PGGM Investments Invests $741,000 in Corning Incorporated (NYSE:GLW)

PGGM Investments bought a new stake in Corning Incorporated (NYSE:GLW) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 15,598 shares of the electronics maker’s stock, valued at approximately $741,000.

Several other hedge funds also recently modified their holdings of the stock. Oregon Public Employees Retirement Fund lifted its stake in Corning by 0.3% during the 4th quarter. Oregon Public Employees Retirement Fund now owns 66,063 shares of the electronics maker’s stock valued at $3,139,000 after acquiring an additional 204 shares in the last quarter. Principal Securities Inc. raised its holdings in shares of Corning by 3.5% in the fourth quarter. Principal Securities Inc. now owns 6,170 shares of the electronics maker’s stock valued at $293,000 after purchasing an additional 211 shares during the last quarter. Bogart Wealth LLC lifted its position in shares of Corning by 18.3% during the fourth quarter. Bogart Wealth LLC now owns 1,419 shares of the electronics maker’s stock valued at $67,000 after purchasing an additional 219 shares in the last quarter. Buffington Mohr McNeal boosted its holdings in Corning by 2.1% during the fourth quarter. Buffington Mohr McNeal now owns 10,461 shares of the electronics maker’s stock worth $497,000 after purchasing an additional 220 shares during the last quarter. Finally, Allworth Financial LP boosted its holdings in Corning by 1.1% during the fourth quarter. Allworth Financial LP now owns 19,581 shares of the electronics maker’s stock worth $930,000 after purchasing an additional 220 shares during the last quarter. Hedge funds and other institutional investors own 69.80% of the company’s stock.

Insider Buying and Selling

In other news, COO Eric S. Musser sold 30,000 shares of the company’s stock in a transaction that occurred on Friday, January 31st. The shares were sold at an average price of $51.92, for a total value of $1,557,600.00. Following the transaction, the chief operating officer now owns 152,944 shares in the company, valued at approximately $7,940,852.48. This represents a 16.40 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, SVP Michael Alan Bell sold 2,209 shares of Corning 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 disclosure for this sale can be found here. 0.40% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

A number of analysts recently commented on the company. Hsbc Global Res raised Corning from a “hold” rating to a “strong-buy” rating in a research report on Thursday, January 30th. Citigroup raised their target price on Corning from $55.00 to $58.00 and gave the company a “buy” rating in a research report on Tuesday, January 21st. Barclays cut their price target on shares of Corning from $53.00 to $52.00 and set an “equal weight” rating on the stock in a report on Wednesday, January 29th. StockNews.com downgraded shares of Corning from a “buy” rating to a “hold” rating in a report on Tuesday, February 25th. Finally, HSBC upgraded shares of Corning from a “hold” rating to a “buy” rating and boosted their target price for the company from $51.00 to $60.00 in a research note on Thursday, January 30th. Four research 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’s stock. According to MarketBeat, Corning currently has an average rating of “Moderate Buy” and an average price target of $53.00.

Corning Stock Up 0.3 %

Shares of NYSE:GLW opened at $45.56 on Friday. The stock’s 50-day moving average is $49.89 and its 200 day moving average is $47.43. The company has a market cap of $39.02 billion, a PE ratio of 78.55, a P/E/G ratio of 1.50 and a beta of 1.03. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.62 and a quick ratio of 1.07. Corning Incorporated has a 1 year low of $30.72 and a 1 year high of $55.33.

Corning (NYSE:GLW) last announced its earnings results on Wednesday, January 29th. The electronics maker reported $0.57 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%. Sell-side analysts anticipate that Corning Incorporated will post 2.33 EPS for the current year.

Corning Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Friday, February 28th will be given a dividend of $0.28 per share. The ex-dividend date is Friday, February 28th. This represents a $1.12 annualized dividend and a yield of 2.46%. Corning’s payout ratio is 193.10%.

Corning Company 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.