Vanguard Group Inc. Increases Stock Position in Corning Incorporated (NYSE:GLW)

Vanguard Group Inc. grew its stake in Corning Incorporated (NYSE:GLW - Free Report) by 0.9% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 99,903,247 shares of the electronics maker's stock after purchasing an additional 916,528 shares during the quarter. Vanguard Group Inc. owned approximately 11.67% of Corning worth $4,747,402,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of GLW. Sound Income Strategies LLC increased its stake in shares of Corning by 76.7% during the fourth quarter. Sound Income Strategies LLC now owns 523 shares of the electronics maker's stock worth $25,000 after purchasing an additional 227 shares during the period. Sierra Ocean LLC acquired a new stake in shares of Corning during the 4th quarter worth $25,000. Asset Planning Inc bought a new position in Corning in the 4th quarter valued at about $29,000. Mainstream Capital Management LLC acquired a new position in shares of Corning in the 4th quarter valued at approximately $35,000. Finally, Rosenberg Matthew Hamilton lifted its stake in Corning by 202.4% during the fourth quarter. Rosenberg Matthew Hamilton now owns 747 shares of the electronics maker's stock worth $35,000 after purchasing an additional 500 shares during the last quarter. Institutional investors own 69.80% of the company's stock.

Insider Activity at Corning

In other Corning news, SVP Michael Alan Bell sold 2,209 shares of the business's stock in a transaction 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 SEC, which is accessible 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 in the company, valued at $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. 0.40% of the stock is currently owned by company insiders.

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Corning Stock Down 1.8 %

Shares of GLW stock traded down $0.92 on Tuesday, hitting $48.97. The stock had a trading volume of 4,027,548 shares, compared to its average volume of 5,506,704. Corning Incorporated has a 12-month low of $30.72 and a 12-month high of $55.33. The stock has a market cap of $41.95 billion, a price-to-earnings ratio of 84.43, a price-to-earnings-growth ratio of 1.50 and a beta of 1.03. The business has a 50 day moving average of $49.98 and a 200 day moving average of $47.78. 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 (NYSE:GLW - Get Free Report) last released its earnings results on Wednesday, January 29th. The electronics maker reported $0.57 EPS 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%. As a group, analysts expect that Corning Incorporated will post 2.33 EPS for the current year.

Corning Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Friday, February 28th will be issued a $0.28 dividend. This represents a $1.12 annualized dividend and a yield of 2.29%. The ex-dividend date is Friday, February 28th. Corning's dividend payout ratio (DPR) is currently 193.10%.

Wall Street Analysts Forecast Growth

Several research analysts have commented on GLW shares. Hsbc Global Res raised Corning from a "hold" rating to a "strong-buy" rating in a research note on Thursday, January 30th. Citigroup upped their price objective on shares of Corning from $55.00 to $58.00 and gave the stock a "buy" rating in a research report on Tuesday, January 21st. Bank of America boosted their target price on shares of Corning from $65.00 to $68.00 and gave the stock a "buy" rating in a research note on Wednesday, March 19th. Morgan Stanley increased their price target on Corning from $39.00 to $48.00 and gave the company an "equal weight" rating in a research note on Tuesday, December 17th. Finally, StockNews.com lowered Corning from a "buy" rating to a "hold" rating in a research report on Tuesday, February 25th. Four investment analysts have rated the stock with a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price 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.