Asset Planning Inc Takes $29,000 Position in Corning Incorporated (NYSE:GLW)

Asset Planning Inc acquired a new stake in shares of Corning Incorporated (NYSE:GLW) during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 600 shares of the electronics maker’s stock, valued at approximately $29,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of GLW. FMR LLC boosted its holdings 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 purchasing an additional 1,285,836 shares during the period. State Street Corp boosted its holdings in shares of Corning by 3.8% during the third quarter. State Street Corp now owns 33,983,090 shares of the electronics maker’s stock worth $1,534,337,000 after purchasing an additional 1,242,718 shares during the period. Los Angeles Capital Management LLC boosted its holdings in shares of Corning by 215.6% during the third quarter. Los Angeles Capital Management LLC now owns 1,677,513 shares of the electronics maker’s stock worth $75,740,000 after purchasing an additional 1,145,955 shares during the period. Pathway Financial Advisers LLC boosted its holdings in shares of Corning by 4,306.9% during the third quarter. Pathway Financial Advisers LLC now owns 1,050,463 shares of the electronics maker’s stock worth $47,428,000 after purchasing an additional 1,026,626 shares during the period. Finally, Conning Inc. boosted its holdings in shares of Corning by 14,556.8% during the third quarter. Conning Inc. now owns 881,019 shares of the electronics maker’s stock worth $39,778,000 after purchasing an additional 875,008 shares during the period. 69.80% of the stock is owned by institutional investors.

Corning Price Performance

Shares of NYSE GLW opened at $52.58 on Friday. Corning Incorporated has a fifty-two week low of $30.72 and a fifty-two week high of $55.33. The company has a 50 day simple moving average of $49.46 and a two-hundred day simple moving average of $46.19. The company has a market capitalization of $45.02 billion, a price-to-earnings ratio of 90.66, a P/E/G ratio of 1.55 and a beta of 1.03. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.07 and a current ratio of 1.62.

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%. Analysts expect that Corning Incorporated will post 2.33 EPS for the current fiscal year.

Corning Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Friday, February 28th will be given a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a dividend yield of 2.13%. The ex-dividend date is Friday, February 28th. Corning’s dividend payout ratio (DPR) is currently 193.11%.

Insider Activity at Corning

In other Corning news, SVP Michael Alan Bell sold 2,209 shares of Corning stock in a transaction that occurred on 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 filing with the Securities & Exchange Commission, which is available at the SEC website. Also, COO Eric S. Musser sold 30,000 shares of Corning stock in a transaction that occurred on 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 of the company’s stock, valued at approximately $7,940,852.48. This trade represents a 16.40 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 46,085 shares of company stock valued at $2,345,436 over the last 90 days. Corporate insiders own 0.40% of the company’s stock.

Analysts Set New Price Targets

GLW has been the subject of a number of analyst reports. Oppenheimer reiterated an “outperform” rating and set a $58.00 target price (up from $51.00) on shares of Corning in a report on Wednesday, October 30th. HSBC upgraded shares of Corning from a “hold” rating to a “buy” rating and increased their target price for the stock from $51.00 to $60.00 in a report on Thursday, January 30th. UBS Group raised their price objective on shares of Corning from $46.00 to $51.00 and gave the stock a “neutral” rating in a report on Wednesday, October 30th. Hsbc Global Res upgraded shares of Corning from a “hold” rating to a “strong-buy” rating in a report on Thursday, January 30th. Finally, Deutsche Bank Aktiengesellschaft raised their price objective on shares of Corning from $49.00 to $54.00 and gave the stock a “buy” rating in a report on Wednesday, October 30th. Three equities research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $53.00.

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.