Principal Securities Inc. Grows Stock Holdings in Corning Incorporated (NYSE:GLW)

Principal Securities Inc. grew its position in shares of Corning Incorporated (NYSE:GLW) by 3.5% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 6,170 shares of the electronics maker’s stock after acquiring an additional 211 shares during the period. Principal Securities Inc.’s holdings in Corning were worth $293,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Allspring Global Investments Holdings LLC lifted its holdings in Corning by 7.2% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 40,214 shares of the electronics maker’s stock worth $1,816,000 after buying an additional 2,702 shares during the period. International Assets Investment Management LLC lifted its stake in Corning by 1,780.0% in the third quarter. International Assets Investment Management LLC now owns 248,009 shares of the electronics maker’s stock worth $11,198,000 after acquiring an additional 234,817 shares during the period. Hennion & Walsh Asset Management Inc. purchased a new stake in Corning in the third quarter worth $269,000. CENTRAL TRUST Co boosted its holdings in Corning by 29.9% in the third quarter. CENTRAL TRUST Co now owns 7,716 shares of the electronics maker’s stock valued at $348,000 after acquiring an additional 1,775 shares in the last quarter. Finally, Dakota Wealth Management increased its position in Corning by 280.5% during the 3rd quarter. Dakota Wealth Management now owns 41,479 shares of the electronics maker’s stock valued at $1,873,000 after purchasing an additional 30,578 shares during the period. 69.80% of the stock is currently owned by hedge funds and other institutional investors.

Corning Stock Down 0.8 %

Shares of NYSE:GLW opened at $51.46 on Monday. The company has a current ratio of 1.62, a quick ratio of 1.07 and a debt-to-equity ratio of 0.62. The stock has a fifty day simple moving average of $49.92 and a two-hundred day simple moving average of $46.77. Corning Incorporated has a 12-month low of $30.72 and a 12-month high of $55.33. The stock has a market capitalization of $44.08 billion, a price-to-earnings ratio of 88.72, a PEG ratio of 1.50 and a beta of 1.03.

Corning (NYSE:GLW) last issued its quarterly earnings results on Wednesday, January 29th. The electronics maker reported $0.57 earnings per share for the quarter, beating the consensus estimate of $0.56 by $0.01. Corning had a return on equity of 15.10% and a net margin of 3.86%. On average, research analysts anticipate that Corning Incorporated will post 2.33 earnings per share for the current fiscal year.

Corning Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Friday, February 28th will be paid a $0.28 dividend. The ex-dividend date of this dividend is Friday, February 28th. This represents a $1.12 annualized dividend and a dividend yield of 2.18%. Corning’s dividend payout ratio is presently 193.11%.

Wall Street Analysts Forecast Growth

GLW has been the subject of several research analyst reports. Oppenheimer reaffirmed an “outperform” rating and issued a $58.00 target price (up from $51.00) on shares of Corning in a research report on Wednesday, October 30th. Barclays decreased their price target on shares of Corning from $53.00 to $52.00 and set an “equal weight” rating for the company in a research note on Wednesday, January 29th. Citigroup lifted their price objective on Corning from $55.00 to $58.00 and gave the company a “buy” rating in a research report on Tuesday, January 21st. Hsbc Global Res raised Corning from a “hold” rating to a “strong-buy” rating in a research report on Thursday, January 30th. Finally, JPMorgan Chase & Co. lifted their price target on Corning from $55.00 to $60.00 and gave the company an “overweight” rating in a research report on Wednesday, October 30th. Three investment analysts have rated the stock with a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, Corning currently has an average rating of “Moderate Buy” and a consensus target price of $53.00.

Insider Activity

In related news, SVP Michael Alan Bell sold 2,209 shares of the company’s stock in a transaction that occurred on Thursday, January 30th. The stock was sold at an average price of $49.87, for a total value of $110,162.83. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, COO Eric S. Musser sold 30,000 shares of Corning stock in a transaction on Friday, January 31st. The stock was sold at an average price of $51.92, for a total value of $1,557,600.00. Following the completion of the sale, the chief operating officer now directly owns 152,944 shares of the company’s stock, valued at approximately $7,940,852.48. The trade was a 16.40 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.40% of the company’s stock.

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.