Corning Incorporated (NYSE:GLW) Position Lessened by Gulf International Bank UK Ltd

Gulf International Bank UK Ltd trimmed its position in shares of Corning Incorporated (NYSE:GLW) by 0.9% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 63,235 shares of the electronics maker’s stock after selling 602 shares during the period. Gulf International Bank UK Ltd’s holdings in Corning were worth $3,004,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also modified their holdings of GLW. FMR LLC raised its holdings in shares of Corning by 52.8% during the third quarter. FMR LLC now owns 3,723,044 shares of the electronics maker’s stock worth $168,095,000 after acquiring an additional 1,285,836 shares in the last quarter. State Street Corp raised its holdings in 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 in the last quarter. Los Angeles Capital Management LLC raised its holdings in Corning by 215.6% during 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. Conning Inc. raised its holdings in Corning by 14,556.8% during the third quarter. Conning Inc. now owns 881,019 shares of the electronics maker’s stock valued at $39,778,000 after buying an additional 875,008 shares in the last quarter. Finally, Nisa Investment Advisors LLC raised its holdings in Corning by 223.7% during the fourth quarter. Nisa Investment Advisors LLC now owns 856,878 shares of the electronics maker’s stock valued at $40,719,000 after buying an additional 592,187 shares in the last quarter. 69.80% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities analysts have weighed in on GLW shares. Barclays cut 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. Hsbc Global Res upgraded Corning from a “hold” rating to a “strong-buy” rating in a report on Thursday, January 30th. Morgan Stanley raised 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 Corning from a “hold” rating to a “buy” rating and raised their target price for the company from $51.00 to $60.00 in a report on Thursday, January 30th. Finally, Citigroup raised their price target on Corning from $55.00 to $58.00 and gave the company a “buy” rating in a research report on Tuesday, January 21st. Four analysts have rated the stock with a hold rating, ten have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $53.00.

Corning Stock Up 2.5 %

GLW stock opened at $50.25 on Friday. Corning Incorporated has a twelve month low of $30.72 and a twelve month high of $55.33. The company has a market cap of $43.04 billion, a PE ratio of 86.63, a price-to-earnings-growth ratio of 1.50 and a beta of 1.03. The business’s 50-day simple moving average is $50.18 and its 200 day simple moving average is $47.05. The company has a quick ratio of 1.07, a current ratio of 1.62 and a debt-to-equity ratio of 0.62.

Corning (NYSE:GLW) last released its 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 return on equity of 15.10% and a net margin of 3.86%. On average, research analysts anticipate that Corning Incorporated will post 2.33 earnings per share for the current year.

Corning Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Friday, February 28th will be paid a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a yield of 2.23%. The ex-dividend date is Friday, February 28th. Corning’s dividend payout ratio is 193.10%.

Insiders Place Their Bets

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 transaction of $110,162.83. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, COO Eric S. Musser sold 30,000 shares of the firm’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 transaction, the chief operating officer now owns 152,944 shares of the company’s stock, valued at approximately $7,940,852.48. This represents a 16.40 % decrease in their position. The disclosure for this sale can be found here. Corporate 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.