Rathbones Group PLC Has $1.79 Million Stock Holdings in Corning Incorporated (NYSE:GLW)

Rathbones Group PLC reduced its position in Corning Incorporated (NYSE:GLW - Free Report) by 22.7% in the 4th quarter, according to its most recent filing with the SEC. The fund owned 37,665 shares of the electronics maker's stock after selling 11,040 shares during the period. Rathbones Group PLC's holdings in Corning were worth $1,790,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of GLW. Invesco Ltd. increased its holdings in Corning by 5.1% during the 4th quarter. Invesco Ltd. now owns 6,048,735 shares of the electronics maker's stock valued at $287,436,000 after acquiring an additional 293,713 shares in the last quarter. Bank of Montreal Can grew its position in Corning by 99.7% during the fourth quarter. Bank of Montreal Can now owns 1,464,171 shares of the electronics maker's stock valued at $69,577,000 after acquiring an additional 730,815 shares during the period. Cerity Partners LLC raised its holdings in Corning by 1.6% in the fourth quarter. Cerity Partners LLC now owns 521,929 shares of the electronics maker's stock valued at $24,727,000 after buying an additional 8,111 shares during the period. Sierra Summit Advisors LLC boosted its position in Corning by 1,031.4% during the 4th quarter. Sierra Summit Advisors LLC now owns 270,694 shares of the electronics maker's stock worth $12,863,000 after purchasing an additional 246,769 shares during the period. Finally, Garrison Point Advisors LLC raised its holdings in shares of Corning by 75.9% during the 4th quarter. Garrison Point Advisors LLC now owns 15,656 shares of the electronics maker's stock valued at $744,000 after buying an additional 6,756 shares during the period. 69.80% of the stock is currently owned by hedge funds and other institutional investors.

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Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on GLW shares. Hsbc Global Res upgraded Corning from a "hold" rating to a "strong-buy" rating in a research note 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 price objective on shares of Corning from $39.00 to $48.00 and gave the stock an "equal weight" rating in a research note on Tuesday, December 17th. 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. Finally, Barclays reduced their price target on shares of Corning from $53.00 to $52.00 and set an "equal weight" rating for the company in a report on Wednesday, January 29th. Four equities research analysts have rated the stock with a hold rating, ten have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $54.31.

Corning Price Performance

GLW stock traded up $0.73 during trading on Monday, hitting $41.99. 1,101,625 shares of the stock traded hands, compared to its average volume of 5,911,331. The stock has a market cap of $35.98 billion, a price-to-earnings ratio of 72.40, a P/E/G ratio of 1.50 and a beta of 1.03. Corning Incorporated has a one year low of $30.72 and a one year high of $55.33. The company has a current ratio of 1.62, a quick ratio of 1.07 and a debt-to-equity ratio of 0.62. The company has a 50 day simple moving average of $47.57 and a 200 day simple moving average of $47.81.

Corning (NYSE:GLW - Get Free Report) last announced its quarterly earnings data on Wednesday, January 29th. The electronics maker reported $0.57 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%. Equities analysts expect that Corning Incorporated will post 2.33 EPS for the current fiscal year.

Corning Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 28th. Shareholders of record on Friday, February 28th were paid a $0.28 dividend. The ex-dividend date of this dividend was Friday, February 28th. This represents a $1.12 annualized dividend and a yield of 2.67%. Corning's payout ratio is currently 193.10%.

Insider Buying and Selling at Corning

In related news, SVP Michael Alan Bell sold 2,209 shares of the firm's 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 document filed with the SEC, which can be accessed through the SEC website. Also, COO Eric S. Musser sold 30,000 shares of the business's stock in a transaction on 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 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 position. The disclosure for this sale can be found here. Corporate insiders own 0.40% of the company's stock.

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.