Brown Advisory Inc. decreased its position in Corning Incorporated (NYSE:GLW) by 4.8% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 221,043 shares of the electronics maker’s stock after selling 11,148 shares during the quarter. Brown Advisory Inc.’s holdings in Corning were worth $7,071,000 as of its most recent SEC filing.
Other institutional investors and hedge funds have also recently modified their holdings of the company. Wealthsource Partners LLC acquired a new position in shares of Corning in the 3rd quarter worth approximately $281,000. Princeton Capital Management Inc. grew its position in shares of Corning by 20.0% in the 3rd quarter. Princeton Capital Management Inc. now owns 214,019 shares of the electronics maker’s stock worth $6,403,000 after acquiring an additional 35,634 shares in the last quarter. State of Alaska Department of Revenue grew its position in shares of Corning by 85.2% in the 4th quarter. State of Alaska Department of Revenue now owns 145,816 shares of the electronics maker’s stock worth $4,662,000 after acquiring an additional 67,100 shares in the last quarter. Sei Investments Co. grew its position in shares of Corning by 22.2% in the 3rd quarter. Sei Investments Co. now owns 546,661 shares of the electronics maker’s stock worth $16,356,000 after acquiring an additional 99,318 shares in the last quarter. Finally, Csenge Advisory Group acquired a new position in shares of Corning in the 3rd quarter worth approximately $601,000. Institutional investors own 69.94% of the company’s stock.
Shares of Corning Incorporated (GLW) opened at $29.83 on Tuesday. The stock has a market capitalization of $25,580.00, a P/E ratio of -43.87, a P/E/G ratio of 4.38 and a beta of 1.34. Corning Incorporated has a 1-year low of $26.32 and a 1-year high of $35.10. The company has a debt-to-equity ratio of 0.35, a current ratio of 2.75 and a quick ratio of 2.22.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, March 29th. Shareholders of record on Wednesday, February 28th will be paid a dividend of $0.18 per share. The ex-dividend date of this dividend is Tuesday, February 27th. This represents a $0.72 annualized dividend and a yield of 2.41%. This is an increase from Corning’s previous quarterly dividend of $0.16. Corning’s payout ratio is presently -91.18%.
GLW has been the subject of several research reports. Zacks Investment Research upgraded Corning from a “hold” rating to a “buy” rating and set a $36.00 target price for the company in a research report on Tuesday, December 19th. Guggenheim reiterated a “buy” rating and issued a $35.00 target price on shares of Corning in a research report on Tuesday, December 12th. Citigroup lifted their target price on Corning from $33.00 to $35.00 and gave the stock a “neutral” rating in a research report on Thursday, January 25th. Oppenheimer reiterated a “hold” rating on shares of Corning in a research report on Wednesday, January 31st. Finally, Barclays set a $38.00 price target on Corning and gave the stock a “buy” rating in a report on Wednesday, January 10th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating, six have given a buy rating and one has issued a strong buy rating to the company’s stock. Corning presently has a consensus rating of “Hold” and a consensus price target of $31.47.
In other Corning news, Director John A. Canning, Jr. bought 30,000 shares of the business’s stock in a transaction on Wednesday, February 14th. The shares were purchased at an average price of $29.60 per share, with a total value of $888,000.00. The acquisition was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Deborah Rieman sold 2,083 shares of Corning stock in a transaction on Thursday, December 14th. The shares were sold at an average price of $32.16, for a total value of $66,989.28. Following the sale, the director now directly owns 102,896 shares in the company, valued at approximately $3,309,135.36. The disclosure for this sale can be found here. 0.59% of the stock is owned by insiders.
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Corning Company Profile
Corning Incorporated is engaged in manufacturing specialty glass and ceramics. Its segments include Display Technologies, Optical Communications, Environmental Technologies, Specialty Materials, Life Sciences and All Other. The Display Technologies segment manufactures glass substrates for flat panel liquid crystal displays (LCDs).
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