Wealthfront Advisers LLC Has $1.64 Million Position in Corning Incorporated (NYSE:GLW)

Wealthfront Advisers LLC boosted its stake in shares of Corning Incorporated (NYSE:GLW) by 62.5% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 34,480 shares of the electronics maker’s stock after acquiring an additional 13,257 shares during the quarter. Wealthfront Advisers LLC’s holdings in Corning were worth $1,638,000 as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of GLW. Northstar Advisory Group LLC increased its stake in shares of Corning by 258.4% in the fourth quarter. Northstar Advisory Group LLC now owns 123,808 shares of the electronics maker’s stock valued at $5,883,000 after buying an additional 89,268 shares in the last quarter. Franklin Resources Inc. boosted its holdings in Corning by 48.4% in the third quarter. Franklin Resources Inc. now owns 191,648 shares of the electronics maker’s stock valued at $8,975,000 after acquiring an additional 62,514 shares during the last quarter. FMR LLC boosted its holdings in Corning by 52.8% in the third quarter. FMR LLC now owns 3,723,044 shares of the electronics maker’s stock valued at $168,095,000 after acquiring an additional 1,285,836 shares during the last quarter. Fifth Third Bancorp boosted its holdings in Corning by 16.8% in the fourth quarter. Fifth Third Bancorp now owns 111,448 shares of the electronics maker’s stock valued at $5,296,000 after acquiring an additional 16,001 shares during the last quarter. Finally, First Financial Bank Trust Division boosted its holdings in Corning by 27.5% in the fourth quarter. First Financial Bank Trust Division now owns 138,153 shares of the electronics maker’s stock valued at $6,565,000 after acquiring an additional 29,790 shares during the last quarter. 69.80% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities analysts recently issued reports on the company. Citigroup raised their price target on Corning from $55.00 to $58.00 and gave the company a “buy” rating in a report on Tuesday, January 21st. HSBC upgraded Corning from a “hold” rating to a “buy” rating and raised their price target for the company from $51.00 to $60.00 in a report on Thursday, January 30th. Morgan Stanley raised their price target on Corning from $39.00 to $48.00 and gave the company an “equal weight” rating in a report on Tuesday, December 17th. Hsbc Global Res upgraded Corning from a “hold” rating to a “strong-buy” rating in a report on Thursday, January 30th. Finally, Barclays reduced their target price on Corning from $53.00 to $52.00 and set an “equal weight” rating on the stock in a report on Wednesday, January 29th. Four investment 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 data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $53.00.

Insider Activity at Corning

In other Corning news, COO Eric S. Musser sold 30,000 shares of the business’s stock in a transaction that occurred 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 owns 152,944 shares of the company’s stock, valued at $7,940,852.48. The trade was a 16.40 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, SVP Michael Alan Bell sold 2,209 shares of the business’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 disclosure for this sale can be found here. 0.40% of the stock is owned by insiders.

Corning Trading Up 2.8 %

NYSE GLW opened at $46.86 on Friday. The firm has a market cap of $40.13 billion, a P/E ratio of 80.79, a P/E/G ratio of 1.50 and a beta of 1.03. 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 stock’s 50-day moving average is $49.88 and its 200-day moving average is $47.43. Corning Incorporated has a one year low of $30.72 and a one year high of $55.33.

Corning (NYSE:GLW) last released its quarterly earnings results on Wednesday, January 29th. The electronics maker reported $0.57 EPS for the quarter, topping analysts’ consensus estimates of $0.56 by $0.01. Corning had a return on equity of 15.10% and a net margin of 3.86%. Sell-side analysts anticipate that Corning Incorporated will post 2.33 earnings per share for the current fiscal year.

Corning Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Friday, February 28th will be given a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a yield of 2.39%. The ex-dividend date is Friday, February 28th. Corning’s dividend payout ratio is presently 193.10%.

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.