LS Investment Advisors LLC Raises Holdings in Corning Incorporated (GLW)

LS Investment Advisors LLC raised its stake in Corning Incorporated (NYSE:GLW) by 16.6% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 20,458 shares of the electronics maker’s stock after acquiring an additional 2,915 shares during the period. LS Investment Advisors LLC’s holdings in Corning were worth $618,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of GLW. FMR LLC boosted its stake in Corning by 75.5% in the third quarter. FMR LLC now owns 3,683,896 shares of the electronics maker’s stock valued at $130,041,000 after acquiring an additional 1,584,369 shares during the period. TIAA CREF Investment Management LLC boosted its stake in Corning by 61.5% in the third quarter. TIAA CREF Investment Management LLC now owns 4,100,427 shares of the electronics maker’s stock valued at $144,745,000 after acquiring an additional 1,562,192 shares during the period. Teachers Advisors LLC boosted its stake in Corning by 81.3% in the third quarter. Teachers Advisors LLC now owns 3,434,146 shares of the electronics maker’s stock valued at $121,225,000 after acquiring an additional 1,539,875 shares during the period. Wedge Capital Management L L P NC acquired a new position in Corning in the fourth quarter valued at approximately $38,664,000. Finally, Korea Investment CORP boosted its stake in Corning by 455.7% in the third quarter. Korea Investment CORP now owns 1,179,251 shares of the electronics maker’s stock valued at $41,628,000 after acquiring an additional 967,033 shares during the period. Institutional investors own 71.51% of the company’s stock.

In related news, Director Deborah Rieman sold 4,430 shares of the business’s stock in a transaction that occurred on Friday, November 16th. The stock was sold at an average price of $32.30, for a total transaction of $143,089.00. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Vice Chairman Lawrence D. Mcrae sold 20,000 shares of the business’s stock in a transaction that occurred on Wednesday, December 19th. The stock was sold at an average price of $30.68, for a total value of $613,600.00. Following the sale, the insider now directly owns 150,716 shares in the company, valued at approximately $4,623,966.88. The disclosure for this sale can be found here. In the last three months, insiders have sold 103,009 shares of company stock worth $3,330,247. 0.46% of the stock is owned by corporate insiders.

GLW has been the subject of a number of research reports. ValuEngine downgraded Corning from a “buy” rating to a “hold” rating in a research note on Monday, November 12th. Zacks Investment Research downgraded Corning from a “buy” rating to a “hold” rating in a research note on Tuesday, November 20th. Citigroup decreased their target price on Corning from $40.00 to $38.00 and set a “buy” rating for the company in a research note on Wednesday, October 24th. Finally, Guggenheim restated a “buy” rating and issued a $41.00 target price on shares of Corning in a research note on Tuesday, October 23rd. Four analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. The company has an average rating of “Buy” and a consensus target price of $35.50.

Shares of NYSE:GLW opened at $33.39 on Monday. Corning Incorporated has a 12 month low of $26.11 and a 12 month high of $36.56. The company has a market cap of $26.73 billion, a P/E ratio of 18.76, a PEG ratio of 1.90 and a beta of 1.21. The company has a current ratio of 2.12, a quick ratio of 1.51 and a debt-to-equity ratio of 0.52.

Corning (NYSE:GLW) last announced its earnings results on Tuesday, January 29th. The electronics maker reported $0.59 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.57 by $0.02. Corning had a return on equity of 14.21% and a net margin of 9.44%. The firm had revenue of $3.04 billion for the quarter, compared to analysts’ expectations of $3.02 billion. During the same quarter in the previous year, the company earned $0.49 earnings per share. The firm’s quarterly revenue was up 15.1% compared to the same quarter last year. As a group, analysts anticipate that Corning Incorporated will post 2 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Friday, March 29th. Investors of record on Thursday, February 28th will be issued a dividend of $0.20 per share. This is a boost from Corning’s previous quarterly dividend of $0.18. The ex-dividend date is Wednesday, February 27th. This represents a $0.80 annualized dividend and a yield of 2.40%. Corning’s payout ratio is presently 40.45%.

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Corning Company Profile

Corning Incorporated manufactures and sells specialty glasses, ceramics, and related materials in North America, the Asia Pacific, Europe, and internationally. The company operates through five segments: Display Technologies, Optical Communications, Environmental Technologies, Specialty Materials, and Life Sciences.

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Institutional Ownership by Quarter for Corning (NYSE:GLW)

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