Corning Incorporated (NYSE:GLW) Position Reduced by Connor Clark & Lunn Investment Management Ltd.

Connor Clark & Lunn Investment Management Ltd. decreased its holdings in shares of Corning Incorporated (NYSE:GLW - Free Report) by 37.6% during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 28,206 shares of the electronics maker's stock after selling 16,988 shares during the quarter. Connor Clark & Lunn Investment Management Ltd.'s holdings in Corning were worth $1,340,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in GLW. Sound Income Strategies LLC boosted its holdings in shares of Corning by 76.7% during the fourth quarter. Sound Income Strategies LLC now owns 523 shares of the electronics maker's stock worth $25,000 after purchasing an additional 227 shares during the last quarter. Sierra Ocean LLC purchased a new position in shares of Corning in the 4th quarter worth $25,000. Asset Planning Inc purchased a new position in shares of Corning in the 4th quarter worth $29,000. Rosenberg Matthew Hamilton raised its position in shares of Corning by 202.4% in the 4th quarter. Rosenberg Matthew Hamilton now owns 747 shares of the electronics maker's stock worth $35,000 after buying an additional 500 shares during the period. Finally, Mainstream Capital Management LLC purchased a new position in shares of Corning in the 4th quarter worth $35,000. Institutional investors and hedge funds own 69.80% of the company's stock.

Corning Stock Down 0.4 %

Shares of NYSE GLW traded down $0.18 during midday trading on Friday, reaching $48.49. 10,770,242 shares of the company's stock were exchanged, compared to its average volume of 5,497,644. Corning Incorporated has a 52-week low of $30.72 and a 52-week high of $55.33. The stock has a market capitalization of $41.53 billion, a PE ratio of 83.60, a price-to-earnings-growth ratio of 1.50 and a beta of 1.03. 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 business's fifty day moving average price is $49.91 and its two-hundred day moving average price is $47.67.

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Corning (NYSE:GLW - Get Free Report) last announced its earnings results on Wednesday, January 29th. The electronics maker reported $0.57 earnings per share (EPS) for the quarter, topping 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%. Analysts forecast that Corning Incorporated will post 2.33 EPS for the current year.

Corning Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Friday, February 28th will be paid a $0.28 dividend. The ex-dividend date of this dividend is Friday, February 28th. This represents a $1.12 dividend on an annualized basis and a yield of 2.31%. Corning's dividend payout ratio (DPR) is 193.10%.

Insider Buying and Selling

In related news, SVP Michael Alan Bell sold 2,209 shares of Corning stock in a transaction dated Thursday, January 30th. The stock was sold at an average price of $49.87, for a total value of $110,162.83. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, COO Eric S. Musser sold 30,000 shares of Corning 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 completion of the transaction, 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 ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.45% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on the company. 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. Hsbc Global Res raised Corning from a "hold" rating to a "strong-buy" rating in a research report on Thursday, January 30th. Citigroup increased their target price on Corning from $55.00 to $58.00 and gave the stock a "buy" rating in a research report on Tuesday, January 21st. Barclays cut their target price on Corning from $53.00 to $52.00 and set an "equal weight" rating on the stock in a research report on Wednesday, January 29th. Finally, Morgan Stanley raised their price objective on Corning from $39.00 to $48.00 and gave the company an "equal weight" rating in a research report on Tuesday, December 17th. Four research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Corning has a consensus rating of "Moderate Buy" and an average price target of $54.31.

About Corning

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.