FIL Ltd Has $263.41 Million Holdings in Corning Incorporated (NYSE:GLW)

FIL Ltd cut its holdings in Corning Incorporated (NYSE:GLW - Free Report) by 17.3% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 5,543,144 shares of the electronics maker's stock after selling 1,160,363 shares during the quarter. FIL Ltd owned about 0.65% of Corning worth $263,410,000 as of its most recent SEC filing.

Other large investors also recently made changes to their positions in the company. Sound Income Strategies LLC increased its holdings in shares of Corning by 76.7% in the fourth quarter. Sound Income Strategies LLC now owns 523 shares of the electronics maker's stock valued at $25,000 after buying an additional 227 shares in the last quarter. Sierra Ocean LLC acquired a new position in shares of Corning in the 4th quarter worth $25,000. Asset Planning Inc acquired a new stake in shares of Corning during the fourth quarter worth $29,000. Rosenberg Matthew Hamilton lifted its holdings in shares of Corning by 202.4% during the fourth quarter. Rosenberg Matthew Hamilton now owns 747 shares of the electronics maker's stock valued at $35,000 after purchasing an additional 500 shares during the last quarter. Finally, Mainstream Capital Management LLC acquired a new position in shares of Corning in the 4th quarter valued at $35,000. Institutional investors own 69.80% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages have commented on GLW. Morgan Stanley raised their target price on shares of Corning from $39.00 to $48.00 and gave the stock an "equal weight" rating in a report on Tuesday, December 17th. Bank of America raised their price objective 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. StockNews.com cut shares of Corning from a "buy" rating to a "hold" rating in a research report on Tuesday, February 25th. Barclays reduced their target price on Corning from $53.00 to $52.00 and set an "equal weight" rating for the company in a report on Wednesday, January 29th. Finally, HSBC upgraded Corning from a "hold" rating to a "buy" rating and lifted their price target for the company from $51.00 to $60.00 in a report on Thursday, January 30th. Four research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Corning has a consensus rating of "Moderate Buy" and an average price target of $54.31.

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Corning Stock Performance

NYSE:GLW traded down $0.52 during trading hours on Friday, hitting $41.17. 11,480,495 shares of the company traded hands, compared to its average volume of 5,930,124. The firm has a 50-day moving average of $47.57 and a 200 day moving average of $47.81. Corning Incorporated has a twelve month low of $30.72 and a twelve month 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 stock has a market capitalization of $35.27 billion, a price-to-earnings ratio of 70.98, a P/E/G ratio of 1.50 and a beta of 1.03.

Corning (NYSE:GLW - Get Free Report) last released its quarterly earnings data 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%. On average, analysts forecast that Corning Incorporated will post 2.33 EPS for the current year.

Corning Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, March 28th. Stockholders of record on Friday, February 28th were given a dividend of $0.28 per share. The ex-dividend date of this dividend was Friday, February 28th. This represents a $1.12 annualized dividend and a dividend yield of 2.72%. Corning's dividend payout ratio (DPR) is currently 193.10%.

Insider Activity at Corning

In other Corning news, SVP Michael Alan Bell sold 2,209 shares of the company's stock in a transaction 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 legal filing with the SEC, which is available through the SEC website. Also, 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 value of $1,557,600.00. Following the transaction, the chief operating officer now owns 152,944 shares of the company's stock, valued at $7,940,852.48. This represents 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 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.