Alliancebernstein L.P. raised its stake in shares of Corning Incorporated (NYSE:GLW) by 3.8% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 1,810,133 shares of the electronics maker’s stock after purchasing an additional 65,749 shares during the quarter. Alliancebernstein L.P. owned 0.21% of Corning worth $57,906,000 as of its most recent filing with the Securities and Exchange Commission.
Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Motco boosted its holdings in Corning by 150.4% during the fourth quarter. Motco now owns 3,538 shares of the electronics maker’s stock valued at $113,000 after purchasing an additional 2,125 shares in the last quarter. Valeo Financial Advisors LLC boosted its holdings in Corning by 163.9% during the fourth quarter. Valeo Financial Advisors LLC now owns 4,991 shares of the electronics maker’s stock valued at $160,000 after purchasing an additional 3,100 shares in the last quarter. Resources Investment Advisors Inc. boosted its holdings in Corning by 611.0% during the fourth quarter. Resources Investment Advisors Inc. now owns 5,190 shares of the electronics maker’s stock valued at $166,000 after purchasing an additional 4,460 shares in the last quarter. Bank of Nova Scotia Trust Co. acquired a new stake in Corning during the third quarter valued at approximately $163,000. Finally, Walter & Keenan Financial Consulting Co. MI ADV acquired a new stake in Corning during the third quarter valued at approximately $254,000. 72.94% of the stock is currently owned by institutional investors.
Corning Incorporated (NYSE:GLW) opened at $29.84 on Tuesday. Corning Incorporated has a one year low of $26.32 and a one year high of $35.10. The company has a quick ratio of 2.22, a current ratio of 2.75 and a debt-to-equity ratio of 0.35. The stock has a market cap of $25,590.00, a P/E ratio of -43.88, a PEG ratio of 4.48 and a beta of 1.35.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, March 29th. Investors of record on Wednesday, February 28th will be given a $0.18 dividend. This represents a $0.72 annualized dividend and a yield of 2.41%. The ex-dividend date is Tuesday, February 27th. This is a boost from Corning’s previous quarterly dividend of $0.16. Corning’s payout ratio is -105.88%.
In related news, Vice Chairman Lawrence D. Mcrae sold 51,676 shares of the business’s stock in a transaction that occurred on Thursday, December 21st. The shares were sold at an average price of $32.42, for a total value of $1,675,335.92. Following the completion of the transaction, the insider now owns 136,032 shares in the company, valued at approximately $4,410,157.44. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director John A. Canning, Jr. acquired 30,000 shares of the company’s stock in a transaction that occurred on Wednesday, February 14th. The stock was bought at an average price of $29.60 per share, with a total value of $888,000.00. The disclosure for this purchase can be found here. Insiders own 0.59% of the company’s stock.
GLW has been the topic of a number of recent research reports. ValuEngine raised Corning from a “hold” rating to a “buy” rating in a report on Sunday, December 31st. Zacks Investment Research downgraded Corning from a “buy” rating to a “hold” rating in a report on Friday, December 22nd. Barclays set a $38.00 target price on shares of Corning and gave the company a “buy” rating in a research note on Wednesday, January 10th. Guggenheim reiterated a “buy” rating on shares of Corning in a research note on Tuesday, January 30th. Finally, Citigroup cut their target price on shares of Corning from $35.00 to $32.00 and set a “neutral” rating for the company in a research note on Friday. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company. Corning currently has an average rating of “Hold” and a consensus target price of $31.22.
Corning Company Profile
Corning Incorporated is engaged in manufacturing specialty glass and ceramics. Its segments include Display Technologies, Optical Communications, Environmental Technologies, Specialty Materials, Life Sciences and All Other. The Display Technologies segment manufactures glass substrates for flat panel liquid crystal displays (LCDs).
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