Parthenon LLC Has $11.72 Million Stake in Corning Incorporated (NYSE:GLW)

Parthenon LLC decreased its stake in shares of Corning Incorporated (NYSE:GLW - Free Report) by 2.7% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The fund owned 246,579 shares of the electronics maker's stock after selling 6,825 shares during the period. Corning comprises about 1.4% of Parthenon LLC's investment portfolio, making the stock its 21st biggest holding. Parthenon LLC's holdings in Corning were worth $11,717,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of GLW. FMR LLC lifted its position in shares of Corning by 52.8% during the third quarter. FMR LLC now owns 3,723,044 shares of the electronics maker's stock worth $168,095,000 after purchasing an additional 1,285,836 shares during the last quarter. State Street Corp lifted its holdings in Corning by 3.8% in the third quarter. State Street Corp now owns 33,983,090 shares of the electronics maker's stock worth $1,534,337,000 after acquiring an additional 1,242,718 shares during the last quarter. Los Angeles Capital Management LLC lifted its holdings in Corning by 215.6% in the third quarter. Los Angeles Capital Management LLC now owns 1,677,513 shares of the electronics maker's stock worth $75,740,000 after acquiring an additional 1,145,955 shares during the last quarter. Pathway Financial Advisers LLC lifted its holdings in Corning by 4,306.9% in the third quarter. Pathway Financial Advisers LLC now owns 1,050,463 shares of the electronics maker's stock worth $47,428,000 after acquiring an additional 1,026,626 shares during the last quarter. Finally, Conning Inc. lifted its holdings in Corning by 14,556.8% in the third quarter. Conning Inc. now owns 881,019 shares of the electronics maker's stock worth $39,778,000 after acquiring an additional 875,008 shares during the last quarter. Institutional investors own 69.80% of the company's stock.

Analyst Ratings Changes

A number of equities analysts have issued reports on GLW shares. JPMorgan Chase & Co. raised their target price on shares of Corning from $55.00 to $60.00 and gave the stock an "overweight" rating in a report on Wednesday, October 30th. Morgan Stanley raised their target price on shares of Corning from $39.00 to $48.00 and gave the stock an "equal weight" rating in a report on Tuesday, December 17th. StockNews.com raised shares of Corning from a "hold" rating to a "buy" rating in a report on Tuesday, December 24th. Citigroup raised their target price on shares of Corning from $55.00 to $58.00 and gave the stock a "buy" rating in a report on Tuesday, January 21st. Finally, Barclays dropped their price target on shares of Corning from $53.00 to $52.00 and set an "equal weight" rating on the stock in a research note on Wednesday, January 29th. Three investment analysts have rated the stock with a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Corning presently has a consensus rating of "Moderate Buy" and a consensus price target of $53.00.

Insider Buying and Selling

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 transaction of $110,162.83. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP John P. Bayne, Jr. sold 8,876 shares of the firm's stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $49.09, for a total transaction of $435,722.84. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 41,085 shares of company stock worth $2,103,486. Corporate insiders own 0.40% of the company's stock.

Corning Price Performance

Shares of NYSE GLW traded down $0.41 during mid-day trading on Friday, reaching $51.46. 4,700,845 shares of the company traded hands, compared to its average volume of 5,847,332. Corning Incorporated has a fifty-two week low of $30.72 and a fifty-two week high of $55.33. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.62 and a quick ratio of 1.07. The firm has a market cap of $44.08 billion, a PE ratio of 88.72, a price-to-earnings-growth ratio of 1.50 and a beta of 1.03. The stock has a fifty day simple moving average of $49.92 and a 200-day simple moving average of $46.65.

Corning (NYSE:GLW - Get Free Report) last posted its quarterly earnings data on Wednesday, January 29th. The electronics maker reported $0.57 EPS 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%. Equities research analysts anticipate that Corning Incorporated will post 2.33 EPS for the current fiscal year.

Corning Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Friday, February 28th will be issued 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 193.11%.

Corning Profile

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.