CANADA LIFE ASSURANCE Co Cuts Stock Position in Corning Incorporated (NYSE:GLW)

CANADA LIFE ASSURANCE Co lessened its holdings in Corning Incorporated (NYSE:GLW - Free Report) by 11.4% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 628,445 shares of the electronics maker's stock after selling 80,495 shares during the quarter. CANADA LIFE ASSURANCE Co owned 0.07% of Corning worth $29,848,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently modified their holdings of the business. Norges Bank acquired a new position in shares of Corning during the fourth quarter worth $490,933,000. Amundi increased its holdings in Corning by 139.0% in the 4th 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. Mariner LLC grew its holdings in shares of Corning by 134.0% during the fourth quarter. Mariner LLC now owns 3,869,358 shares of the electronics maker's stock worth $183,867,000 after purchasing an additional 2,215,840 shares during the last quarter. Raymond James Financial Inc. bought a new position in Corning in the 4th quarter valued at approximately $92,522,000. Finally, Appaloosa LP acquired a new stake in Corning during the 4th quarter worth approximately $71,280,000. Institutional investors own 69.80% of the company's stock.

Corning Stock Up 2.2 %

GLW traded up $0.93 during midday trading on Thursday, hitting $43.90. The company had a trading volume of 6,517,765 shares, compared to its average volume of 5,964,613. The stock's 50 day moving average price is $45.80 and its 200 day moving average price is $47.61. Corning Incorporated has a 52 week low of $31.20 and a 52 week high of $55.33. The company has a market capitalization of $37.61 billion, a price-to-earnings ratio of 75.69, a PEG ratio of 1.50 and a beta of 1.03. 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 issued its earnings results on Wednesday, January 29th. The electronics maker reported $0.57 EPS for the quarter, beating analysts' consensus estimates of $0.56 by $0.01. Corning had a return on equity of 15.10% and a net margin of 3.86%. On average, research analysts anticipate that Corning Incorporated will post 2.33 earnings per share for the current fiscal year.

Corning Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, March 28th. Investors of record on Friday, February 28th were given a $0.28 dividend. This represents a $1.12 annualized dividend and a yield of 2.55%. The ex-dividend date of this dividend was Friday, February 28th. Corning's payout ratio is currently 193.10%.

Insider Buying and Selling at Corning

In other Corning news, SVP Michael Alan Bell sold 2,209 shares of the business's stock in a transaction that occurred 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 document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, COO Eric S. Musser sold 30,000 shares of the company's stock in a transaction on 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 sale, the chief operating officer now owns 152,944 shares of the company's stock, valued at $7,940,852.48. This trade represents a 16.40 % decrease in their position. The disclosure for this sale can be found here. 0.40% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

GLW has been the topic of a number of recent research reports. Mizuho set a $52.00 price target on shares of Corning in a report on Tuesday, April 15th. Citigroup reduced their price target on Corning from $58.00 to $50.00 and set a "buy" rating on the stock in a research report on Monday, April 14th. Bank of America raised their price objective on Corning from $65.00 to $68.00 and gave the stock a "buy" rating in a research report on Wednesday, March 19th. Hsbc Global Res raised shares of Corning from a "hold" rating to a "strong-buy" rating in a research report on Thursday, January 30th. Finally, Barclays lowered their price target on shares of Corning from $53.00 to $52.00 and set an "equal weight" rating for the company in a report on Wednesday, January 29th. Four analysts have rated the stock with a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target 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.