GLOBALT Investments LLC GA Buys New Position in Corning Incorporated (NYSE:GLW)

GLOBALT Investments LLC GA bought a new stake in shares of Corning Incorporated (NYSE:GLW) during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund bought 94,067 shares of the electronics maker’s stock, valued at approximately $4,470,000.

Several other hedge funds also recently modified their holdings of GLW. Amundi boosted its position in shares of Corning by 139.0% during the fourth quarter. Amundi now owns 3,900,808 shares of the electronics maker’s stock valued at $186,186,000 after buying an additional 2,268,436 shares during the last quarter. Raymond James Financial Inc. purchased a new position in shares of Corning during the fourth quarter valued at approximately $92,522,000. Appaloosa LP purchased a new position in shares of Corning during the fourth quarter valued at approximately $71,280,000. FMR LLC boosted its position in Corning by 52.8% in the third 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 last quarter. Finally, State Street Corp boosted its position in Corning by 3.8% in the third 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. Hedge funds and other institutional investors own 69.80% of the company’s stock.

Analyst Ratings Changes

GLW has been the topic of several research analyst reports. Barclays cut their price objective on Corning from $53.00 to $52.00 and set an “equal weight” rating on the stock in a research report on Wednesday, January 29th. StockNews.com cut Corning from a “buy” rating to a “hold” rating in a research report on Tuesday, February 25th. Citigroup boosted their price objective on Corning from $55.00 to $58.00 and gave the stock a “buy” rating in a research report on Tuesday, January 21st. Morgan Stanley boosted their price objective on Corning from $39.00 to $48.00 and gave the stock an “equal weight” rating in a research report on Tuesday, December 17th. Finally, HSBC raised Corning from a “hold” rating to a “buy” rating and boosted their price objective for the stock from $51.00 to $60.00 in a research report on Thursday, January 30th. Four investment 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. According to MarketBeat.com, Corning has a consensus rating of “Moderate Buy” and a consensus price target of $53.00.

Corning Stock Performance

NYSE:GLW opened at $46.86 on Monday. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.07 and a current ratio of 1.62. Corning Incorporated has a 52-week low of $30.72 and a 52-week high of $55.33. The firm has a market cap of $40.13 billion, a price-to-earnings ratio of 80.79, a PEG ratio of 1.50 and a beta of 1.03. The business’s fifty day moving average is $49.88 and its 200 day moving average is $47.50.

Corning (NYSE:GLW) last released its quarterly earnings data 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 return on equity of 15.10% and a net margin of 3.86%. Research analysts predict that Corning Incorporated will post 2.33 EPS for the current year.

Corning Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Friday, February 28th will be paid a dividend of $0.28 per share. The ex-dividend date is Friday, February 28th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.39%. Corning’s payout ratio is 193.10%.

Insiders Place Their Bets

In other Corning news, SVP Michael Alan Bell sold 2,209 shares of the company’s stock in a transaction dated Thursday, January 30th. The stock was sold at an average price of $49.87, for a total value of $110,162.83. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, COO Eric S. Musser sold 30,000 shares of the company’s stock in a transaction dated Friday, January 31st. The stock was sold at an average price of $51.92, for a total value of $1,557,600.00. Following the completion of the transaction, the chief operating officer now owns 152,944 shares in the company, valued at $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. 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.