Parallel Advisors LLC Purchases 604 Shares of Corning Incorporated (NYSE:GLW)

Parallel Advisors LLC increased its position in Corning Incorporated (NYSE:GLW) by 3.0% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 20,617 shares of the electronics maker’s stock after acquiring an additional 604 shares during the quarter. Parallel Advisors LLC’s holdings in Corning were worth $980,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of GLW. Amundi boosted its position in shares of Corning by 139.0% in the fourth quarter. Amundi now owns 3,900,808 shares of the electronics maker’s stock valued at $186,186,000 after acquiring an additional 2,268,436 shares during the period. Raymond James Financial Inc. purchased a new stake in Corning in the fourth quarter valued at approximately $92,522,000. Appaloosa LP purchased a new stake in Corning in the fourth quarter valued at approximately $71,280,000. FMR LLC raised its stake 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 purchasing an additional 1,285,836 shares in the last quarter. Finally, State Street Corp raised its stake in Corning by 3.8% in the third quarter. State Street Corp now owns 33,983,090 shares of the electronics maker’s stock valued at $1,534,337,000 after purchasing an additional 1,242,718 shares in the last quarter. 69.80% of the stock is currently owned by institutional investors.

Insider Activity at Corning

In related news, SVP Michael Alan Bell sold 2,209 shares of Corning stock in a transaction on Thursday, January 30th. The shares were 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 at the SEC website. Also, COO Eric S. Musser sold 30,000 shares of Corning stock in a transaction on Friday, January 31st. The shares were sold at an average price of $51.92, for a total transaction 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 approximately $7,940,852.48. This trade represents a 16.40 % decrease in their position. The disclosure for this sale can be found here. 0.45% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of brokerages recently weighed in on GLW. Morgan Stanley raised their target price on shares of Corning from $39.00 to $48.00 and gave the company an “equal weight” rating in a research note on Tuesday, December 17th. StockNews.com downgraded shares of Corning from a “buy” rating to a “hold” rating in a research note on Tuesday, February 25th. Citigroup lifted their price target on shares of Corning from $55.00 to $58.00 and gave the stock a “buy” rating in a research note on Tuesday, January 21st. Barclays decreased their price target on shares of Corning from $53.00 to $52.00 and set an “equal weight” rating on the stock in a research note on Wednesday, January 29th. Finally, Hsbc Global Res raised shares of Corning from a “hold” rating to a “strong-buy” rating in a research note on Thursday, January 30th. Four analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, Corning has a consensus rating of “Moderate Buy” and a consensus price target of $54.31.

Corning Stock Up 3.3 %

Shares of Corning stock opened at $48.84 on Thursday. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.07 and a current ratio of 1.62. Corning Incorporated has a 52-week low of $30.72 and a 52-week high of $55.33. The stock has a market capitalization of $41.83 billion, a price-to-earnings ratio of 84.20, a P/E/G ratio of 1.50 and a beta of 1.03. The company’s 50 day moving average price is $49.86 and its 200-day moving average price is $47.62.

Corning (NYSE:GLW) last issued its 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 net margin of 3.86% and a return on equity of 15.10%. Equities research analysts forecast that Corning Incorporated will post 2.33 EPS for the current year.

Corning Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Friday, February 28th will be issued a $0.28 dividend. This represents a $1.12 annualized dividend and a yield of 2.29%. The ex-dividend date is Friday, February 28th. Corning’s dividend payout ratio (DPR) is currently 193.10%.

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.