.00 to $68.00 and gave the stock a "buy" rating in a report on Wednesday, March 19th. Barclays decreased their price objective on shares of Corning from $53.00 to $52.00 and set an "equal weight" rating for the company in a report on Wednesday, January 29th. Citigroup increased their target price on shares of Corning from $55.00 to $58.00 and gave the stock a "buy" rating in a report on Tuesday, January 21st. 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 report on Thursday, January 30th. Finally, StockNews.com lowered shares of Corning from a "buy" rating to a "hold" rating in a research note on Tuesday, February 25th. Four equities research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $54.31.

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Insider Activity at Corning

In related news, SVP Michael Alan Bell sold 2,209 shares of Corning 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 document filed with the SEC, which is available through 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 transaction of $1,557,600.00. Following the completion of the sale, the chief operating officer now directly owns 152,944 shares of the company's stock, valued at $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. Company insiders own 0.40% of the company's stock.

Corning Stock Performance

GLW stock traded down $0.92 on Tuesday, reaching $48.97. The company's stock had a trading volume of 4,027,548 shares, compared to its average volume of 5,506,704. Corning Incorporated has a 52 week low of $30.72 and a 52 week high of $55.33. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.62 and a quick ratio of 1.07. The company has a market capitalization of $41.95 billion, a P/E ratio of 84.43, a price-to-earnings-growth ratio of 1.50 and a beta of 1.03. The firm has a fifty day moving average of $50.01 and a two-hundred day moving average of $47.83.

Corning (NYSE:GLW - Get Free Report) last announced its quarterly earnings results on Wednesday, January 29th. The electronics maker reported $0.57 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.56 by $0.01. Corning had a return on equity of 15.10% and a net margin of 3.86%. As a group, analysts predict that Corning Incorporated will post 2.33 EPS for the current fiscal year.

Corning Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Friday, February 28th will be issued a $0.28 dividend. This represents a $1.12 annualized dividend and a dividend yield of 2.29%. The ex-dividend date is Friday, February 28th. Corning's dividend payout ratio (DPR) is presently 193.10%.

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.