Corning Incorporated (NYSE:GLW) Shares Bought by Invesco Ltd.

Invesco Ltd. raised its stake in Corning Incorporated (NYSE:GLW - Free Report) by 5.1% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 6,048,735 shares of the electronics maker's stock after acquiring an additional 293,713 shares during the period. Invesco Ltd. owned approximately 0.71% of Corning worth $287,436,000 as of its most recent SEC filing.

Several other hedge funds have also bought and sold shares of GLW. Sound Income Strategies LLC lifted its holdings in shares of Corning by 76.7% in the 4th quarter. Sound Income Strategies LLC now owns 523 shares of the electronics maker's stock valued at $25,000 after acquiring an additional 227 shares during the last quarter. Sierra Ocean LLC purchased a new stake in Corning during the fourth quarter valued at approximately $25,000. Asset Planning Inc bought a new stake in shares of Corning in the 4th quarter valued at approximately $29,000. Rosenberg Matthew Hamilton boosted its holdings in shares of Corning by 202.4% in the 4th quarter. Rosenberg Matthew Hamilton now owns 747 shares of the electronics maker's stock worth $35,000 after purchasing an additional 500 shares during the period. Finally, Mainstream Capital Management LLC bought a new position in shares of Corning during the 4th quarter valued at approximately $35,000. Hedge funds and other institutional investors own 69.80% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on GLW. Hsbc Global Res upgraded Corning from a "hold" rating to a "strong-buy" rating in a research report on Thursday, January 30th. StockNews.com cut shares of Corning from a "buy" rating to a "hold" rating in a research note on Tuesday, February 25th. Barclays cut their price target 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. Mizuho set a $52.00 price objective on shares of Corning in a research note on Tuesday. Finally, Bank of America upped their target price on Corning from $65.00 to $68.00 and gave the company a "buy" rating in a research note on Wednesday, March 19th. Four equities 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 company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $54.08.

Remove Ads

Insiders Place Their Bets

In related news, COO Eric S. Musser sold 30,000 shares of the company's stock in a transaction 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 completion of the sale, the chief operating officer now directly owns 152,944 shares in the company, valued at $7,940,852.48. This represents a 16.40 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. 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 value of $110,162.83. The disclosure for this sale can be found here. 0.40% of the stock is owned by company insiders.

Corning Stock Up 0.1 %

Shares of GLW traded up $0.04 during midday trading on Wednesday, reaching $41.82. 855,829 shares of the stock were exchanged, compared to its average volume of 6,300,083. 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's 50 day moving average is $47.10 and its two-hundred day moving average is $47.76. The company has a market capitalization of $35.83 billion, a P/E ratio of 72.10, a PEG ratio of 1.50 and a beta of 1.03. Corning Incorporated has a 52 week low of $30.72 and a 52 week high of $55.33.

Corning (NYSE:GLW - Get Free Report) last issued its earnings results on Wednesday, January 29th. The electronics maker reported $0.57 earnings per share (EPS) for the quarter, topping the consensus estimate 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 anticipate that Corning Incorporated will post 2.33 earnings per share for the current year.

Corning Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 28th. Investors of record on Friday, February 28th were paid a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a yield of 2.68%. The ex-dividend date was Friday, February 28th. Corning's dividend payout ratio (DPR) 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.