AGF Management Ltd. Sells 19,430 Shares of Corning Incorporated (NYSE:GLW)

AGF Management Ltd. trimmed its position in shares of Corning Incorporated (NYSE:GLW) by 26.6% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 53,682 shares of the electronics maker’s stock after selling 19,430 shares during the period. AGF Management Ltd.’s holdings in Corning were worth $2,551,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in GLW. Amundi grew its stake in shares of Corning by 139.0% in the fourth quarter. Amundi now owns 3,900,808 shares of the electronics maker’s stock worth $186,186,000 after acquiring an additional 2,268,436 shares during the last quarter. Raymond James Financial Inc. acquired a new stake in Corning in the 4th quarter worth $92,522,000. FMR LLC increased its holdings in shares of Corning by 52.8% during the 3rd quarter. FMR LLC now owns 3,723,044 shares of the electronics maker’s stock worth $168,095,000 after purchasing an additional 1,285,836 shares during the period. State Street Corp raised its position in shares of Corning by 3.8% during the third quarter. State Street Corp now owns 33,983,090 shares of the electronics maker’s stock valued at $1,534,337,000 after buying an additional 1,242,718 shares during the last quarter. Finally, Cookson Peirce & Co. Inc. lifted its stake in shares of Corning by 218.5% in the fourth quarter. Cookson Peirce & Co. Inc. now owns 1,009,208 shares of the electronics maker’s stock valued at $47,958,000 after buying an additional 692,366 shares during the period. 69.80% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities analysts recently issued reports on GLW shares. Hsbc Global Res upgraded Corning from a “hold” rating to a “strong-buy” rating in a research note on Thursday, January 30th. Citigroup boosted their price objective on Corning from $55.00 to $58.00 and gave the company a “buy” rating in a research report on Tuesday, January 21st. Barclays reduced their target price on Corning from $53.00 to $52.00 and set an “equal weight” rating for the company in a research report on Wednesday, January 29th. StockNews.com cut Corning from a “buy” rating to a “hold” rating in a report on Tuesday, February 25th. Finally, Morgan Stanley raised their target price on Corning from $39.00 to $48.00 and gave the stock an “equal weight” rating in a research report on Tuesday, December 17th. Four analysts have rated the stock with a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Corning presently has a consensus rating of “Moderate Buy” and a consensus price target of $53.00.

Corning Trading Up 0.3 %

GLW opened at $45.56 on Friday. Corning Incorporated has a 1-year low of $30.72 and a 1-year high of $55.33. The stock has a market capitalization of $39.02 billion, a PE ratio of 78.55, a PEG ratio of 1.50 and a beta of 1.03. The company has a current ratio of 1.62, a quick ratio of 1.07 and a debt-to-equity ratio of 0.62. The firm has a 50-day moving average price of $49.89 and a two-hundred day moving average price of $47.43.

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, beating 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%. As a group, equities analysts anticipate that Corning Incorporated will post 2.33 earnings per share for the current fiscal year.

Corning Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Friday, February 28th will be issued a $0.28 dividend. 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 is 193.10%.

Insider Buying and Selling

In other Corning news, COO Eric S. Musser sold 30,000 shares of the firm’s stock in a transaction that occurred 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 transaction, the chief operating officer now directly owns 152,944 shares of the company’s stock, valued at approximately $7,940,852.48. This trade represents a 16.40 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 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. Corporate insiders own 0.40% of the company’s stock.

About Corning

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.