Shelton Capital Management Boosts Holdings in Corning Incorporated (NYSE:GLW)

Shelton Capital Management increased its position in shares of Corning Incorporated (NYSE:GLW) by 0.8% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 237,946 shares of the electronics maker’s stock after buying an additional 2,000 shares during the quarter. Shelton Capital Management’s holdings in Corning were worth $11,307,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. Norges Bank purchased a new stake in Corning in the fourth quarter valued at approximately $490,933,000. Amundi grew its stake in shares of Corning by 139.0% in the fourth 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 in the last quarter. Raymond James Financial Inc. purchased a new stake in shares of Corning in the 4th quarter valued at $92,522,000. Appaloosa LP acquired a new position in Corning during the 4th quarter worth about $71,280,000. Finally, Vanguard Group Inc. lifted its stake in Corning by 0.9% during the 4th quarter. Vanguard Group Inc. now owns 99,903,247 shares of the electronics maker’s stock worth $4,747,402,000 after acquiring an additional 916,528 shares in the last quarter. 69.80% of the stock is currently owned by institutional investors and hedge funds.

Corning Trading Up 1.3 %

Shares of GLW stock opened at $39.56 on Tuesday. The company has a market capitalization of $33.89 billion, a P/E ratio of 68.21, a price-to-earnings-growth ratio of 1.50 and a beta of 1.03. The business’s 50 day moving average is $48.75 and its two-hundred day moving average is $47.97. Corning Incorporated has a twelve month low of $30.72 and a twelve month 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 data on Wednesday, January 29th. The electronics maker reported $0.57 earnings per share for the quarter, topping analysts’ consensus estimates of $0.56 by $0.01. Corning had a return on equity of 15.10% and a net margin of 3.86%. Equities analysts forecast that Corning Incorporated will post 2.33 EPS for the current year.

Corning Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 28th. Investors of record on Friday, February 28th were issued a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a yield of 2.83%. The ex-dividend date was Friday, February 28th. Corning’s dividend payout ratio is currently 193.10%.

Analysts Set New Price Targets

GLW has been the topic of several analyst reports. Citigroup increased their price objective on Corning from $55.00 to $58.00 and gave the company a “buy” rating in a research note on Tuesday, January 21st. HSBC raised Corning from a “hold” rating to a “buy” rating and upped their price target for the company from $51.00 to $60.00 in a report on Thursday, January 30th. Bank of America raised their price objective on shares of Corning from $65.00 to $68.00 and gave the stock a “buy” rating in a report on Wednesday, March 19th. StockNews.com cut shares of Corning from a “buy” rating to a “hold” rating in a report on Tuesday, February 25th. Finally, Hsbc Global Res upgraded shares of Corning from a “hold” rating to a “strong-buy” rating in a research note on Thursday, January 30th. Four analysts have rated the stock with a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $54.31.

Insiders Place Their Bets

In other news, COO Eric S. Musser sold 30,000 shares of the firm’s stock in a transaction 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. This trade represents a 16.40 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, SVP Michael Alan Bell sold 2,209 shares of Corning 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 disclosure for this sale can be found here. 0.40% of the stock is currently owned by company insiders.

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.