Primecap Management Co. CA Sells 232,847 Shares of Corning Incorporated (NYSE:GLW)

Primecap Management Co. CA lessened its position in Corning Incorporated (NYSE:GLW - Free Report) by 2.7% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 8,325,672 shares of the electronics maker's stock after selling 232,847 shares during the period. Primecap Management Co. CA owned approximately 0.97% of Corning worth $395,636,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of the company. Tocqueville Asset Management L.P. raised its holdings in shares of Corning by 1.3% during the fourth quarter. Tocqueville Asset Management L.P. now owns 191,954 shares of the electronics maker's stock valued at $9,122,000 after buying an additional 2,378 shares during the last quarter. 1ST Source Bank increased its position in Corning by 2.5% in the 4th quarter. 1ST Source Bank now owns 11,693 shares of the electronics maker's stock valued at $556,000 after acquiring an additional 287 shares during the period. Signaturefd LLC raised its stake in Corning by 2.0% during the 4th quarter. Signaturefd LLC now owns 23,200 shares of the electronics maker's stock valued at $1,102,000 after acquiring an additional 449 shares in the last quarter. Parallel Advisors LLC boosted its position in Corning by 3.0% during the 4th quarter. Parallel Advisors LLC now owns 20,617 shares of the electronics maker's stock worth $980,000 after acquiring an additional 604 shares during the period. Finally, Cibc World Markets Corp grew its stake in shares of Corning by 15.3% in the fourth quarter. Cibc World Markets Corp now owns 123,497 shares of the electronics maker's stock worth $5,869,000 after purchasing an additional 16,412 shares in the last quarter. 69.80% of the stock is currently owned by institutional investors.

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Insider Activity at Corning

In related news, SVP Michael Alan Bell sold 2,209 shares of the business'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 filing with the SEC, which is available through this hyperlink. Also, COO Eric S. Musser sold 30,000 shares of the 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 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. 0.45% of the stock is owned by insiders.

Corning Trading Down 0.4 %

NYSE GLW traded down $0.18 on Friday, hitting $48.49. 10,770,242 shares of the company were exchanged, compared to its average volume of 5,495,143. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.62 and a quick ratio of 1.07. Corning Incorporated has a twelve month low of $30.72 and a twelve month high of $55.33. The firm has a market capitalization of $41.53 billion, a P/E ratio of 83.60, a price-to-earnings-growth ratio of 1.50 and a beta of 1.03. The company's 50 day moving average price is $49.88 and its 200-day moving average price is $47.63.

Corning (NYSE:GLW - Get Free Report) last released 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 net margin of 3.86% and a return on equity of 15.10%. Analysts predict 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 will be paid on Friday, March 28th. Stockholders of record on Friday, February 28th will be issued a dividend of $0.28 per share. The ex-dividend date of this dividend is Friday, February 28th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.31%. Corning's dividend payout ratio is 193.10%.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on the stock. HSBC upgraded shares of Corning from a "hold" rating to a "buy" rating and lifted their price objective for the company from $51.00 to $60.00 in a research note on Thursday, January 30th. Bank of America increased their price objective on shares of Corning from $65.00 to $68.00 and gave the company a "buy" rating in a report on Wednesday. Morgan Stanley raised their price objective on shares of Corning from $39.00 to $48.00 and gave the company an "equal weight" rating in a research note on Tuesday, December 17th. Barclays cut their target price on Corning from $53.00 to $52.00 and set an "equal weight" rating for the company in a research report on Wednesday, January 29th. Finally, Citigroup lifted their price target on Corning from $55.00 to $58.00 and gave the company a "buy" rating in a research report on Tuesday, January 21st. Four 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. According to MarketBeat.com, Corning currently has a consensus rating of "Moderate Buy" and an average price target of $54.31.

Corning Company 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.