Corning Incorporated (NYSE:GLW) Shares Acquired by Naples Global Advisors LLC

Naples Global Advisors LLC lifted its holdings in shares of Corning Incorporated (NYSE:GLW) by 1.0% during the 4th quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 235,508 shares of the electronics maker’s stock after acquiring an additional 2,380 shares during the period. Corning accounts for approximately 0.8% of Naples Global Advisors LLC’s investment portfolio, making the stock its 23rd biggest holding. Naples Global Advisors LLC’s holdings in Corning were worth $7,171,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in GLW. Cibc World Market Inc. increased its position in Corning by 22.1% during the first quarter. Cibc World Market Inc. now owns 65,555 shares of the electronics maker’s stock worth $2,420,000 after buying an additional 11,884 shares during the period. Prudential PLC acquired a new position in Corning during the first quarter worth approximately $588,000. Sequoia Financial Advisors LLC increased its holdings in shares of Corning by 15.5% in the first quarter. Sequoia Financial Advisors LLC now owns 7,922 shares of the electronics maker’s stock valued at $293,000 after purchasing an additional 1,062 shares during the period. Vanguard Group Inc. increased its holdings in shares of Corning by 0.7% in the first quarter. Vanguard Group Inc. now owns 92,746,889 shares of the electronics maker’s stock valued at $3,423,287,000 after purchasing an additional 671,480 shares during the period. Finally, Baird Financial Group Inc. increased its holdings in shares of Corning by 24.4% in the first quarter. Baird Financial Group Inc. now owns 714,932 shares of the electronics maker’s stock valued at $26,388,000 after purchasing an additional 140,098 shares during the period. Institutional investors and hedge funds own 67.74% of the company’s stock.

Corning Price Performance

Shares of NYSE GLW traded up $0.21 during trading on Tuesday, reaching $32.54. The company had a trading volume of 4,040,547 shares, compared to its average volume of 4,901,927. Corning Incorporated has a twelve month low of $25.26 and a twelve month high of $36.01. The stock has a market capitalization of $27.77 billion, a PE ratio of 48.57, a price-to-earnings-growth ratio of 1.85 and a beta of 1.08. The stock has a 50-day moving average price of $31.85 and a two-hundred day moving average price of $30.22. The company has a current ratio of 1.67, a quick ratio of 1.05 and a debt-to-equity ratio of 0.61.

Corning (NYSE:GLW) last announced its quarterly earnings results on Tuesday, January 30th. The electronics maker reported $0.39 EPS for the quarter, hitting the consensus estimate of $0.39. Corning had a return on equity of 12.31% and a net margin of 4.62%. The company had revenue of $2.99 billion during the quarter, compared to analyst estimates of $3.26 billion. During the same period in the prior year, the firm posted $0.47 earnings per share. The firm’s revenue was down 12.1% on a year-over-year basis. As a group, sell-side analysts predict that Corning Incorporated will post 1.86 earnings per share for the current year.

Corning Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, March 28th. Stockholders of record on Thursday, February 29th will be given a $0.28 dividend. This represents a $1.12 annualized dividend and a dividend yield of 3.44%. The ex-dividend date of this dividend is Wednesday, February 28th. Corning’s payout ratio is 167.16%.

Insider Transactions at Corning

In related news, Vice Chairman Lawrence D. Mcrae sold 18,200 shares of the stock in a transaction dated Thursday, December 21st. The stock was sold at an average price of $30.15, for a total value of $548,730.00. Following the completion of the transaction, the insider now owns 205,258 shares of the company’s stock, valued at $6,188,528.70. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 0.40% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have recently issued reports on the company. UBS Group boosted their target price on Corning from $29.00 to $32.00 and gave the company a “neutral” rating in a report on Thursday, January 11th. StockNews.com raised Corning from a “sell” rating to a “hold” rating in a report on Saturday. HSBC lowered Corning from a “hold” rating to a “reduce” rating and set a $29.00 target price on the stock. in a report on Thursday, February 1st. Finally, Barclays lifted their price target on Corning from $28.00 to $35.00 and gave the company an “equal weight” rating in a research note on Wednesday, January 31st. One research analyst has rated the stock with a sell rating, five have given a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $32.88.

Corning 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.