Advisors Asset Management Inc. Sells 88,880 Shares of Corning Incorporated (NYSE:GLW)

Advisors Asset Management Inc. cut its holdings in shares of Corning Incorporated (NYSE:GLW - Free Report) by 14.0% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 544,784 shares of the electronics maker's stock after selling 88,880 shares during the period. Corning comprises about 0.5% of Advisors Asset Management Inc.'s investment portfolio, making the stock its 25th biggest holding. Advisors Asset Management Inc. owned approximately 0.06% of Corning worth $25,888,000 at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. Amundi grew its stake in Corning by 139.0% in the fourth quarter. Amundi now owns 3,900,808 shares of the electronics maker's stock worth $186,186,000 after purchasing an additional 2,268,436 shares in the last quarter. Raymond James Financial Inc. acquired a new position in Corning in the fourth quarter worth about $92,522,000. Appaloosa LP acquired a new position in Corning in the fourth quarter worth about $71,280,000. FMR LLC grew its stake in Corning by 52.8% in the third quarter. FMR LLC now owns 3,723,044 shares of the electronics maker's stock worth $168,095,000 after purchasing an additional 1,285,836 shares in the last quarter. Finally, State Street Corp grew its stake in Corning by 3.8% in the third quarter. State Street Corp now owns 33,983,090 shares of the electronics maker's stock worth $1,534,337,000 after purchasing an additional 1,242,718 shares in the last quarter. 69.80% of the stock is currently owned by institutional investors and hedge funds.

Corning Stock Down 0.4 %

Shares of Corning stock traded down $0.18 on Friday, hitting $48.49. 10,770,242 shares of the company traded hands, compared to its average volume of 5,492,071. The company has a quick ratio of 1.07, a current ratio of 1.62 and a debt-to-equity ratio of 0.62. Corning Incorporated has a 12-month low of $30.72 and a 12-month high of $55.33. The company has a 50-day moving average price of $49.91 and a 200 day moving average price of $47.63. The company has a market cap of $41.53 billion, a PE ratio of 83.60, a PEG ratio of 1.50 and a beta of 1.03.

Remove Ads

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

Corning Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Friday, February 28th will be paid a $0.28 dividend. The ex-dividend date is Friday, February 28th. This represents a $1.12 dividend on an annualized basis and a yield of 2.31%. Corning's payout ratio is currently 193.10%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on GLW shares. Bank of America lifted their price target on Corning from $65.00 to $68.00 and gave the company a "buy" rating in a report on Wednesday. Hsbc Global Res raised Corning from a "hold" rating to a "strong-buy" rating in a report on Thursday, January 30th. StockNews.com cut Corning from a "buy" rating to a "hold" rating in a report on Tuesday, February 25th. Barclays dropped their target price on Corning from $53.00 to $52.00 and set an "equal weight" rating on the stock in a report on Wednesday, January 29th. Finally, Citigroup lifted their price target on shares of Corning from $55.00 to $58.00 and gave the stock a "buy" rating in a research report on Tuesday, January 21st. Four research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $54.31.

Insider Activity at Corning

In related news, 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 sale, the chief operating officer now 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 transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, SVP Michael Alan Bell sold 2,209 shares of the company's stock in a transaction dated Thursday, January 30th. The shares were sold at an average price of $49.87, for a total transaction of $110,162.83. The disclosure for this sale can be found here. 0.45% of the stock is currently owned by insiders.

About Corning

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.