Geode Capital Management LLC Boosts Holdings in Corning Incorporated (NYSE:GLW)

Geode Capital Management LLC raised its stake in shares of Corning Incorporated (NYSE:GLW - Free Report) by 3.0% in the fourth quarter, according to its most recent 13F filing with the SEC. The fund owned 18,470,610 shares of the electronics maker's stock after buying an additional 533,686 shares during the period. Geode Capital Management LLC owned about 2.16% of Corning worth $875,633,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also modified their holdings of the company. Nemes Rush Group LLC lifted its stake in shares of Corning by 196.5% in the 4th quarter. Nemes Rush Group LLC now owns 7,917 shares of the electronics maker's stock valued at $376,000 after purchasing an additional 5,247 shares during the period. StoneX Group Inc. raised its position in shares of Corning by 2.4% in the fourth quarter. StoneX Group Inc. now owns 37,517 shares of the electronics maker's stock worth $1,783,000 after acquiring an additional 862 shares during the period. Tradewinds LLC. purchased a new stake in shares of Corning during the 4th quarter worth about $261,000. HighPoint Advisor Group LLC grew its position in shares of Corning by 2.7% during the 4th quarter. HighPoint Advisor Group LLC now owns 20,194 shares of the electronics maker's stock valued at $1,058,000 after acquiring an additional 539 shares during the period. Finally, Franklin Resources Inc. raised its holdings in Corning by 22.8% in the 4th quarter. Franklin Resources Inc. now owns 235,351 shares of the electronics maker's stock worth $11,184,000 after purchasing an additional 43,703 shares during the period. Institutional investors and hedge funds own 69.80% of the company's stock.

Analysts Set New Price Targets

Several analysts have commented on GLW shares. HSBC raised Corning from a "hold" rating to a "buy" rating and raised their price objective for the company from $51.00 to $60.00 in a report on Thursday, January 30th. StockNews.com lowered shares of Corning from a "buy" rating to a "hold" rating in a report on Tuesday, February 25th. Hsbc Global Res raised shares of Corning from a "hold" rating to a "strong-buy" rating in a report on Thursday, January 30th. Bank of America boosted their target price 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. Finally, Citigroup raised their price target on shares of Corning from $55.00 to $58.00 and gave the company a "buy" rating in a research note on Tuesday, January 21st. Four research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $54.31.

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Insider Transactions at Corning

In other news, SVP Michael Alan Bell sold 2,209 shares of the company'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 sale was disclosed in a document filed with the SEC, which is available through this link. Also, COO Eric S. Musser sold 30,000 shares of the 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 directly owns 152,944 shares of the company's stock, valued at $7,940,852.48. The trade was a 16.40 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.40% of the company's stock.

Corning Trading Up 0.1 %

Shares of GLW traded up $0.03 during mid-day trading on Monday, reaching $39.10. The stock had a trading volume of 4,859,743 shares, compared to its average volume of 5,837,623. 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 business's fifty day moving average is $48.95 and its 200 day moving average is $48.00. Corning Incorporated has a 52-week low of $30.72 and a 52-week high of $55.33. The firm has a market cap of $33.50 billion, a price-to-earnings ratio of 67.09, 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, topping analysts' consensus estimates of $0.56 by $0.01. Corning had a net margin of 3.86% and a return on equity of 15.10%. On average, sell-side analysts predict 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. Stockholders of record on Friday, February 28th were paid a $0.28 dividend. This represents a $1.12 annualized dividend and a dividend yield of 2.86%. The ex-dividend date of this dividend was Friday, February 28th. Corning's dividend payout ratio (DPR) is presently 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.