Arrowstreet Capital Limited Partnership Boosts Stake in Corning Incorporated (NYSE:GLW)

Arrowstreet Capital Limited Partnership raised its holdings in shares of Corning Incorporated (NYSE:GLW - Free Report) by 278.3% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 743,788 shares of the electronics maker's stock after acquiring an additional 547,167 shares during the period. Arrowstreet Capital Limited Partnership owned approximately 0.09% of Corning worth $35,345,000 at the end of the most recent quarter.

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

Analysts Set New Price Targets

GLW has been the subject of several recent research reports. Morgan Stanley lifted their target price on shares of Corning from $39.00 to $48.00 and gave the company an "equal weight" rating in a report on Tuesday, December 17th. Citigroup upped their price objective 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. Hsbc Global Res upgraded Corning from a "hold" rating to a "strong-buy" rating in a research note on Thursday, January 30th. HSBC upgraded Corning from a "hold" rating to a "buy" rating and increased their price target for the stock from $51.00 to $60.00 in a research report on Thursday, January 30th. Finally, Barclays cut their price objective on Corning from $53.00 to $52.00 and set an "equal weight" rating for the company in a research report on Wednesday, January 29th. Four investment 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 stock. Based on data from MarketBeat, Corning has an average rating of "Moderate Buy" and a consensus price target of $54.31.

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Corning Price Performance

GLW traded up $0.49 on Monday, hitting $39.56. 9,184,764 shares of the company's stock were exchanged, compared to its average volume of 5,856,831. Corning Incorporated has a fifty-two week low of $30.72 and a fifty-two week high of $55.33. The stock has a market cap of $33.89 billion, a price-to-earnings ratio of 68.21, a P/E/G ratio of 1.50 and a beta of 1.03. The firm has a 50-day moving average price of $48.75 and a 200-day moving average price of $47.97. The company has a current ratio of 1.62, a quick ratio of 1.07 and a debt-to-equity ratio of 0.62.

Corning (NYSE:GLW - Get Free Report) last posted its quarterly 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%. As a group, equities analysts anticipate that Corning Incorporated will post 2.33 earnings per share for the current year.

Corning Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, March 28th. Investors of record on Friday, February 28th were issued a $0.28 dividend. The ex-dividend date of this dividend was Friday, February 28th. This represents a $1.12 annualized dividend and a dividend yield of 2.83%. Corning's dividend payout ratio is presently 193.10%.

Insider Buying and Selling

In related news, SVP Michael Alan Bell sold 2,209 shares of the firm'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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, COO Eric S. Musser sold 30,000 shares of the business'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 transaction, the chief operating officer now owns 152,944 shares in the company, 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 company 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.