Franklin Resources Inc. Raises Position in Corning Incorporated (NYSE:GLW)

Franklin Resources Inc. raised its holdings in Corning Incorporated (NYSE:GLW - Free Report) by 22.8% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 235,351 shares of the electronics maker's stock after acquiring an additional 43,703 shares during the period. Franklin Resources Inc.'s holdings in Corning were worth $11,184,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Summit Financial LLC raised its position in shares of Corning by 190.7% during the fourth quarter. Summit Financial LLC now owns 14,429 shares of the electronics maker's stock worth $686,000 after acquiring an additional 9,466 shares during the last quarter. Hoey Investments Inc. lifted its holdings in Corning by 58.8% in the fourth quarter. Hoey Investments Inc. now owns 2,700 shares of the electronics maker's stock valued at $128,000 after buying an additional 1,000 shares during the period. O Shaughnessy Asset Management LLC raised its position in shares of Corning by 16.3% in the 4th quarter. O Shaughnessy Asset Management LLC now owns 56,046 shares of the electronics maker's stock worth $2,663,000 after acquiring an additional 7,867 shares in the last quarter. RWA Wealth Partners LLC lifted its stake in shares of Corning by 10.0% in the 4th quarter. RWA Wealth Partners LLC now owns 18,261 shares of the electronics maker's stock valued at $868,000 after purchasing an additional 1,655 shares during the period. Finally, Arrowstreet Capital Limited Partnership grew its stake in Corning by 278.3% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 743,788 shares of the electronics maker's stock worth $35,345,000 after purchasing an additional 547,167 shares during the period. 69.80% of the stock is currently owned by institutional investors and hedge funds.

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Analyst Ratings Changes

Several analysts have recently commented on GLW shares. 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 report on Wednesday, March 19th. HSBC raised Corning from a "hold" rating to a "buy" rating and boosted their target price for the company from $51.00 to $60.00 in a research report on Thursday, January 30th. Citigroup upped 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 lowered their price objective on shares of Corning from $53.00 to $52.00 and set an "equal weight" rating on the stock in a report on Wednesday, January 29th. Finally, Morgan Stanley raised their price target on shares of Corning from $39.00 to $48.00 and gave the company an "equal weight" rating in a research report on Tuesday, December 17th. Four 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 company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $54.31.

Insider Buying and Selling

In other news, 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 in the company, valued at approximately $7,940,852.48. The trade was a 16.40 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, SVP Michael Alan Bell sold 2,209 shares of Corning stock in a transaction dated Thursday, January 30th. The shares were sold at an average price of $49.87, for a total transaction of $110,162.83. The disclosure for this sale can be found here. 0.40% of the stock is owned by insiders.

Corning Trading Up 2.3 %

GLW stock traded up $0.93 during trading on Monday, hitting $42.19. 522,588 shares of the company traded hands, compared to its average volume of 5,909,306. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.07 and a current ratio of 1.62. Corning Incorporated has a 1 year low of $30.72 and a 1 year high of $55.33. The company has a 50-day moving average of $47.57 and a 200-day moving average of $47.81. The firm has a market capitalization of $36.15 billion, a PE ratio of 72.74, a P/E/G ratio of 1.50 and a beta of 1.03.

Corning (NYSE:GLW - Get Free Report) last announced 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%. Analysts predict that Corning Incorporated will post 2.33 earnings per share for the current fiscal year.

Corning Dividend Announcement

The business also recently announced 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 dividend on an annualized basis and a dividend yield of 2.65%. The ex-dividend date of this dividend was Friday, February 28th. Corning's payout ratio is 193.10%.

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.