Allstate Corp Takes Position in Corning Incorporated (NYSE:GLW)

Allstate Corp acquired a new stake in Corning Incorporated (NYSE:GLW - Free Report) during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 23,597 shares of the electronics maker's stock, valued at approximately $1,121,000.

Other institutional investors have also recently bought and sold shares of the company. Norges Bank bought a new position in Corning during the 4th quarter worth approximately $490,933,000. Amundi grew its position in Corning by 139.0% in the fourth quarter. Amundi now owns 3,900,808 shares of the electronics maker's stock valued at $186,186,000 after purchasing an additional 2,268,436 shares in the last quarter. Raymond James Financial Inc. acquired a new stake in shares of Corning in the fourth quarter valued at about $92,522,000. Appaloosa LP acquired a new position in shares of Corning during the 4th quarter worth approximately $71,280,000. Finally, FMR LLC raised its position 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. Institutional investors and hedge funds own 69.80% of the company's stock.

Analysts Set New Price Targets

Several equities research analysts have issued reports on GLW shares. Morgan Stanley raised their price target on Corning from $39.00 to $48.00 and gave the company an "equal weight" rating in a report on Tuesday, December 17th. HSBC upgraded Corning from a "hold" rating to a "buy" rating and raised their price objective for the stock from $51.00 to $60.00 in a research note on Thursday, January 30th. Barclays dropped their target price on shares of Corning from $53.00 to $52.00 and set an "equal weight" rating for the company in a research report on Wednesday, January 29th. Bank of America raised their price objective on Corning from $65.00 to $68.00 and gave the company a "buy" rating in a research note on Wednesday, March 19th. Finally, Hsbc Global Res raised shares of Corning from a "hold" rating to a "strong-buy" rating in a research note on Thursday, January 30th. Four equities research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $54.31.

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Corning Trading Down 0.6 %

Corning stock traded down $0.26 during mid-day trading on Tuesday, reaching $45.53. 6,700,113 shares of the company traded hands, compared to its average volume of 5,780,858. 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 Incorporated has a 52-week low of $30.72 and a 52-week high of $55.33. The firm has a market capitalization of $39.00 billion, a price-to-earnings ratio of 78.49, a P/E/G ratio of 1.50 and a beta of 1.03. The firm's 50 day moving average price is $49.64 and its 200 day moving average price is $48.00.

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, beating the consensus estimate of $0.56 by $0.01. Corning had a net margin of 3.86% and a return on equity of 15.10%. On average, analysts anticipate that Corning Incorporated will post 2.33 earnings per share for the current fiscal year.

Corning Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, March 28th. Stockholders of record on Friday, February 28th were paid a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.46%. The ex-dividend date of this dividend was Friday, February 28th. Corning's payout ratio is presently 193.10%.

Insider Activity at Corning

In other Corning news, 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 value of $110,162.83. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, COO Eric S. Musser sold 30,000 shares of Corning stock in a transaction that occurred on 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 transaction, 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 disclosure for this sale can be found here. 0.40% of the stock is currently owned by corporate insiders.

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.