Allspring Global Investments Holdings LLC Raises Position in Corning Incorporated (NYSE:GLW)

Allspring Global Investments Holdings LLC increased its stake in shares of Corning Incorporated (NYSE:GLW - Free Report) by 171.3% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 109,103 shares of the electronics maker's stock after purchasing an additional 68,889 shares during the period. Allspring Global Investments Holdings LLC's holdings in Corning were worth $5,096,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in the stock. Wellington Management Group LLP grew its stake in shares of Corning by 0.3% during the third quarter. Wellington Management Group LLP now owns 39,225,452 shares of the electronics maker's stock worth $1,771,029,000 after purchasing an additional 133,214 shares during the period. State Street Corp lifted its holdings in Corning by 3.8% during the third quarter. State Street Corp now owns 33,983,090 shares of the electronics maker's stock worth $1,534,337,000 after acquiring an additional 1,242,718 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in Corning by 0.8% during the third quarter. Charles Schwab Investment Management Inc. now owns 4,853,076 shares of the electronics maker's stock worth $219,116,000 after acquiring an additional 38,168 shares in the last quarter. FMR LLC lifted its holdings in Corning by 52.8% during the third quarter. FMR LLC now owns 3,723,044 shares of the electronics maker's stock worth $168,095,000 after acquiring an additional 1,285,836 shares in the last quarter. Finally, Stifel Financial Corp lifted its holdings in Corning by 1.9% during the third quarter. Stifel Financial Corp now owns 2,810,435 shares of the electronics maker's stock worth $126,893,000 after acquiring an additional 52,667 shares in the last quarter. 69.80% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Corning

In related news, SVP John P. Bayne, Jr. sold 8,876 shares of the firm's stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $49.09, for a total value of $435,722.84. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, COO Eric S. Musser sold 30,000 shares of Corning stock in a transaction that occurred on Friday, January 31st. The stock was sold at an average price of $51.92, for a total transaction of $1,557,600.00. Following the transaction, the chief operating officer now directly owns 152,944 shares in the company, valued at approximately $7,940,852.48. This represents a 16.40 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 41,085 shares of company stock valued at $2,103,486. 0.40% of the stock is owned by corporate insiders.

Corning Trading Down 0.8 %

NYSE GLW traded down $0.41 on Friday, reaching $51.46. The company had a trading volume of 4,700,845 shares, compared to its average volume of 5,847,332. The firm has a market cap of $44.08 billion, a price-to-earnings ratio of 88.72, a P/E/G ratio of 1.50 and a beta of 1.03. Corning Incorporated has a fifty-two week low of $30.72 and a fifty-two week high of $55.33. The business has a 50 day moving average of $49.92 and a two-hundred day moving average of $46.65. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.62 and a quick ratio of 1.07.

Corning (NYSE:GLW - Get Free Report) last released its quarterly earnings data 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 net margin of 3.86% and a return on equity of 15.10%. Analysts forecast that Corning Incorporated will post 2.33 EPS for the current 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 given a dividend of $0.28 per share. The ex-dividend date is Friday, February 28th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.18%. Corning's dividend payout ratio (DPR) is presently 193.11%.

Wall Street Analysts Forecast Growth

GLW has been the topic of several recent analyst reports. Citigroup lifted their target price on Corning from $55.00 to $58.00 and gave the stock a "buy" rating in a report on Tuesday, January 21st. Barclays cut their price target on Corning from $53.00 to $52.00 and set an "equal weight" rating on the stock in a report on Wednesday, January 29th. Deutsche Bank Aktiengesellschaft boosted their price target on Corning from $49.00 to $54.00 and gave the company a "buy" rating in a report on Wednesday, October 30th. Hsbc Global Res upgraded Corning from a "hold" rating to a "strong-buy" rating in a report on Thursday, January 30th. Finally, UBS Group boosted their price target on Corning from $46.00 to $51.00 and gave the company a "neutral" rating in a report on Wednesday, October 30th. Three equities research analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $53.00.

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.