Bragg Financial Advisors Inc Has $16.78 Million Holdings in Corning Incorporated (NYSE:GLW)

Bragg Financial Advisors Inc increased its holdings in Corning Incorporated (NYSE:GLW - Free Report) by 2.6% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 353,000 shares of the electronics maker's stock after buying an additional 8,801 shares during the quarter. Bragg Financial Advisors Inc's holdings in Corning were worth $16,775,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in GLW. Northstar Advisory Group LLC raised its stake in shares of Corning by 258.4% during the fourth quarter. Northstar Advisory Group LLC now owns 123,808 shares of the electronics maker's stock valued at $5,883,000 after purchasing an additional 89,268 shares in the last quarter. Franklin Resources Inc. boosted its holdings in shares of Corning by 48.4% in the third quarter. Franklin Resources Inc. now owns 191,648 shares of the electronics maker's stock valued at $8,975,000 after acquiring an additional 62,514 shares in the last quarter. Fifth Third Bancorp increased its stake in shares of Corning by 16.8% during the fourth quarter. Fifth Third Bancorp now owns 111,448 shares of the electronics maker's stock valued at $5,296,000 after acquiring an additional 16,001 shares during the period. First Financial Bank Trust Division lifted its position in Corning by 27.5% in the fourth quarter. First Financial Bank Trust Division now owns 138,153 shares of the electronics maker's stock worth $6,565,000 after purchasing an additional 29,790 shares during the period. Finally, New Century Financial Group LLC bought a new position in Corning during the 4th quarter valued at $1,110,000. 69.80% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, SVP Michael Alan Bell sold 2,209 shares of Corning stock in a transaction on Thursday, January 30th. The stock was sold at an average price of $49.87, for a total transaction of $110,162.83. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, COO Eric S. Musser sold 30,000 shares of the firm's stock in a transaction dated Friday, January 31st. The stock was sold at an average price of $51.92, for a total value of $1,557,600.00. Following the transaction, the chief operating officer now owns 152,944 shares in the company, valued at approximately $7,940,852.48. This trade represents a 16.40 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.40% of the company's stock.

Corning Stock Performance

Corning stock traded up $0.22 during trading hours on Friday, hitting $41.50. The stock had a trading volume of 4,976,031 shares, compared to its average volume of 5,936,785. The company has a market cap of $35.55 billion, a PE ratio of 71.55, a price-to-earnings-growth ratio of 1.50 and a beta of 1.03. The company has a 50-day moving average of $46.63 and a two-hundred day moving average of $47.67. Corning Incorporated has a fifty-two week low of $30.72 and a fifty-two week high of $55.33. 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 (NYSE:GLW - Get Free Report) last posted its earnings results on Wednesday, January 29th. The electronics maker reported $0.57 EPS for the quarter, topping the consensus estimate of $0.56 by $0.01. Corning had a return on equity of 15.10% and a net margin of 3.86%. On average, equities research analysts anticipate that Corning Incorporated will post 2.33 EPS for the current fiscal year.

Corning Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, March 28th. Shareholders 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 2.70%. The ex-dividend date of this dividend was Friday, February 28th. Corning's dividend payout ratio is presently 193.10%.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on GLW. Mizuho set a $52.00 target price on Corning in a research note on Tuesday. Citigroup cut their target price on shares of Corning from $58.00 to $50.00 and set a "buy" rating for the company in a research note on Monday. HSBC upgraded Corning from a "hold" rating to a "buy" rating and lifted their target price for the stock from $51.00 to $60.00 in a report on Thursday, January 30th. StockNews.com downgraded Corning from a "buy" rating to a "hold" rating in a research note on Tuesday, February 25th. Finally, 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, March 19th. Four investment analysts have rated the stock with a hold rating, ten have given a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $53.31.

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.