Smithfield Trust Co Increases Stake in Corning Incorporated (NYSE:GLW)

Smithfield Trust Co raised its position in Corning Incorporated (NYSE:GLW) by 6.9% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 7,483 shares of the electronics maker’s stock after purchasing an additional 481 shares during the period. Smithfield Trust Co’s holdings in Corning were worth $355,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also modified their holdings of the company. Janney Montgomery Scott LLC increased its stake in Corning by 6.7% in the third quarter. Janney Montgomery Scott LLC now owns 404,686 shares of the electronics maker’s stock valued at $18,272,000 after purchasing an additional 25,576 shares during the last quarter. Robeco Institutional Asset Management B.V. grew its position in shares of Corning by 372.1% in the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 413,327 shares of the electronics maker’s stock valued at $18,662,000 after buying an additional 325,776 shares during the last quarter. National Pension Service grew its position in shares of Corning by 11.3% in the 3rd quarter. National Pension Service now owns 1,508,868 shares of the electronics maker’s stock valued at $68,125,000 after buying an additional 152,922 shares during the last quarter. Asset Management One Co. Ltd. grew its position in shares of Corning by 4.2% in the 3rd quarter. Asset Management One Co. Ltd. now owns 328,220 shares of the electronics maker’s stock valued at $14,819,000 after buying an additional 13,146 shares during the last quarter. Finally, NorthRock Partners LLC purchased a new position in shares of Corning in the 3rd quarter valued at $215,000. 69.80% of the stock is currently owned by institutional investors and hedge funds.

Corning Stock Up 1.3 %

GLW stock opened at $47.12 on Thursday. The company has a market cap of $40.36 billion, a P/E ratio of 81.23, a P/E/G ratio of 1.50 and a beta of 1.03. Corning Incorporated has a 52 week low of $30.72 and a 52 week high of $55.33. The company’s 50-day moving average price is $50.15 and its 200 day moving average price is $47.31. 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 issued its quarterly earnings data 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%. On average, research analysts expect that Corning Incorporated will post 2.33 earnings per share for the current fiscal year.

Corning Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Friday, February 28th will be given a dividend of $0.28 per share. The ex-dividend date of this dividend is Friday, February 28th. This represents a $1.12 annualized dividend and a yield of 2.38%. Corning’s dividend payout ratio (DPR) is presently 193.10%.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on the company. Hsbc Global Res raised Corning from a “hold” rating to a “strong-buy” rating in a report on Thursday, January 30th. Morgan Stanley boosted their target price on Corning from $39.00 to $48.00 and gave the company an “equal weight” rating in a report on Tuesday, December 17th. HSBC upgraded shares of Corning from a “hold” rating to a “buy” rating and raised their target price for the stock from $51.00 to $60.00 in a research report on Thursday, January 30th. Citigroup raised their target price 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. Finally, Barclays lowered their target price on shares of Corning from $53.00 to $52.00 and set an “equal weight” rating on the stock in a research report on Wednesday, January 29th. Four equities research analysts have rated the stock with a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $53.00.

Insider Buying and Selling at Corning

In related news, SVP Michael Alan Bell sold 2,209 shares of the firm’s stock in a transaction that occurred on Thursday, January 30th. The shares were sold at an average price of $49.87, for a total value of $110,162.83. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, COO Eric S. Musser sold 30,000 shares of the company’s 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 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 position. The disclosure for this sale can be found here. 0.40% of the stock is owned by company insiders.

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.