Vanguard Group Inc. Has $4.75 Billion Stock Holdings in Corning Incorporated (NYSE:GLW)

Vanguard Group Inc. lifted its stake in shares of Corning Incorporated (NYSE:GLW) by 0.9% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 99,903,247 shares of the electronics maker’s stock after purchasing an additional 916,528 shares during the quarter. Vanguard Group Inc. owned 11.67% of Corning worth $4,747,402,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of GLW. Quest Partners LLC acquired a new position in shares of Corning in the 3rd quarter valued at approximately $106,000. Prospera Financial Services Inc acquired a new position in Corning during the third quarter valued at approximately $264,000. Great Valley Advisor Group Inc. lifted its stake in Corning by 101.5% during the third quarter. Great Valley Advisor Group Inc. now owns 11,581 shares of the electronics maker’s stock worth $523,000 after purchasing an additional 5,835 shares during the last quarter. Cerity Partners LLC lifted its stake in Corning by 4.6% during the third quarter. Cerity Partners LLC now owns 513,818 shares of the electronics maker’s stock worth $23,199,000 after purchasing an additional 22,811 shares during the last quarter. Finally, StoneX Group Inc. increased its stake in shares of Corning by 7.8% in the 3rd quarter. StoneX Group Inc. now owns 36,655 shares of the electronics maker’s stock valued at $1,655,000 after purchasing an additional 2,664 shares during the last quarter. Institutional investors own 69.80% of the company’s stock.

Corning Trading Up 2.8 %

Shares of GLW stock opened at $49.88 on Tuesday. The stock has a 50-day moving average of $49.98 and a 200-day moving average of $47.78. 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 market cap of $42.72 billion, a price-to-earnings ratio of 85.99, a PEG ratio of 1.50 and a beta of 1.03. Corning Incorporated has a 1-year low of $30.72 and a 1-year high of $55.33.

Corning (NYSE:GLW) last released 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 net margin of 3.86% and a return on equity of 15.10%. On average, equities research analysts forecast that Corning Incorporated will post 2.33 earnings per share for the current year.

Corning Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Friday, February 28th will be given a dividend of $0.28 per share. The ex-dividend date of this dividend is Friday, February 28th. This represents a $1.12 dividend on an annualized basis and a yield of 2.25%. Corning’s dividend payout ratio (DPR) is currently 193.10%.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on GLW shares. Hsbc Global Res upgraded Corning from a “hold” rating to a “strong-buy” rating in a research report on Thursday, January 30th. HSBC upgraded shares of 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 research note on Thursday, January 30th. StockNews.com downgraded shares of Corning from a “buy” rating to a “hold” rating in a research note on Tuesday, February 25th. 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 report on Tuesday, December 17th. Finally, Citigroup upped their price target on shares of Corning from $55.00 to $58.00 and gave the stock a “buy” rating in a report on Tuesday, January 21st. Four research analysts have rated the stock with a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $54.31.

Insiders Place Their Bets

In related news, COO Eric S. Musser sold 30,000 shares of the firm’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 completion of the sale, the chief operating officer now owns 152,944 shares of the company’s stock, valued at $7,940,852.48. This trade represents a 16.40 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, SVP Michael Alan Bell sold 2,209 shares of Corning 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. Company 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.