CANADA LIFE ASSURANCE Co Sells 80,495 Shares of Corning Incorporated (NYSE:GLW)

CANADA LIFE ASSURANCE Co trimmed its holdings in shares of Corning Incorporated (NYSE:GLW) by 11.4% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 628,445 shares of the electronics maker’s stock after selling 80,495 shares during the quarter. CANADA LIFE ASSURANCE Co owned 0.07% of Corning worth $29,848,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in GLW. Northstar Advisory Group LLC grew its stake in shares of Corning by 258.4% in the fourth quarter. Northstar Advisory Group LLC now owns 123,808 shares of the electronics maker’s stock worth $5,883,000 after purchasing an additional 89,268 shares during the last quarter. Franklin Resources Inc. grew its position in shares of Corning by 48.4% in the 3rd quarter. Franklin Resources Inc. now owns 191,648 shares of the electronics maker’s stock valued at $8,975,000 after buying an additional 62,514 shares during the last quarter. Fifth Third Bancorp increased its stake in shares of Corning by 16.8% in the fourth quarter. Fifth Third Bancorp now owns 111,448 shares of the electronics maker’s stock valued at $5,296,000 after buying an additional 16,001 shares during the period. First Financial Bank Trust Division raised its position in shares of Corning by 27.5% during the fourth quarter. First Financial Bank Trust Division now owns 138,153 shares of the electronics maker’s stock worth $6,565,000 after acquiring an additional 29,790 shares during the last quarter. Finally, New Century Financial Group LLC acquired a new position in shares of Corning in the fourth quarter worth approximately $1,110,000. 69.80% of the stock is currently owned by institutional investors and hedge funds.

Corning Stock Performance

GLW opened at $41.50 on Friday. The company has a market cap of $35.55 billion, a price-to-earnings ratio of 71.55, a PEG ratio of 1.50 and a beta of 1.03. The company’s fifty day moving average price is $46.42 and its two-hundred day moving average price is $47.67. Corning Incorporated has a 1-year low of $31.20 and a 1-year high of $55.33. The company has a current ratio of 1.62, a quick ratio of 1.07 and a debt-to-equity ratio of 0.62.

Corning (NYSE:GLW) last announced its quarterly earnings results on Wednesday, January 29th. The electronics maker reported $0.57 earnings per share for the quarter, beating 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, analysts expect that Corning Incorporated will post 2.33 EPS for the current fiscal year.

Corning Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, March 28th. Investors of record on Friday, February 28th were given a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a yield of 2.70%. The ex-dividend date of this dividend was Friday, February 28th. Corning’s payout ratio is currently 193.10%.

Insider Buying and Selling at Corning

In other Corning news, SVP Michael Alan Bell sold 2,209 shares of the stock in a transaction dated Thursday, January 30th. The shares were sold at an average price of $49.87, for a total value of $110,162.83. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, COO Eric S. Musser sold 30,000 shares of the business’s stock in a transaction that occurred on Friday, January 31st. The stock was sold at an average price of $51.92, for a total value of $1,557,600.00. Following the completion of the transaction, the chief operating officer now owns 152,944 shares in the company, valued at $7,940,852.48. The trade was a 16.40 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.40% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have weighed in on GLW. Hsbc Global Res raised shares of Corning from a “hold” rating to a “strong-buy” rating in a research report on Thursday, January 30th. Barclays decreased their price objective on shares of Corning from $53.00 to $52.00 and set an “equal weight” rating for the company in a research report on Wednesday, January 29th. Citigroup dropped their target price on shares of Corning from $58.00 to $50.00 and set a “buy” rating on the stock in a report on Monday, April 14th. Mizuho set a $52.00 price target on Corning in a report on Tuesday. Finally, HSBC raised Corning from a “hold” rating to a “buy” rating and boosted their price objective 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 given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $53.31.

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.