KLP Kapitalforvaltning AS Acquires New Holdings in Corning Incorporated (NYSE:GLW)

KLP Kapitalforvaltning AS purchased a new position in Corning Incorporated (NYSE:GLW - Free Report) during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 427,160 shares of the electronics maker's stock, valued at approximately $20,299,000.

Several other large investors also recently modified their holdings of GLW. Sound Income Strategies LLC boosted 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 worth $25,000 after buying an additional 227 shares during the last quarter. Sierra Ocean LLC bought a new stake in shares of Corning during the 4th quarter valued at $25,000. Asset Planning Inc purchased a new stake in shares of Corning in the 4th quarter worth $29,000. Mainstream Capital Management LLC bought a new position in Corning in the 4th quarter worth $35,000. Finally, Rosenberg Matthew Hamilton lifted its position in 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 in the last quarter. 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 note on Thursday, January 30th. HSBC raised shares of Corning from a "hold" rating to a "buy" rating and increased their price objective for the stock from $51.00 to $60.00 in a research note on Thursday, January 30th. Morgan Stanley upped their price target on Corning from $39.00 to $48.00 and gave the stock an "equal weight" rating in a research note on Tuesday, December 17th. Citigroup lifted their price objective on shares of Corning from $55.00 to $58.00 and gave the company a "buy" rating in a research report on Tuesday, January 21st. Finally, StockNews.com lowered shares of Corning from a "buy" rating to a "hold" rating in a research report on Tuesday, February 25th. Four 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 stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $54.31.

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Insider Transactions at Corning

In other Corning news, SVP Michael Alan Bell sold 2,209 shares of the firm's stock in a transaction on Thursday, January 30th. The stock was sold at an average price of $49.87, for a total transaction of $110,162.83. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, COO Eric S. Musser sold 30,000 shares of Corning stock in a transaction on Friday, January 31st. The shares were sold at an average price of $51.92, for a total value of $1,557,600.00. Following the sale, the chief operating officer now directly owns 152,944 shares of the company's stock, valued at approximately $7,940,852.48. This trade represents a 16.40 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.40% of the company's stock.

Corning Trading Down 1.8 %

NYSE:GLW traded down $0.92 during midday trading on Tuesday, hitting $48.97. 4,021,624 shares of the company traded hands, compared to its average volume of 5,495,028. 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 firm's fifty day moving average is $49.98 and its 200-day moving average is $47.78. The firm has a market capitalization of $41.95 billion, a P/E ratio of 84.43, a P/E/G ratio of 1.50 and a beta of 1.03. Corning Incorporated has a 12-month low of $30.72 and a 12-month high of $55.33.

Corning (NYSE:GLW - Get Free Report) last posted its quarterly earnings data on Wednesday, January 29th. The electronics maker reported $0.57 earnings per share 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 year.

Corning Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Friday, February 28th will be issued a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.29%. The ex-dividend date is Friday, February 28th. Corning's payout ratio 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.