Canada Post Corp Registered Pension Plan Acquires New Shares in Corning Incorporated (NYSE:GLW)

Canada Post Corp Registered Pension Plan acquired a new position in shares of Corning Incorporated (NYSE:GLW) during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm acquired 13,196 shares of the electronics maker’s stock, valued at approximately $627,000.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Oregon Public Employees Retirement Fund raised its holdings in shares of Corning by 0.3% during the fourth quarter. Oregon Public Employees Retirement Fund now owns 66,063 shares of the electronics maker’s stock worth $3,139,000 after acquiring an additional 204 shares during the period. Principal Securities Inc. lifted its holdings in shares of Corning by 3.5% in the fourth quarter. Principal Securities Inc. now owns 6,170 shares of the electronics maker’s stock valued at $293,000 after purchasing an additional 211 shares in the last quarter. Bogart Wealth LLC boosted its position in shares of Corning by 18.3% during the fourth quarter. Bogart Wealth LLC now owns 1,419 shares of the electronics maker’s stock worth $67,000 after buying an additional 219 shares during the period. Buffington Mohr McNeal grew its holdings in shares of Corning by 2.1% during the fourth quarter. Buffington Mohr McNeal now owns 10,461 shares of the electronics maker’s stock worth $497,000 after buying an additional 220 shares in the last quarter. Finally, Allworth Financial LP raised its position in Corning by 1.1% in the 4th quarter. Allworth Financial LP now owns 19,581 shares of the electronics maker’s stock valued at $930,000 after buying an additional 220 shares during the last quarter. 69.80% of the stock is owned by institutional investors and hedge funds.

Corning Stock Performance

GLW opened at $41.77 on Wednesday. Corning Incorporated has a 1-year low of $30.72 and a 1-year high of $55.33. The company has a market cap of $35.79 billion, a price-to-earnings ratio of 72.02, a PEG ratio of 1.50 and a beta of 1.03. The company’s fifty day moving average price is $47.10 and its two-hundred day moving average price is $47.76. The company has a current ratio of 1.62, a quick ratio of 1.07 and a debt-to-equity ratio of 0.62.

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

Corning Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 28th. Shareholders of record on Friday, February 28th were given a $0.28 dividend. This represents a $1.12 annualized dividend and a yield of 2.68%. The ex-dividend date of this dividend was Friday, February 28th. Corning’s dividend payout ratio is 193.10%.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on the stock. Citigroup cut their price objective on shares of Corning from $58.00 to $50.00 and set a “buy” rating on the stock in a research report on Monday. Barclays reduced their price objective 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. Mizuho set a $52.00 target price on Corning in a research report on Tuesday. StockNews.com downgraded Corning from a “buy” rating to a “hold” rating in a research note on Tuesday, February 25th. Finally, Morgan Stanley boosted their price target on Corning from $39.00 to $48.00 and gave the stock an “equal weight” rating in a research report on Tuesday, December 17th. Four equities research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $54.08.

Insider Buying and Selling at Corning

In related news, SVP Michael Alan Bell sold 2,209 shares of the business’s stock in a transaction that occurred on Thursday, January 30th. The shares were sold at an average price of $49.87, for a total transaction of $110,162.83. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, 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 value of $1,557,600.00. Following the completion of the sale, the chief operating officer now owns 152,944 shares in the company, valued at $7,940,852.48. This trade represents 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.

About Corning

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.