Connor Clark & Lunn Investment Management Ltd. Has $1.34 Million Position in Corning Incorporated (NYSE:GLW)

Connor Clark & Lunn Investment Management Ltd. lessened its holdings in shares of Corning Incorporated (NYSE:GLW) by 37.6% in the 4th quarter, according to its most recent filing with the SEC. The fund owned 28,206 shares of the electronics maker’s stock after selling 16,988 shares during the period. Connor Clark & Lunn Investment Management Ltd.’s holdings in Corning were worth $1,340,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in the business. Amundi lifted its holdings in shares of Corning by 139.0% during the fourth quarter. Amundi now owns 3,900,808 shares of the electronics maker’s stock worth $186,186,000 after buying an additional 2,268,436 shares during the last quarter. Raymond James Financial Inc. acquired a new position in Corning during the 4th quarter valued at $92,522,000. FMR LLC boosted its holdings in 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 during the period. State Street Corp grew its position in Corning by 3.8% in the 3rd quarter. State Street Corp now owns 33,983,090 shares of the electronics maker’s stock worth $1,534,337,000 after purchasing an additional 1,242,718 shares during the last quarter. Finally, Cookson Peirce & Co. Inc. increased its holdings in shares of Corning by 218.5% during the 4th quarter. Cookson Peirce & Co. Inc. now owns 1,009,208 shares of the electronics maker’s stock worth $47,958,000 after purchasing an additional 692,366 shares during the period. Institutional investors own 69.80% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on the stock. Morgan Stanley increased their target price on shares of Corning from $39.00 to $48.00 and gave the company an “equal weight” rating in a research note on Tuesday, December 17th. StockNews.com downgraded Corning from a “buy” rating to a “hold” rating in a research report on Tuesday, February 25th. Hsbc Global Res upgraded Corning from a “hold” rating to a “strong-buy” rating in a research report on Thursday, January 30th. 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. Finally, Citigroup boosted their price target on shares of Corning from $55.00 to $58.00 and gave the company a “buy” rating in a report on Tuesday, January 21st. Four equities research 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 company presently has an average rating of “Moderate Buy” and an average price target of $54.31.

Insider Activity

In other Corning news, SVP Michael Alan Bell sold 2,209 shares of the firm’s stock in a transaction dated 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 Securities & Exchange Commission, which is accessible through this hyperlink. Also, COO Eric S. Musser sold 30,000 shares of the business’s 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 completion of 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 represents a 16.40 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.45% of the stock is currently owned by corporate insiders.

Corning Trading Up 3.3 %

Shares of GLW stock opened at $48.84 on Thursday. The company has a market capitalization of $41.83 billion, a P/E ratio of 84.20, a P/E/G ratio of 1.50 and a beta of 1.03. Corning Incorporated has a 12-month low of $30.72 and a 12-month high of $55.33. 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 firm has a 50-day moving average price of $49.86 and a 200 day moving average price of $47.62.

Corning (NYSE:GLW) last posted its earnings results on Wednesday, January 29th. The electronics maker reported $0.57 earnings per share (EPS) 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%. Research analysts forecast 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. Stockholders of record on Friday, February 28th will be issued a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a dividend yield of 2.29%. The ex-dividend date is Friday, February 28th. Corning’s payout ratio is presently 193.10%.

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.