Rhumbline Advisers Trims Position in Corning Incorporated (NYSE:GLW)

Rhumbline Advisers lessened its holdings in shares of Corning Incorporated (NYSE:GLW - Free Report) by 0.8% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,276,028 shares of the electronics maker's stock after selling 10,809 shares during the quarter. Rhumbline Advisers owned approximately 0.15% of Corning worth $60,637,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently modified their holdings of the company. Wellington Management Group LLP grew its holdings in Corning by 0.3% during the third quarter. Wellington Management Group LLP now owns 39,225,452 shares of the electronics maker's stock valued at $1,771,029,000 after purchasing an additional 133,214 shares during the period. State Street Corp lifted its position in shares of Corning by 3.8% during the 3rd 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. Charles Schwab Investment Management Inc. grew its stake in shares of Corning by 0.8% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 4,853,076 shares of the electronics maker's stock valued at $219,116,000 after acquiring an additional 38,168 shares during the period. FMR LLC increased its holdings in Corning by 52.8% in the 3rd quarter. FMR LLC now owns 3,723,044 shares of the electronics maker's stock worth $168,095,000 after acquiring an additional 1,285,836 shares in the last quarter. Finally, Stifel Financial Corp raised its stake in Corning by 1.9% during the 3rd quarter. Stifel Financial Corp now owns 2,810,435 shares of the electronics maker's stock worth $126,893,000 after acquiring an additional 52,667 shares during the period. Institutional investors own 69.80% of the company's stock.

Corning Price Performance

NYSE:GLW traded down $0.81 during trading hours on Thursday, reaching $51.87. The stock had a trading volume of 4,069,388 shares, compared to its average volume of 5,567,429. The stock has a market capitalization of $44.43 billion, a PE ratio of 89.42, a PEG ratio of 1.53 and a beta of 1.03. Corning Incorporated has a 52 week low of $30.72 and a 52 week high of $55.33. The company has a 50 day moving average price of $49.79 and a two-hundred day moving average price of $46.58. 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 announced its quarterly earnings results on Wednesday, January 29th. The electronics maker reported $0.57 earnings per share for the quarter, topping the consensus estimate 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, sell-side analysts anticipate that Corning Incorporated will post 2.33 earnings per share for the current fiscal year.

Corning Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Friday, February 28th will be given a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a dividend yield of 2.16%. The ex-dividend date of this dividend is Friday, February 28th. Corning's dividend payout ratio is 193.10%.

Insider Activity at Corning

In related news, SVP John P. Bayne, Jr. sold 5,000 shares of the stock in a transaction on Friday, November 22nd. The stock was sold at an average price of $48.39, for a total transaction of $241,950.00. Following the sale, the senior vice president now owns 6,700 shares in the company, valued at approximately $324,213. This represents a 42.74 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, COO Eric S. Musser sold 30,000 shares of Corning stock in a transaction 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. The trade was a 16.40 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 46,085 shares of company stock valued at $2,345,436. Insiders own 0.40% of the company's stock.

Analysts Set New Price Targets

GLW has been the subject of a number of recent analyst reports. Morgan Stanley upped their price target on shares of Corning from $39.00 to $48.00 and gave the stock an "equal weight" rating in a research report on Tuesday, December 17th. Hsbc Global Res raised shares of Corning from a "hold" rating to a "strong-buy" rating in a report on Thursday, January 30th. Deutsche Bank Aktiengesellschaft raised their price target on Corning from $49.00 to $54.00 and gave the company a "buy" rating in a 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. Finally, Citigroup increased their target price on Corning from $55.00 to $58.00 and gave the stock a "buy" rating in a research report on Tuesday, January 21st. Three equities research analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $53.00.

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.