Brown Brothers Harriman & Co. Grows Position in Corning Incorporated (NYSE:GLW)

Brown Brothers Harriman & Co. raised its position in Corning Incorporated (NYSE:GLW) by 4.3% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 9,441 shares of the electronics maker’s stock after purchasing an additional 385 shares during the quarter. Brown Brothers Harriman & Co.’s holdings in Corning were worth $449,000 at the end of the most recent quarter.

A number of other hedge funds have also made changes to their positions in GLW. Norges Bank purchased a new stake in Corning during the 4th quarter worth $490,933,000. Amundi boosted its holdings in shares of Corning by 139.0% in the 4th 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 period. Raymond James Financial Inc. acquired a new position in Corning in the fourth quarter valued at approximately $92,522,000. Appaloosa LP acquired a new position in Corning during the 4th quarter valued at approximately $71,280,000. Finally, FMR LLC grew its position in shares of Corning by 52.8% during the third quarter. FMR LLC now owns 3,723,044 shares of the electronics maker’s stock worth $168,095,000 after acquiring an additional 1,285,836 shares during the last quarter. Hedge funds and other institutional investors own 69.80% of the company’s stock.

Insider Activity

In related news, SVP Michael Alan Bell sold 2,209 shares of the business’s stock in a transaction on 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 is accessible 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 transaction of $1,557,600.00. Following the completion of the sale, the chief operating officer now directly owns 152,944 shares in the company, valued at approximately $7,940,852.48. The trade was a 16.40 % decrease in their position. The disclosure for this sale can be found here. 0.40% of the stock is owned by company insiders.

Corning Price Performance

Shares of NYSE:GLW opened at $45.77 on Tuesday. The business has a 50-day moving average of $49.76 and a two-hundred day moving average of $47.98. 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 fifty-two week low of $30.72 and a fifty-two week high of $55.33. The stock has a market capitalization of $39.22 billion, a P/E ratio of 78.92, a P/E/G ratio of 1.50 and a beta of 1.03.

Corning (NYSE:GLW) last announced its earnings results on Wednesday, January 29th. The electronics maker reported $0.57 EPS for the quarter, topping the consensus estimate of $0.56 by $0.01. Corning had a net margin of 3.86% and a return on equity of 15.10%. On average, equities research analysts predict that Corning Incorporated will post 2.33 EPS for the current fiscal year.

Corning Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, March 28th. Investors of record on Friday, February 28th were paid a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a yield of 2.45%. The ex-dividend date of this dividend was Friday, February 28th. Corning’s payout ratio is currently 193.10%.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on GLW shares. Hsbc Global Res raised Corning from a “hold” rating to a “strong-buy” rating in a report on Thursday, January 30th. Barclays dropped their target price 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. Morgan Stanley upped their target price on Corning from $39.00 to $48.00 and gave the company an “equal weight” rating in a report on Tuesday, December 17th. Citigroup raised their price objective on shares of Corning from $55.00 to $58.00 and gave the stock a “buy” rating in a research note on Tuesday, January 21st. Finally, HSBC raised Corning from a “hold” rating to a “buy” rating and lifted their target price for the company from $51.00 to $60.00 in a research note on Thursday, January 30th. Four equities research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $54.31.

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.