Corning Incorporated (NYSE:GLW) Stake Increased by Korea Investment CORP

Korea Investment CORP boosted its position in Corning Incorporated (NYSE:GLW - Free Report) by 8.8% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 589,900 shares of the electronics maker's stock after buying an additional 47,836 shares during the period. Korea Investment CORP owned approximately 0.07% of Corning worth $28,032,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares 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 valued at $25,000 after acquiring an additional 227 shares in the last quarter. Sierra Ocean LLC purchased a new stake in Corning in the 4th quarter valued at approximately $25,000. Asset Planning Inc purchased a new stake in Corning in the 4th quarter valued at approximately $29,000. Rosenberg Matthew Hamilton increased its position in Corning by 202.4% during 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 purchased a new position in shares of Corning during the 4th quarter worth approximately $35,000. 69.80% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

GLW has been the topic of a number of recent analyst reports. Bank of America upped their price objective on Corning from $65.00 to $68.00 and gave the stock a "buy" rating in a report on Wednesday, March 19th. StockNews.com cut shares of Corning from a "buy" rating to a "hold" rating in a research note on Tuesday, February 25th. Hsbc Global Res upgraded shares of Corning from a "hold" rating to a "strong-buy" rating in a research note on Thursday, January 30th. HSBC upgraded shares of Corning from a "hold" rating to a "buy" rating and upped their target price for the stock from $51.00 to $60.00 in a research report on Thursday, January 30th. Finally, Morgan Stanley boosted 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. Four analysts have rated the stock with a hold rating, ten have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $54.31.

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Insider Buying and Selling at Corning

In related news, SVP Michael Alan Bell sold 2,209 shares of the firm'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 transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, COO Eric S. Musser sold 30,000 shares of the company's 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. This trade represents a 16.40 % decrease in their position. The disclosure for this sale can be found here. 0.40% of the stock is owned by company insiders.

Corning Price Performance

Shares of NYSE:GLW traded down $0.42 on Tuesday, hitting $45.36. The company had a trading volume of 3,912,415 shares, compared to its average volume of 6,000,205. The company has a market cap of $38.86 billion, a PE ratio of 78.26, a PEG ratio of 1.50 and a beta of 1.03. 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 business has a 50 day moving average of $49.76 and a 200 day moving average of $47.98. 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 posted its quarterly earnings data on Wednesday, January 29th. The electronics maker reported $0.57 earnings per share for the quarter, beating 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%. As a group, equities analysts anticipate that Corning Incorporated will post 2.33 earnings per share for the current fiscal year.

Corning Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 28th. Shareholders 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 2.47%. 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.