Cookson Peirce & Co. Inc. Has $47.96 Million Position in Corning Incorporated (NYSE:GLW)

Cookson Peirce & Co. Inc. increased its holdings in Corning Incorporated (NYSE:GLW) by 218.5% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,009,208 shares of the electronics maker’s stock after purchasing an additional 692,366 shares during the period. Corning makes up 2.2% of Cookson Peirce & Co. Inc.’s portfolio, making the stock its 12th biggest position. Cookson Peirce & Co. Inc. owned about 0.12% of Corning worth $47,958,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. FMR LLC boosted its stake in shares of Corning by 52.8% in the 3rd quarter. FMR LLC now owns 3,723,044 shares of the electronics maker’s stock valued at $168,095,000 after purchasing an additional 1,285,836 shares in the last quarter. State Street Corp lifted its holdings in 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 purchasing an additional 1,242,718 shares during the last quarter. Los Angeles Capital Management LLC boosted its position in Corning by 215.6% in the third quarter. Los Angeles Capital Management LLC now owns 1,677,513 shares of the electronics maker’s stock valued at $75,740,000 after buying an additional 1,145,955 shares in the last quarter. Nisa Investment Advisors LLC grew its stake in Corning by 223.7% during the fourth quarter. Nisa Investment Advisors LLC now owns 856,878 shares of the electronics maker’s stock worth $40,719,000 after buying an additional 592,187 shares during the last quarter. Finally, Victory Capital Management Inc. increased its holdings in shares of Corning by 54.5% during the fourth quarter. Victory Capital Management Inc. now owns 1,172,566 shares of the electronics maker’s stock worth $55,720,000 after buying an additional 413,529 shares in the last quarter. Institutional investors own 69.80% of the company’s stock.

Insiders Place Their Bets

In other news, COO Eric S. Musser sold 30,000 shares of Corning stock in a transaction on Friday, January 31st. The shares were 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. This trade represents a 16.40 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 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. Company insiders own 0.40% of the company’s stock.

Corning Trading Down 3.6 %

GLW opened at $46.50 on Wednesday. The firm has a 50 day simple moving average of $50.16 and a 200 day simple moving average of $47.26. Corning Incorporated has a fifty-two week low of $30.72 and a fifty-two week high of $55.33. The company has a market cap of $39.83 billion, a price-to-earnings ratio of 80.17, a price-to-earnings-growth ratio of 1.50 and a beta of 1.03. 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) last posted its quarterly earnings results on Wednesday, January 29th. The electronics maker reported $0.57 earnings per share 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%. On average, sell-side analysts anticipate that Corning Incorporated will post 2.33 earnings per share for the current year.

Corning Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Friday, February 28th will be paid a $0.28 dividend. This represents a $1.12 annualized dividend and a yield of 2.41%. The ex-dividend date is Friday, February 28th. Corning’s payout ratio is 193.10%.

Analyst Ratings Changes

Several research analysts have recently commented on GLW shares. Barclays reduced their target price on Corning from $53.00 to $52.00 and set an “equal weight” rating on the stock in a report on Wednesday, January 29th. Morgan Stanley boosted their price objective on Corning from $39.00 to $48.00 and gave the stock an “equal weight” rating in a research note on Tuesday, December 17th. Citigroup raised their target price on Corning from $55.00 to $58.00 and gave the company a “buy” rating in a research note on Tuesday, January 21st. HSBC raised Corning from a “hold” rating to a “buy” rating and lifted their price target for the company from $51.00 to $60.00 in a report on Thursday, January 30th. Finally, Hsbc Global Res upgraded shares of Corning from a “hold” rating to a “strong-buy” rating in a research report on Thursday, January 30th. Four analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $53.00.

Corning 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.