Corning Incorporated (NYSE:GLW) Shares Acquired by Candriam S.C.A.

Candriam S.C.A. lifted its stake in shares of Corning Incorporated (NYSE:GLW) by 561.7% during the 4th quarter, Holdings Channel reports. The fund owned 322,009 shares of the electronics maker’s stock after buying an additional 273,347 shares during the quarter. Candriam S.C.A.’s holdings in Corning were worth $15,302,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of GLW. Lindbrook Capital LLC boosted its holdings in Corning by 3.5% in the 4th quarter. Lindbrook Capital LLC now owns 7,773 shares of the electronics maker’s stock valued at $369,000 after purchasing an additional 266 shares during the last quarter. Inceptionr LLC purchased a new stake in shares of Corning during the 4th quarter valued at approximately $954,000. Townsend Asset Management Corp NC ADV lifted its holdings in Corning by 23.1% in the fourth quarter. Townsend Asset Management Corp NC ADV now owns 7,733 shares of the electronics maker’s stock valued at $367,000 after acquiring an additional 1,449 shares during the last quarter. Raymond James Financial Inc. purchased a new position in Corning in the fourth quarter worth approximately $92,522,000. Finally, Cullen Frost Bankers Inc. increased its stake in Corning by 0.3% during the fourth quarter. Cullen Frost Bankers Inc. now owns 780,699 shares of the electronics maker’s stock worth $37,099,000 after acquiring an additional 2,561 shares during the last quarter. Hedge funds and other institutional investors own 69.80% of the company’s stock.

Insider Buying and Selling at Corning

In other news, COO Eric S. Musser sold 30,000 shares of the company’s stock in a transaction on Friday, January 31st. The shares were sold at an average price of $51.92, for a total value of $1,557,600.00. Following the completion of the transaction, the chief operating officer now owns 152,944 shares in the company, valued at approximately $7,940,852.48. This represents a 16.40 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, SVP Michael Alan Bell sold 2,209 shares of the company’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 disclosure for this sale can be found here. Insiders own 0.40% of the company’s stock.

Analyst Ratings Changes

Several brokerages have recently commented on GLW. HSBC raised Corning from a “hold” rating to a “buy” rating and upped their price target for the company from $51.00 to $60.00 in a research note on Thursday, January 30th. StockNews.com lowered shares of Corning from a “buy” rating to a “hold” rating in a research note on Tuesday, February 25th. Citigroup boosted their price target on shares of Corning from $55.00 to $58.00 and gave the company a “buy” rating in a research note on Tuesday, January 21st. Barclays decreased their price objective on shares of Corning from $53.00 to $52.00 and set an “equal weight” rating on the stock in a report on Wednesday, January 29th. Finally, Hsbc Global Res upgraded shares of Corning from a “hold” rating to a “strong-buy” rating in a report on Thursday, January 30th. Four equities 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’s stock. According to data from MarketBeat, Corning currently has a consensus rating of “Moderate Buy” and an average target price of $53.00.

Corning Stock Down 3.3 %

Shares of NYSE GLW opened at $45.49 on Friday. The stock has a market cap of $38.97 billion, a P/E ratio of 78.44, a PEG ratio of 1.50 and a beta of 1.03. The business’s fifty day simple moving average is $50.10 and its 200-day simple moving average is $47.29. Corning Incorporated has a 12-month low of $30.72 and a 12-month high of $55.33. The company has a current ratio of 1.62, a quick ratio of 1.07 and a debt-to-equity ratio of 0.62.

Corning (NYSE:GLW) last posted 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 return on equity of 15.10% and a net margin of 3.86%. As a group, equities analysts predict that Corning Incorporated will post 2.33 EPS for the current fiscal year.

Corning Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Friday, February 28th will be issued a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a yield of 2.46%. The ex-dividend date is Friday, February 28th. Corning’s dividend payout ratio (DPR) is presently 193.10%.

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.