Court Place Advisors LLC Has $539,000 Position in Corning Incorporated (NYSE:GLW)

Court Place Advisors LLC reduced its holdings in Corning Incorporated (NYSE:GLW) by 3.8% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 17,700 shares of the electronics maker’s stock after selling 700 shares during the period. Court Place Advisors LLC’s holdings in Corning were worth $539,000 as of its most recent SEC filing.

Several other large investors have also bought and sold shares of GLW. Norges Bank acquired a new position in Corning in the fourth quarter valued at approximately $241,456,000. Price T Rowe Associates Inc. MD raised its holdings in Corning by 74.1% in the first quarter. Price T Rowe Associates Inc. MD now owns 8,681,332 shares of the electronics maker’s stock worth $306,278,000 after purchasing an additional 3,694,339 shares during the period. Morgan Stanley raised its holdings in Corning by 26.5% in the fourth quarter. Morgan Stanley now owns 13,734,071 shares of the electronics maker’s stock worth $438,666,000 after purchasing an additional 2,875,197 shares during the period. Ameriprise Financial Inc. raised its holdings in Corning by 15.0% in the third quarter. Ameriprise Financial Inc. now owns 17,615,078 shares of the electronics maker’s stock worth $536,114,000 after purchasing an additional 2,301,745 shares during the period. Finally, Wellington Management Group LLP raised its holdings in Corning by 7.7% in the third quarter. Wellington Management Group LLP now owns 28,714,901 shares of the electronics maker’s stock worth $874,943,000 after purchasing an additional 2,055,388 shares during the period. 69.80% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Corning

In related news, Vice Chairman Lawrence D. Mcrae sold 77,464 shares of the firm’s stock in a transaction on Thursday, March 21st. The shares were sold at an average price of $33.24, for a total value of $2,574,903.36. Following the completion of the transaction, the insider now owns 215,254 shares of the company’s stock, valued at $7,155,042.96. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 0.45% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on GLW shares. UBS Group increased their target price on shares of Corning from $34.00 to $35.00 and gave the stock a “neutral” rating in a report on Monday, April 8th. HSBC lowered shares of Corning from a “hold” rating to a “reduce” rating and set a $29.00 target price on the stock. in a report on Thursday, February 1st. JPMorgan Chase & Co. increased their target price on shares of Corning from $34.00 to $36.00 and gave the stock a “neutral” rating in a report on Thursday, April 11th. Susquehanna reiterated a “positive” rating and issued a $40.00 target price on shares of Corning in a report on Monday, April 1st. Finally, StockNews.com upgraded shares of Corning from a “sell” rating to a “hold” rating in a report on Monday, April 1st. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $34.56.

Corning Stock Up 0.2 %

Shares of NYSE:GLW traded up $0.06 during midday trading on Wednesday, reaching $30.98. 5,179,519 shares of the company were exchanged, compared to its average volume of 4,757,679. The firm has a market cap of $26.50 billion, a PE ratio of 46.14, a P/E/G ratio of 1.78 and a beta of 1.08. Corning Incorporated has a fifty-two week low of $25.26 and a fifty-two week high of $36.01. The stock has a fifty day simple moving average of $32.36 and a two-hundred day simple moving average of $30.38. The company has a quick ratio of 1.05, a current ratio of 1.67 and a debt-to-equity ratio of 0.61.

Corning (NYSE:GLW) last released its earnings results on Tuesday, January 30th. The electronics maker reported $0.39 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.39. The business had revenue of $2.99 billion during the quarter, compared to the consensus estimate of $3.26 billion. Corning had a net margin of 4.62% and a return on equity of 12.31%. The firm’s revenue for the quarter was down 12.1% compared to the same quarter last year. During the same quarter last year, the firm earned $0.47 earnings per share. As a group, sell-side analysts forecast that Corning Incorporated will post 1.86 earnings per share for the current year.

Corning Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, March 28th. Investors of record on Thursday, February 29th were given a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a yield of 3.62%. The ex-dividend date of this dividend was Wednesday, February 28th. Corning’s dividend payout ratio (DPR) is currently 167.16%.

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.