Corning Incorporated (NYSE:GLW) Stock Holdings Raised by World Investment Advisors

World Investment Advisors lifted its stake in shares of Corning Incorporated (NYSE:GLW) by 6.2% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The fund owned 25,572 shares of the electronics maker’s stock after purchasing an additional 1,485 shares during the period. World Investment Advisors’ holdings in Corning were worth $1,215,000 as of its most recent filing with the SEC.

A number of other hedge funds have also bought and sold shares of GLW. Vanguard Group Inc. raised its stake in Corning by 0.9% during the fourth quarter. Vanguard Group Inc. now owns 99,903,247 shares of the electronics maker’s stock valued at $4,747,402,000 after buying an additional 916,528 shares in the last quarter. State Street Corp raised 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 acquiring an additional 1,242,718 shares in the last quarter. Geode Capital Management LLC lifted its stake in Corning by 3.0% during the fourth quarter. Geode Capital Management LLC now owns 18,470,610 shares of the electronics maker’s stock worth $875,633,000 after purchasing an additional 533,686 shares during the last quarter. Norges Bank acquired a new position in Corning in the fourth quarter worth $490,933,000. Finally, Charles Schwab Investment Management Inc. increased its stake in Corning by 1.7% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 4,937,981 shares of the electronics maker’s stock valued at $234,653,000 after purchasing an additional 84,905 shares during the last quarter. 69.80% of the stock is currently owned by institutional investors and hedge funds.

Corning Stock Performance

GLW stock opened at $39.08 on Friday. The company has a market capitalization of $33.48 billion, a P/E ratio of 67.37, a PEG ratio of 1.50 and a beta of 1.03. The company has a quick ratio of 1.07, a current ratio of 1.62 and a debt-to-equity ratio of 0.62. The company has a 50-day simple moving average of $48.95 and a 200 day simple moving average of $47.97. Corning Incorporated has a fifty-two week low of $30.72 and a fifty-two week high of $55.33.

Corning (NYSE:GLW) last issued its quarterly earnings results on Wednesday, January 29th. The electronics maker reported $0.57 earnings per share for the quarter, topping analysts’ consensus estimates of $0.56 by $0.01. Corning had a net margin of 3.86% and a return on equity of 15.10%. Sell-side analysts predict that Corning Incorporated will post 2.33 earnings per share for the current fiscal year.

Corning Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, March 28th. Stockholders of record on Friday, February 28th were given a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a dividend yield of 2.87%. The ex-dividend date was Friday, February 28th. Corning’s dividend payout ratio (DPR) is presently 193.10%.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on the stock. HSBC upgraded shares of Corning from a “hold” rating to a “buy” rating and raised their price target for the stock from $51.00 to $60.00 in a research report on Thursday, January 30th. Barclays decreased their target price on Corning from $53.00 to $52.00 and set an “equal weight” rating for the company in a research note on Wednesday, January 29th. Citigroup increased their price target on Corning from $55.00 to $58.00 and gave the stock a “buy” rating in a research report on Tuesday, January 21st. StockNews.com lowered Corning from a “buy” rating to a “hold” rating in a research report on Tuesday, February 25th. Finally, Bank of America increased their target price on Corning from $65.00 to $68.00 and gave the stock a “buy” rating in a research report on Wednesday, March 19th. Four analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $54.31.

Insider Transactions at Corning

In related news, COO Eric S. Musser sold 30,000 shares of Corning stock in a transaction dated 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Michael Alan Bell sold 2,209 shares of the company’s stock in a transaction dated 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 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.