130,174 Shares in Corning Incorporated (NYSE:GLW) Acquired by International Assets Investment Management LLC

International Assets Investment Management LLC purchased a new position in shares of Corning Incorporated (NYSE:GLW) during the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor purchased 130,174 shares of the electronics maker’s stock, valued at approximately $4,275,000.

Other institutional investors have also added to or reduced their stakes in the company. Arvest Investments Inc. purchased a new stake in shares of Corning in the fourth quarter worth approximately $1,820,000. Asset Management One Co. Ltd. raised its stake in shares of Corning by 0.3% in the fourth quarter. Asset Management One Co. Ltd. now owns 341,345 shares of the electronics maker’s stock worth $10,455,000 after purchasing an additional 1,036 shares during the last quarter. Total Clarity Wealth Management Inc. raised its stake in shares of Corning by 54.2% in the fourth quarter. Total Clarity Wealth Management Inc. now owns 10,439 shares of the electronics maker’s stock worth $318,000 after purchasing an additional 3,671 shares during the last quarter. Farmers & Merchants Trust Co of Chambersburg PA purchased a new stake in shares of Corning in the fourth quarter worth approximately $43,000. Finally, Ballentine Partners LLC raised its stake in shares of Corning by 4.1% in the fourth quarter. Ballentine Partners LLC now owns 24,964 shares of the electronics maker’s stock worth $760,000 after purchasing an additional 978 shares during the last quarter. 69.80% of the stock is 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 business’s stock in a transaction dated Thursday, March 21st. The stock was sold at an average price of $33.24, for a total value of $2,574,903.36. Following the sale, the insider now directly owns 215,254 shares in the company, valued at approximately $7,155,042.96. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 0.45% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on the company. JPMorgan Chase & Co. upped their target price on Corning from $34.00 to $36.00 and gave the company a “neutral” rating in a report on Thursday, April 11th. StockNews.com upgraded Corning from a “sell” rating to a “hold” rating in a research note on Monday, April 1st. HSBC cut Corning from a “hold” rating to a “reduce” rating and set a $29.00 target price on the stock. in a research note on Thursday, February 1st. Susquehanna restated a “positive” rating and set a $40.00 price target on shares of Corning in a research report on Monday, April 1st. Finally, UBS Group lifted their price objective on shares of Corning from $34.00 to $35.00 and gave the stock a “neutral” rating in a research report on Monday, April 8th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $34.56.

Corning Trading Down 1.2 %

Shares of Corning stock opened at $30.92 on Wednesday. Corning Incorporated has a 52-week low of $25.26 and a 52-week high of $36.01. The stock’s 50-day simple moving average is $32.36 and its 200 day simple moving average is $30.38. The stock has a market capitalization of $26.44 billion, a P/E ratio of 46.14, a P/E/G ratio of 1.79 and a beta of 1.08. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.05 and a current ratio of 1.67.

Corning (NYSE:GLW) last announced its quarterly earnings data on Tuesday, January 30th. The electronics maker reported $0.39 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.39. Corning had a return on equity of 12.31% and a net margin of 4.62%. The business had revenue of $2.99 billion for the quarter, compared to analysts’ expectations of $3.26 billion. During the same period in the previous year, the business posted $0.47 EPS. The firm’s quarterly revenue was down 12.1% compared to the same quarter last year. As a group, research analysts anticipate that Corning Incorporated will post 1.86 EPS for the current year.

Corning Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, March 28th. Investors of record on Thursday, February 29th were paid a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a yield of 3.62%. The ex-dividend date was Wednesday, February 28th. Corning’s dividend payout ratio 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.