Corning Incorporated (NYSE:GLW) Stake Increased by Kornitzer Capital Management Inc. KS

Kornitzer Capital Management Inc. KS boosted its holdings in Corning Incorporated (NYSE:GLW - Free Report) by 7.3% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund owned 134,758 shares of the electronics maker's stock after purchasing an additional 9,164 shares during the period. Kornitzer Capital Management Inc. KS's holdings in Corning were worth $6,404,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. FMR LLC raised its stake in Corning by 52.8% during the third quarter. FMR LLC now owns 3,723,044 shares of the electronics maker's stock valued at $168,095,000 after buying an additional 1,285,836 shares in the last quarter. State Street Corp raised its stake in Corning by 3.8% during the third quarter. State Street Corp now owns 33,983,090 shares of the electronics maker's stock valued at $1,534,337,000 after buying an additional 1,242,718 shares in the last quarter. Los Angeles Capital Management LLC raised its stake in Corning by 215.6% during the third quarter. Los Angeles Capital Management LLC now owns 1,677,513 shares of the electronics maker's stock valued at $75,740,000 after buying an additional 1,145,955 shares in the last quarter. Pathway Financial Advisers LLC raised its stake in Corning by 4,306.9% during the third quarter. Pathway Financial Advisers LLC now owns 1,050,463 shares of the electronics maker's stock valued at $47,428,000 after buying an additional 1,026,626 shares in the last quarter. Finally, Conning Inc. raised its position in shares of Corning by 14,556.8% during the 3rd quarter. Conning Inc. now owns 881,019 shares of the electronics maker's stock worth $39,778,000 after purchasing an additional 875,008 shares during the period. Hedge funds and other institutional investors own 69.80% of the company's stock.

Wall Street Analysts Forecast Growth

GLW has been the topic of a number of research reports. Deutsche Bank Aktiengesellschaft increased their price target on Corning from $49.00 to $54.00 and gave the stock a "buy" rating in a research report on Wednesday, October 30th. JPMorgan Chase & Co. increased their price target on Corning from $55.00 to $60.00 and gave the stock an "overweight" rating in a research report on Wednesday, October 30th. StockNews.com upgraded Corning from a "hold" rating to a "buy" rating in a research report on Tuesday, December 24th. Hsbc Global Res upgraded Corning from a "hold" rating to a "strong-buy" rating in a research report on Thursday, January 30th. Finally, Oppenheimer restated an "outperform" rating and issued a $58.00 target price (up from $51.00) on shares of Corning in a research report on Wednesday, October 30th. Three equities research analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Corning has an average rating of "Moderate Buy" and an average target price of $53.00.

Insider Buying and Selling at Corning

In other news, SVP John P. Bayne, Jr. sold 8,876 shares of the firm's stock in a transaction on Monday, November 25th. The stock was sold at an average price of $49.09, for a total transaction of $435,722.84. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, COO Eric S. Musser sold 30,000 shares of the firm's stock in a transaction on Friday, January 31st. The stock was 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 represents a 16.40 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 41,085 shares of company stock valued at $2,103,486. 0.40% of the stock is owned by corporate insiders.

Corning Price Performance

NYSE GLW traded down $0.41 on Friday, reaching $51.46. 4,700,845 shares of the stock traded hands, compared to its average volume of 5,541,942. The firm's fifty day simple moving average is $49.85 and its 200 day simple moving average is $46.61. The company has a quick ratio of 1.07, a current ratio of 1.62 and a debt-to-equity ratio of 0.62. The company has a market cap of $44.08 billion, a price-to-earnings ratio of 88.72, a P/E/G ratio of 1.52 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 issued 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%. As a group, research analysts predict that Corning Incorporated will post 2.33 EPS for the current fiscal year.

Corning Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Friday, February 28th will be paid a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a yield of 2.18%. The ex-dividend date of this dividend is Friday, February 28th. Corning's payout ratio is currently 193.11%.

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.