Cibc World Markets Corp Grows Stake in Corning Incorporated (NYSE:GLW)

Cibc World Markets Corp boosted its stake in shares of Corning Incorporated (NYSE:GLW - Free Report) by 15.3% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 123,497 shares of the electronics maker's stock after acquiring an additional 16,412 shares during the quarter. Cibc World Markets Corp's holdings in Corning were worth $5,869,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors also recently bought and sold shares of the stock. Wellington Management Group LLP raised its position in Corning by 0.3% during the 3rd quarter. Wellington Management Group LLP now owns 39,225,452 shares of the electronics maker's stock valued at $1,771,029,000 after purchasing an additional 133,214 shares during the last quarter. State Street Corp raised its position in Corning by 3.8% during the 3rd quarter. State Street Corp now owns 33,983,090 shares of the electronics maker's stock valued at $1,534,337,000 after purchasing an additional 1,242,718 shares during the last quarter. Charles Schwab Investment Management Inc. raised its position in Corning by 1.7% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 4,937,981 shares of the electronics maker's stock valued at $234,653,000 after purchasing an additional 84,905 shares during the last quarter. Amundi raised its position in Corning by 139.0% during the 4th quarter. Amundi now owns 3,900,808 shares of the electronics maker's stock valued at $186,186,000 after purchasing an additional 2,268,436 shares during the last quarter. Finally, FMR LLC raised its position in Corning by 52.8% during the 3rd quarter. FMR LLC now owns 3,723,044 shares of the electronics maker's stock valued at $168,095,000 after purchasing an additional 1,285,836 shares during the last quarter. 69.80% of the stock is currently owned by hedge funds and other institutional investors.

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Corning Stock Down 0.4 %

Shares of Corning stock traded down $0.18 during midday trading on Friday, hitting $48.49. The company had a trading volume of 10,770,242 shares, compared to its average volume of 5,497,644. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.07 and a current ratio of 1.62. The stock has a market capitalization of $41.53 billion, a P/E ratio of 83.60, a P/E/G ratio of 1.50 and a beta of 1.03. The company has a 50 day moving average of $49.91 and a 200 day moving average of $47.67. Corning Incorporated has a 52-week low of $30.72 and a 52-week high of $55.33.

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 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 analysts predict that Corning Incorporated will post 2.33 earnings per share for the current fiscal year.

Corning Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Friday, February 28th will be paid a dividend of $0.28 per share. The ex-dividend date of this dividend is Friday, February 28th. This represents a $1.12 annualized dividend and a yield of 2.31%. Corning's dividend payout ratio is 193.10%.

Insider Buying and Selling at Corning

In other Corning news, COO Eric S. Musser sold 30,000 shares of the stock in a transaction on Friday, January 31st. The stock was sold at an average price of $51.92, for a total transaction of $1,557,600.00. Following the sale, the chief operating officer now directly 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 sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, SVP Michael Alan Bell sold 2,209 shares of the stock in a transaction on Thursday, January 30th. The shares were sold at an average price of $49.87, for a total value of $110,162.83. The disclosure for this sale can be found here. Company insiders own 0.45% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on the company. Hsbc Global Res raised Corning from a "hold" rating to a "strong-buy" rating in a research report on Thursday, January 30th. StockNews.com lowered Corning from a "buy" rating to a "hold" rating in a research report on Tuesday, February 25th. Morgan Stanley increased their target price on Corning from $39.00 to $48.00 and gave the stock an "equal weight" rating in a research report on Tuesday, December 17th. Bank of America increased their target price on Corning from $65.00 to $68.00 and gave the stock a "buy" rating in a research report on Wednesday. Finally, Barclays decreased their target price 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 analysts have rated the stock with a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat, Corning currently has a consensus rating of "Moderate Buy" and an average price target of $54.31.

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.