Corning Incorporated (NYSE:GLW) Holdings Raised by Lincoln National Corp

Lincoln National Corp lifted its stake in Corning Incorporated (NYSE:GLW) by 5.3% in the fourth quarter, HoldingsChannel reports. The fund owned 25,638 shares of the electronics maker’s stock after purchasing an additional 1,287 shares during the quarter. Lincoln National Corp’s holdings in Corning were worth $781,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Harvest Investment Advisors LLC grew its position in Corning by 1.0% in the third quarter. Harvest Investment Advisors LLC now owns 36,286 shares of the electronics maker’s stock worth $1,106,000 after buying an additional 364 shares during the last quarter. Venture Visionary Partners LLC increased its holdings in shares of Corning by 2.0% in the 4th quarter. Venture Visionary Partners LLC now owns 19,359 shares of the electronics maker’s stock valued at $589,000 after purchasing an additional 380 shares during the period. Fiera Capital Corp lifted its position in Corning by 2.7% in the 3rd quarter. Fiera Capital Corp now owns 14,785 shares of the electronics maker’s stock worth $450,000 after buying an additional 385 shares in the last quarter. New World Advisors LLC boosted its stake in shares of Corning by 3.5% during the 4th quarter. New World Advisors LLC now owns 11,800 shares of the electronics maker’s stock valued at $359,000 after buying an additional 400 shares during the period. Finally, Western Wealth Management LLC boosted its position in Corning by 1.6% during the third quarter. Western Wealth Management LLC now owns 25,719 shares of the electronics maker’s stock valued at $784,000 after purchasing an additional 405 shares during the last quarter. Institutional investors own 69.80% of the company’s stock.

Corning Stock Up 0.8 %

Corning stock opened at $34.20 on Friday. The company has a market cap of $29.30 billion, a P/E ratio of 48.17, a price-to-earnings-growth ratio of 1.70 and a beta of 1.07. Corning Incorporated has a 1-year low of $25.26 and a 1-year high of $36.01. The company has a fifty day simple moving average of $32.47 and a 200 day simple moving average of $30.78. The company has a current ratio of 1.67, a quick ratio of 1.02 and a debt-to-equity ratio of 0.61.

Corning (NYSE:GLW) last released its earnings results on Tuesday, April 30th. The electronics maker reported $0.38 earnings per share for the quarter, beating analysts’ consensus estimates of $0.36 by $0.02. Corning had a net margin of 4.96% and a return on equity of 12.31%. The business had revenue of $2.98 billion during the quarter, compared to the consensus estimate of $3.12 billion. During the same quarter last year, the firm earned $0.41 earnings per share. The firm’s revenue for the quarter was down 11.5% compared to the same quarter last year. Research analysts anticipate that Corning Incorporated will post 1.9 earnings per share for the current fiscal year.

Corning Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, June 27th. Stockholders of record on Friday, May 31st will be paid a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a dividend yield of 3.27%. The ex-dividend date of this dividend is Thursday, May 30th. Corning’s dividend payout ratio is presently 157.75%.

Insider Transactions at Corning

In other Corning news, VP Martin J. Curran sold 16,416 shares of Corning stock in a transaction dated Friday, May 3rd. The shares were sold at an average price of $33.70, for a total value of $553,219.20. Following the completion of the sale, the vice president now owns 65,598 shares in the company, valued at approximately $2,210,652.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, EVP Lewis A. Steverson sold 29,978 shares of the company’s stock in a transaction on Wednesday, May 1st. The shares were sold at an average price of $33.05, for a total value of $990,772.90. Following the sale, the executive vice president now directly owns 31,294 shares of the company’s stock, valued at approximately $1,034,266.70. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, VP Martin J. Curran sold 16,416 shares of the company’s stock in a transaction on Friday, May 3rd. The shares were sold at an average price of $33.70, for a total transaction of $553,219.20. Following the completion of the sale, the vice president now directly owns 65,598 shares in the company, valued at $2,210,652.60. The disclosure for this sale can be found here. In the last 90 days, insiders sold 239,841 shares of company stock worth $7,971,257. 0.40% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on GLW. Susquehanna reiterated a “positive” rating and issued a $40.00 price objective on shares of Corning in a report on Monday, April 1st. HSBC lowered Corning from a “hold” rating to a “reduce” rating and set a $29.00 price target for the company. in a report on Thursday, February 1st. Morgan Stanley reiterated an “overweight” rating and set a $35.00 price target on shares of Corning in a report on Monday, April 22nd. StockNews.com upgraded Corning from a “sell” rating to a “hold” rating in a report on Monday, April 1st. Finally, UBS Group upped their price target on Corning from $34.00 to $35.00 and gave the stock a “neutral” rating in a report on Monday, April 8th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $35.00.

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.