Canada Pension Plan Investment Board Buys 209,054 Shares of Corning Incorporated (NYSE:GLW)

Canada Pension Plan Investment Board lifted its holdings in shares of Corning Incorporated (NYSE:GLW - Free Report) by 238.6% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 296,677 shares of the electronics maker's stock after acquiring an additional 209,054 shares during the quarter. Canada Pension Plan Investment Board's holdings in Corning were worth $14,098,000 as of its most recent SEC filing.

Other institutional investors have also made changes to their positions in the company. Barclays PLC raised its position in shares of Corning by 8.5% in the third quarter. Barclays PLC now owns 1,892,946 shares of the electronics maker's stock valued at $85,468,000 after purchasing an additional 148,042 shares during the period. M&T Bank Corp grew its stake in Corning by 3.8% in the 3rd quarter. M&T Bank Corp now owns 165,246 shares of the electronics maker's stock valued at $7,461,000 after buying an additional 6,040 shares during the last quarter. Bard Financial Services Inc. bought a new position in Corning in the 3rd quarter valued at about $1,631,000. World Investment Advisors LLC lifted its position in Corning by 327.3% during the third quarter. World Investment Advisors LLC now owns 24,087 shares of the electronics maker's stock worth $1,088,000 after acquiring an additional 18,450 shares during the last quarter. Finally, Sfmg LLC acquired a new position in shares of Corning in the third quarter valued at approximately $205,000. 69.80% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

GLW has been the subject of several research reports. JPMorgan Chase & Co. dropped their price target on Corning from $62.00 to $50.00 and set an "overweight" rating for the company in a report on Thursday, April 17th. Hsbc Global Res raised Corning from a "hold" rating to a "strong-buy" rating in a report on Thursday, January 30th. StockNews.com downgraded shares of Corning from a "buy" rating to a "hold" rating in a research note on Tuesday, February 25th. Mizuho set a $52.00 price objective on shares of Corning in a research note on Tuesday, April 15th. Finally, Bank of America increased their target price on shares of Corning from $65.00 to $68.00 and gave the stock a "buy" rating in a research report on Wednesday, March 19th. Four equities research analysts have rated the stock with a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $53.31.

Insider Activity at Corning

In other news, COO Eric S. Musser sold 30,000 shares of the business's stock in a transaction that occurred on Friday, January 31st. The shares were 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. The trade was a 16.40 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Michael Alan Bell sold 2,209 shares of the 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 disclosure for this sale can be found here. 0.40% of the stock is currently owned by company insiders.

Corning Price Performance

Shares of NYSE GLW traded up $0.93 during mid-day trading on Thursday, hitting $43.90. 6,844,002 shares of the stock traded hands, compared to its average volume of 5,977,026. Corning Incorporated has a twelve month low of $31.20 and a twelve month high of $55.33. The firm has a 50 day simple moving average of $45.80 and a two-hundred day simple moving average of $47.61. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.62 and a quick ratio of 1.07. The company has a market cap of $37.61 billion, a PE ratio of 75.69, a price-to-earnings-growth ratio of 1.50 and a beta of 1.03.

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, beating 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%. As a group, equities research analysts forecast that Corning Incorporated will post 2.33 EPS for the current fiscal year.

Corning Dividend Announcement

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

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.