Allspring Global Investments Holdings LLC Has $5.10 Million Holdings in Corning Incorporated (NYSE:GLW)

Allspring Global Investments Holdings LLC grew its holdings in Corning Incorporated (NYSE:GLW) by 171.3% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 109,103 shares of the electronics maker’s stock after purchasing an additional 68,889 shares during the period. Allspring Global Investments Holdings LLC’s holdings in Corning were worth $5,096,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Kentucky Trust Co acquired a new stake in Corning in the 4th quarter valued at $574,000. Capital Advisors Inc. OK increased its position in shares of Corning by 2.6% in the fourth quarter. Capital Advisors Inc. OK now owns 722,501 shares of the electronics maker’s stock valued at $34,333,000 after acquiring an additional 18,121 shares during the last quarter. Leavell Investment Management Inc. increased its position in shares of Corning by 13.9% in the fourth quarter. Leavell Investment Management Inc. now owns 11,689 shares of the electronics maker’s stock valued at $555,000 after acquiring an additional 1,425 shares during the last quarter. Fortress Financial Solutions LLC acquired a new position in shares of Corning during the 4th quarter worth approximately $331,000. Finally, Weatherly Asset Management L. P. increased its position in shares of Corning by 1.8% during the 4th quarter. Weatherly Asset Management L. P. now owns 49,612 shares of the electronics maker’s stock worth $2,358,000 after purchasing an additional 862 shares during the last quarter. 69.80% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Corning

In other news, COO Eric S. Musser sold 30,000 shares of the stock in a transaction on Friday, January 31st. The stock was sold at an average price of $51.92, for a total transaction of $1,557,600.00. Following the transaction, the chief operating officer now directly owns 152,944 shares of the company’s stock, valued at $7,940,852.48. This represents a 16.40 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, SVP John P. Bayne, Jr. sold 5,000 shares of the firm’s stock in a transaction that occurred on Friday, November 22nd. The stock was sold at an average price of $48.39, for a total transaction of $241,950.00. Following the completion of the transaction, the senior vice president now directly owns 6,700 shares in the company, valued at approximately $324,213. The trade was a 42.74 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 46,085 shares of company stock valued at $2,345,436. 0.45% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

GLW has been the topic of several recent analyst reports. HSBC raised Corning from a “hold” rating to a “buy” rating and boosted their price target for the stock from $51.00 to $60.00 in a research report on Thursday, January 30th. JPMorgan Chase & Co. boosted their target price on shares of Corning from $55.00 to $60.00 and gave the stock an “overweight” rating in a report on Wednesday, October 30th. Hsbc Global Res raised shares of Corning from a “hold” rating to a “strong-buy” rating in a report on Thursday, January 30th. Citigroup raised their target price on shares of Corning from $55.00 to $58.00 and gave the company a “buy” rating in a research note on Tuesday, January 21st. Finally, StockNews.com raised Corning from a “hold” rating to a “buy” rating in a report on Tuesday, December 24th. Three equities research analysts have rated the stock with a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $53.00.

Corning Price Performance

Shares of NYSE:GLW opened at $52.57 on Thursday. The company’s fifty day moving average price is $49.69 and its 200-day moving average price is $46.48. Corning Incorporated has a one year low of $30.72 and a one 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 firm has a market capitalization of $45.03 billion, a price-to-earnings ratio of 90.64, a PEG ratio of 1.52 and a beta of 1.03.

Corning (NYSE:GLW) last posted its quarterly earnings results on Wednesday, January 29th. The electronics maker reported $0.57 earnings per share (EPS) for the quarter, beating 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 research analysts anticipate that Corning Incorporated will post 2.33 earnings per share for the current fiscal year.

Corning Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Friday, February 28th will be issued a $0.28 dividend. The ex-dividend date of this dividend is Friday, February 28th. This represents a $1.12 annualized dividend and a yield of 2.13%. Corning’s dividend payout ratio (DPR) is presently 193.11%.

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.