Corning Incorporated (GLW) Stake Decreased by BlackRock Inc.

BlackRock Inc. lessened its holdings in shares of Corning Incorporated (NYSE:GLW) by 2.5% during the fourth quarter, Holdings Channel reports. The institutional investor owned 53,822,129 shares of the electronics maker’s stock after selling 1,402,393 shares during the quarter. BlackRock Inc. owned 0.06% of Corning worth $1,721,771,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Motco raised its holdings in shares of Corning by 150.4% during the fourth quarter. Motco now owns 3,538 shares of the electronics maker’s stock valued at $113,000 after buying an additional 2,125 shares during the last quarter. Benjamin F. Edwards & Company Inc. raised its holdings in Corning by 241.6% during the third quarter. Benjamin F. Edwards & Company Inc. now owns 3,747 shares of the electronics maker’s stock worth $112,000 after purchasing an additional 2,650 shares in the last quarter. Resources Investment Advisors Inc. raised its holdings in Corning by 611.0% during the fourth quarter. Resources Investment Advisors Inc. now owns 5,190 shares of the electronics maker’s stock worth $166,000 after purchasing an additional 4,460 shares in the last quarter. Cable Hill Partners LLC raised its holdings in Corning by 1,041.3% during the third quarter. Cable Hill Partners LLC now owns 5,273 shares of the electronics maker’s stock worth $158,000 after purchasing an additional 4,811 shares in the last quarter. Finally, Bank of Nova Scotia Trust Co. bought a new stake in Corning during the third quarter worth approximately $163,000. 71.82% of the stock is currently owned by institutional investors.

GLW has been the topic of several recent analyst reports. Guggenheim reissued a “buy” rating and set a $35.00 target price on shares of Corning in a report on Tuesday, October 24th. Zacks Investment Research raised Corning from a “hold” rating to a “buy” rating and set a $36.00 target price on the stock in a report on Tuesday, December 19th. Citigroup boosted their target price on Corning from $30.00 to $32.00 and gave the stock a “neutral” rating in a report on Wednesday, October 25th. Deutsche Bank boosted their target price on Corning from $33.00 to $35.00 and gave the stock a “buy” rating in a report on Wednesday, October 25th. Finally, Barclays set a $38.00 target price on Corning and gave the stock a “buy” rating in a report on Wednesday, January 10th. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating, six have given a buy rating and one has issued a strong buy rating to the stock. The company has an average rating of “Hold” and a consensus price target of $31.47.

In other Corning news, Director Deborah Rieman sold 2,083 shares of the company’s stock in a transaction on Thursday, December 14th. The stock was sold at an average price of $32.16, for a total value of $66,989.28. Following the transaction, the director now owns 102,896 shares of the company’s stock, valued at $3,309,135.36. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director John A. Canning, Jr. purchased 30,000 shares of the company’s stock in a transaction on Wednesday, February 14th. The stock was bought at an average cost of $29.60 per share, for a total transaction of $888,000.00. The disclosure for this purchase can be found here. 0.59% of the stock is currently owned by corporate insiders.

Corning Incorporated (GLW) opened at $29.47 on Monday. The stock has a market capitalization of $25,610.00, a price-to-earnings ratio of -43.34, a price-to-earnings-growth ratio of 4.41 and a beta of 1.34. Corning Incorporated has a twelve month low of $26.32 and a twelve month high of $35.10. The company has a debt-to-equity ratio of 0.35, a current ratio of 2.75 and a quick ratio of 2.22.

Corning (NYSE:GLW) last posted its quarterly earnings results on Tuesday, January 30th. The electronics maker reported $0.49 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.47 by $0.02. The company had revenue of $2.74 billion for the quarter, compared to analysts’ expectations of $2.65 billion. Corning had a positive return on equity of 11.62% and a negative net margin of 4.91%. The firm’s revenue was up 7.4% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.50 earnings per share. equities research analysts forecast that Corning Incorporated will post 1.67 EPS for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Thursday, March 29th. Shareholders of record on Wednesday, February 28th will be issued a $0.18 dividend. The ex-dividend date of this dividend is Tuesday, February 27th. This represents a $0.72 annualized dividend and a dividend yield of 2.44%. This is a boost from Corning’s previous quarterly dividend of $0.16. Corning’s dividend payout ratio is currently -91.18%.

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Corning Profile

Corning Incorporated is engaged in manufacturing specialty glass and ceramics. Its segments include Display Technologies, Optical Communications, Environmental Technologies, Specialty Materials, Life Sciences and All Other. The Display Technologies segment manufactures glass substrates for flat panel liquid crystal displays (LCDs).

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Institutional Ownership by Quarter for Corning (NYSE:GLW)

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