Corning Incorporated (NYSE:GLW) Stock Holdings Boosted by DnB Asset Management AS

DnB Asset Management AS grew its holdings in shares of Corning Incorporated (NYSE:GLW - Free Report) by 15.6% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,251,510 shares of the electronics maker's stock after purchasing an additional 168,941 shares during the period. DnB Asset Management AS owned about 0.15% of Corning worth $59,472,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in the business. Quest Partners LLC purchased a new position in shares of Corning in the 3rd quarter valued at about $106,000. Swedbank AB increased its stake in Corning by 60.2% in the third quarter. Swedbank AB now owns 38,314 shares of the electronics maker's stock valued at $1,730,000 after purchasing an additional 14,403 shares during the period. FMR LLC boosted its stake in shares of Corning by 52.8% during the third quarter. FMR LLC now owns 3,723,044 shares of the electronics maker's stock worth $168,095,000 after buying an additional 1,285,836 shares during the period. Brooklyn Investment Group purchased a new position in shares of Corning during the third quarter worth about $76,000. Finally, Baldwin Investment Management LLC acquired a new position in Corning in the 3rd quarter valued at about $226,000. Institutional investors and hedge funds own 69.80% of the company's stock.

Analysts Set New Price Targets

GLW has been the topic of a number of recent analyst reports. Bank of America boosted their price target on shares of Corning from $65.00 to $68.00 and gave the stock a "buy" rating in a research note on Wednesday, March 19th. Morgan Stanley boosted 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. Hsbc Global Res upgraded shares of Corning from a "hold" rating to a "strong-buy" rating in a research report on Thursday, January 30th. Barclays lowered their target price on Corning from $53.00 to $52.00 and set an "equal weight" rating on the stock in a report on Wednesday, January 29th. Finally, Citigroup raised their price target on shares of Corning from $55.00 to $58.00 and gave the stock a "buy" rating in a research note on Tuesday, January 21st. Four equities research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $54.31.

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Insider Buying and Selling at Corning

In other news, SVP Michael Alan Bell sold 2,209 shares of Corning stock in a transaction that occurred on Thursday, January 30th. The stock was sold at an average price of $49.87, for a total value of $110,162.83. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, COO Eric S. Musser sold 30,000 shares of the business's stock in a transaction on Friday, January 31st. The shares were 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 owns 152,944 shares of the company's stock, valued at approximately $7,940,852.48. The trade was a 16.40 % decrease in their position. The disclosure for this sale can be found here. 0.40% of the stock is currently owned by corporate insiders.

Corning Trading Down 0.4 %

GLW stock traded down $0.18 on Tuesday, hitting $45.60. 1,794,592 shares of the company were exchanged, compared to its average volume of 5,748,622. The stock has a market capitalization of $39.07 billion, a price-to-earnings ratio of 78.56, a price-to-earnings-growth ratio of 1.50 and a beta of 1.03. The business's fifty day moving average is $49.76 and its two-hundred day moving average is $47.98. Corning Incorporated has a twelve month low of $30.72 and a twelve month 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.

Corning (NYSE:GLW - Get Free Report) last issued its 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%. As a group, research analysts forecast that Corning Incorporated will post 2.33 earnings per share for the current year.

Corning Announces Dividend

The firm also recently disclosed 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 annualized dividend and a dividend yield of 2.46%. The ex-dividend date of this dividend was Friday, February 28th. Corning's payout ratio is currently 193.10%.

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.