Price T Rowe Associates Inc. MD Has $1.30 Billion Position in Corning Incorporated (NYSE:GLW)

Price T Rowe Associates Inc. MD reduced its stake in Corning Incorporated (NYSE:GLW - Free Report) by 14.4% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 27,335,433 shares of the electronics maker's stock after selling 4,616,994 shares during the period. Price T Rowe Associates Inc. MD owned approximately 3.19% of Corning worth $1,298,981,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of the stock. Sound Income Strategies LLC grew its holdings in Corning by 76.7% during the 4th quarter. Sound Income Strategies LLC now owns 523 shares of the electronics maker's stock worth $25,000 after acquiring an additional 227 shares in the last quarter. Sierra Ocean LLC acquired a new position in shares of Corning in the 4th quarter worth approximately $25,000. Asset Planning Inc bought a new stake in shares of Corning in the 4th quarter valued at approximately $29,000. Rosenberg Matthew Hamilton raised its position in shares of Corning by 202.4% during the 4th quarter. Rosenberg Matthew Hamilton now owns 747 shares of the electronics maker's stock valued at $35,000 after acquiring an additional 500 shares in the last quarter. Finally, Mainstream Capital Management LLC acquired a new position in Corning in the fourth quarter worth $35,000. 69.80% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

GLW has been the subject of several research reports. Mizuho set a $52.00 price target on shares of Corning in a report on Tuesday, April 15th. Hsbc Global Res raised Corning from a "hold" rating to a "strong-buy" rating in a report on Thursday, January 30th. Citigroup cut their price target on Corning from $58.00 to $50.00 and set a "buy" rating on the stock in a report on Monday, April 14th. Barclays lowered their price objective on Corning from $53.00 to $52.00 and set an "equal weight" rating for the company in a research note on Wednesday, January 29th. Finally, HSBC raised Corning from a "hold" rating to a "buy" rating and increased their target price for the stock from $51.00 to $60.00 in a research report on Thursday, January 30th. 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 data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $53.31.

Corning Price Performance

Shares of Corning stock traded down $0.12 on Monday, hitting $44.06. The company had a trading volume of 6,319,300 shares, compared to its average volume of 5,987,542. Corning Incorporated has a 52 week low of $31.37 and a 52 week high of $55.33. 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 $37.75 billion, a PE ratio of 75.97, a PEG ratio of 1.50 and a beta of 1.03. The business has a 50-day simple moving average of $45.45 and a 200-day simple moving average of $47.61.

Corning (NYSE:GLW - Get Free Report) last issued its quarterly 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 return on equity of 15.10% and a net margin of 3.86%. Research analysts expect that Corning Incorporated will post 2.33 EPS for the current fiscal year.

Corning Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 28th. Stockholders of record on Friday, February 28th were paid a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a dividend yield of 2.54%. The ex-dividend date was Friday, February 28th. Corning's dividend payout ratio is presently 193.10%.

Insider Activity at Corning

In related news, SVP Michael Alan Bell sold 2,209 shares of the firm's stock in a transaction that occurred on Thursday, January 30th. The shares were sold at an average price of $49.87, for a total value of $110,162.83. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, COO Eric S. Musser sold 30,000 shares of Corning stock in a transaction that occurred 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 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 ownership of the stock. The disclosure for this sale can be found here. 0.40% of the stock is currently owned by corporate insiders.

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.