Fisher Asset Management LLC Boosts Holdings in Corning Incorporated (NYSE:GLW)

Fisher Asset Management LLC grew its holdings in Corning Incorporated (NYSE:GLW) by 60.5% in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 16,647 shares of the electronics maker’s stock after purchasing an additional 6,276 shares during the quarter. Fisher Asset Management LLC’s holdings in Corning were worth $507,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in GLW. Wellington Management Group LLP raised its holdings in Corning by 9.0% in the fourth quarter. Wellington Management Group LLP now owns 31,312,779 shares of the electronics maker’s stock valued at $953,474,000 after acquiring an additional 2,597,878 shares in the last quarter. Morgan Stanley raised its holdings in Corning by 5.1% in the third quarter. Morgan Stanley now owns 21,899,529 shares of the electronics maker’s stock valued at $667,279,000 after acquiring an additional 1,060,450 shares in the last quarter. Ameriprise Financial Inc. raised its holdings in Corning by 15.0% in the third quarter. Ameriprise Financial Inc. now owns 17,615,078 shares of the electronics maker’s stock valued at $536,114,000 after acquiring an additional 2,301,745 shares in the last quarter. Dimensional Fund Advisors LP raised its holdings in Corning by 1.5% during the fourth quarter. Dimensional Fund Advisors LP now owns 9,722,106 shares of the electronics maker’s stock worth $296,054,000 after purchasing an additional 146,807 shares in the last quarter. Finally, Norges Bank acquired a new stake in Corning during the fourth quarter worth approximately $247,721,000. Hedge funds and other institutional investors own 69.80% of the company’s stock.

Corning Price Performance

Shares of NYSE GLW opened at $40.05 on Monday. The firm has a market capitalization of $34.31 billion, a P/E ratio of 56.41, a PEG ratio of 1.81 and a beta of 1.08. Corning Incorporated has a one year low of $25.26 and a one year high of $40.46. The company’s fifty day moving average is $35.17 and its two-hundred day moving average is $32.82. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.02 and a current ratio of 1.67.

Corning (NYSE:GLW) last released its quarterly earnings results on Tuesday, April 30th. The electronics maker reported $0.38 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.36 by $0.02. The business had revenue of $2.98 billion during the quarter, compared to the consensus estimate of $3.12 billion. Corning had a return on equity of 12.31% and a net margin of 4.96%. The business’s revenue was down 11.5% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.41 EPS. Analysts forecast that Corning Incorporated will post 1.9 EPS for the current fiscal year.

Corning Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, June 27th. Investors of record on Friday, May 31st will be paid a $0.28 dividend. This represents a $1.12 annualized dividend and a yield of 2.80%. The ex-dividend date of this dividend is Friday, May 31st. Corning’s payout ratio is 157.75%.

Insider Activity at Corning

In related news, EVP Lewis A. Steverson sold 29,978 shares of the business’s stock in a transaction dated Wednesday, May 1st. The shares were sold at an average price of $33.05, for a total value of $990,772.90. Following the completion of the transaction, the executive vice president now owns 31,294 shares of the company’s stock, valued at approximately $1,034,266.70. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, SVP John Z. Zhang sold 12,546 shares of the company’s stock in a transaction dated Thursday, May 2nd. The shares were sold at an average price of $33.42, for a total transaction of $419,287.32. Following the completion of the transaction, the senior vice president now owns 11,355 shares of the company’s stock, valued at approximately $379,484.10. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, EVP Lewis A. Steverson sold 29,978 shares of the company’s stock in a transaction dated Wednesday, May 1st. The shares were sold at an average price of $33.05, for a total transaction of $990,772.90. Following the transaction, the executive vice president now directly owns 31,294 shares of the company’s stock, valued at approximately $1,034,266.70. The disclosure for this sale can be found here. In the last quarter, insiders sold 175,207 shares of company stock valued at $5,876,067. 0.40% of the stock is owned by insiders.

Analysts Set New Price Targets

GLW has been the topic of a number of research analyst reports. Morgan Stanley cut shares of Corning from an “overweight” rating to an “equal weight” rating and raised their price objective for the stock from $35.00 to $38.00 in a report on Thursday, June 13th. Susquehanna reaffirmed a “positive” rating and issued a $40.00 target price on shares of Corning in a report on Monday, April 1st. Mizuho lifted their target price on shares of Corning from $36.00 to $42.00 and gave the company a “neutral” rating in a report on Tuesday, June 18th. Citigroup lifted their price objective on shares of Corning from $38.00 to $45.00 and gave the company a “buy” rating in a research report on Friday. Finally, UBS Group lifted their price objective on shares of Corning from $35.00 to $38.00 and gave the company a “neutral” rating in a research report on Thursday, May 30th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $38.67.

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.