10,331,083 Shares in Corning Incorporated (NYSE:GLW) Acquired by Norges Bank

Norges Bank purchased a new stake in shares of Corning Incorporated (NYSE:GLW - Free Report) in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 10,331,083 shares of the electronics maker's stock, valued at approximately $490,933,000. Norges Bank owned 1.21% of Corning as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also added to or reduced their stakes in the company. Oregon Public Employees Retirement Fund increased its stake in shares of Corning by 0.3% during the 4th quarter. Oregon Public Employees Retirement Fund now owns 66,063 shares of the electronics maker's stock worth $3,139,000 after purchasing an additional 204 shares during the last quarter. Principal Securities Inc. lifted its holdings in Corning by 3.5% in the 4th quarter. Principal Securities Inc. now owns 6,170 shares of the electronics maker's stock worth $293,000 after buying an additional 211 shares during the period. Bogart Wealth LLC raised its holdings in shares of Corning by 18.3% during the fourth quarter. Bogart Wealth LLC now owns 1,419 shares of the electronics maker's stock valued at $67,000 after acquiring an additional 219 shares in the last quarter. Buffington Mohr McNeal lifted its position in shares of Corning by 2.1% in the 4th quarter. Buffington Mohr McNeal now owns 10,461 shares of the electronics maker's stock worth $497,000 after purchasing an additional 220 shares during the period. Finally, Allworth Financial LP lifted its holdings in Corning by 1.1% in the fourth quarter. Allworth Financial LP now owns 19,581 shares of the electronics maker's stock worth $930,000 after buying an additional 220 shares during the period. Hedge funds and other institutional investors own 69.80% of the company's stock.

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Insider Transactions at Corning

In related news, SVP Michael Alan Bell sold 2,209 shares of the stock in a transaction on Thursday, January 30th. The stock was sold at an average price of $49.87, for a total value of $110,162.83. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, COO Eric S. Musser sold 30,000 shares of the stock in a transaction dated Friday, January 31st. The shares were 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 owns 152,944 shares of the company's stock, valued at approximately $7,940,852.48. The trade was a 16.40 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.40% of the company's stock.

Corning Trading Down 0.7 %

GLW stock traded down $0.31 during midday trading on Tuesday, reaching $45.47. The company's stock had a trading volume of 4,656,368 shares, compared to its average volume of 6,012,636. The firm has a market capitalization of $38.96 billion, a price-to-earnings ratio of 78.44, a PEG ratio of 1.50 and a beta of 1.03. Corning Incorporated has a 1 year low of $30.72 and a 1 year high of $55.33. The stock has a fifty day simple moving average of $49.76 and a two-hundred day simple moving average of $47.98. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.07 and a current ratio of 1.62.

Corning (NYSE:GLW - Get Free Report) last issued 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 return on equity of 15.10% and a net margin of 3.86%. On average, equities research analysts predict that Corning Incorporated will post 2.33 EPS for the current year.

Corning Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 28th. Shareholders of record on Friday, February 28th were given a $0.28 dividend. The ex-dividend date of this dividend was Friday, February 28th. This represents a $1.12 annualized dividend and a yield of 2.46%. Corning's dividend payout ratio is presently 193.10%.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on the company. StockNews.com cut Corning from a "buy" rating to a "hold" rating in a research note on Tuesday, February 25th. Hsbc Global Res raised Corning from a "hold" rating to a "strong-buy" rating in a research report on Thursday, January 30th. Barclays reduced their target price on shares of Corning from $53.00 to $52.00 and set an "equal weight" rating on the stock in a research report on Wednesday, January 29th. Morgan Stanley increased their price target on shares of Corning from $39.00 to $48.00 and gave the stock an "equal weight" rating in a research note on Tuesday, December 17th. Finally, Citigroup boosted their price objective on shares of Corning from $55.00 to $58.00 and gave the stock 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. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $54.31.

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.