Canada Post Corp Registered Pension Plan Acquires New Position in Corning Incorporated (NYSE:GLW)

Canada Post Corp Registered Pension Plan acquired a new stake in Corning Incorporated (NYSE:GLW - Free Report) during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 13,196 shares of the electronics maker's stock, valued at approximately $627,000.

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

Insider Buying and Selling

In other Corning news, SVP Michael Alan Bell sold 2,209 shares of the firm's 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, COO Eric S. Musser sold 30,000 shares of the company's stock in a transaction 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 completion of the sale, the chief operating officer now owns 152,944 shares in the company, valued at $7,940,852.48. This represents a 16.40 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.40% of the company's stock.

Wall Street Analyst Weigh In

GLW has been the topic of a number of research reports. Barclays lowered their target price on shares of Corning from $53.00 to $52.00 and set an "equal weight" rating on the stock in a research report on Wednesday, January 29th. HSBC raised shares of 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 report on Thursday, January 30th. JPMorgan Chase & Co. decreased their target price on shares of Corning from $62.00 to $50.00 and set an "overweight" rating for the company in a research note on Thursday. Hsbc Global Res upgraded Corning from a "hold" rating to a "strong-buy" rating in a research report on Thursday, January 30th. Finally, Bank of America increased 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. Four 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, Corning presently has an average rating of "Moderate Buy" and a consensus price target of $53.31.

Corning Price Performance

NYSE:GLW traded down $1.20 during trading hours on Monday, hitting $40.32. The company's stock had a trading volume of 1,130,975 shares, compared to its average volume of 5,928,263. The company has a market capitalization of $34.54 billion, a PE ratio of 69.51, a PEG ratio of 1.50 and a beta of 1.03. Corning Incorporated has a 52-week low of $31.20 and a 52-week high of $55.33. The business's 50-day moving average is $46.42 and its two-hundred day moving average is $47.69. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.07 and a current ratio of 1.62.

Corning (NYSE:GLW - Get Free Report) last issued its earnings results on Wednesday, January 29th. The electronics maker reported $0.57 earnings per share (EPS) for the quarter, beating 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, research analysts anticipate that Corning Incorporated will post 2.33 EPS for the current fiscal year.

Corning Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, March 28th. Stockholders of record on Friday, February 28th were given a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.78%. The ex-dividend date of this dividend was Friday, February 28th. Corning's dividend payout ratio is currently 193.10%.

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.