Dimensional Fund Advisors LP Buys 78,497 Shares of Corning Incorporated (NYSE:GLW)

Dimensional Fund Advisors LP boosted its stake in Corning Incorporated (NYSE:GLW) by 0.8% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 9,800,573 shares of the electronics maker’s stock after purchasing an additional 78,497 shares during the period. Dimensional Fund Advisors LP owned about 1.14% of Corning worth $465,723,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in the stock. Sound Income Strategies LLC boosted its holdings in Corning by 76.7% in the fourth quarter. Sound Income Strategies LLC now owns 523 shares of the electronics maker’s stock valued at $25,000 after acquiring an additional 227 shares in the last quarter. Sierra Ocean LLC purchased a new position in shares of Corning during the fourth quarter valued at about $25,000. Asset Planning Inc bought a new position in Corning in the fourth quarter worth about $29,000. Rosenberg Matthew Hamilton lifted its holdings in Corning by 202.4% in the fourth quarter. Rosenberg Matthew Hamilton now owns 747 shares of the electronics maker’s stock worth $35,000 after buying an additional 500 shares during the period. Finally, Mainstream Capital Management LLC purchased a new position in shares of Corning during the 4th quarter worth approximately $35,000. Hedge funds and other institutional investors own 69.80% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on GLW. Bank of America upped 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. Mizuho set a $52.00 price objective on Corning in a research report on Tuesday. Barclays dropped their target price on Corning from $53.00 to $52.00 and set an “equal weight” rating on the stock in a report on Wednesday, January 29th. JPMorgan Chase & Co. reduced their price target on Corning from $62.00 to $50.00 and set an “overweight” rating for the company in a report on Thursday. Finally, Citigroup dropped their price target on shares of Corning from $58.00 to $50.00 and set a “buy” rating on the stock in a research note on Monday, April 14th. Four investment analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Corning presently has an average rating of “Moderate Buy” and an average target price of $53.31.

Corning Price Performance

NYSE GLW opened at $41.50 on Friday. The stock has a market capitalization of $35.55 billion, a price-to-earnings ratio of 71.55, a PEG ratio of 1.50 and a beta of 1.03. Corning Incorporated has a 1-year low of $31.20 and a 1-year high of $55.33. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.62 and a quick ratio of 1.07. The business’s fifty day moving average price is $46.42 and its 200-day moving average price is $47.67.

Corning (NYSE:GLW) last issued its quarterly earnings data on Wednesday, January 29th. The electronics maker reported $0.57 earnings per share for the quarter, topping 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, equities analysts predict that Corning Incorporated will post 2.33 earnings per share for the current year.

Corning Dividend Announcement

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

Insider Activity at Corning

In other Corning news, COO Eric S. Musser sold 30,000 shares of the company’s stock in a transaction that occurred on Friday, January 31st. The shares were 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 directly owns 152,944 shares in the company, valued at $7,940,852.48. This represents a 16.40 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, SVP Michael Alan Bell sold 2,209 shares of the stock in a transaction on Thursday, January 30th. The stock was sold at an average price of $49.87, for a total transaction of $110,162.83. The disclosure for this sale can be found here. 0.40% of the stock is currently owned by corporate insiders.

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.