Everence Capital Management Inc. Has $1 Million Stake in Corning Incorporated (NYSE:GLW)

Everence Capital Management Inc. increased its position in shares of Corning Incorporated (NYSE:GLW) by 125.1% during the fourth quarter, Holdings Channel.com reports. The institutional investor owned 32,890 shares of the electronics maker’s stock after purchasing an additional 18,280 shares during the period. Everence Capital Management Inc.’s holdings in Corning were worth $1,002,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in the company. Federated Hermes Inc. boosted its position in Corning by 5.7% during the third quarter. Federated Hermes Inc. now owns 6,079 shares of the electronics maker’s stock worth $176,000 after purchasing an additional 328 shares during the period. Smith Moore & CO. boosted its position in Corning by 2.5% during the first quarter. Smith Moore & CO. now owns 14,583 shares of the electronics maker’s stock worth $514,000 after purchasing an additional 350 shares during the period. Meiji Yasuda Asset Management Co Ltd. boosted its position in Corning by 1.6% during the fourth quarter. Meiji Yasuda Asset Management Co Ltd. now owns 22,337 shares of the electronics maker’s stock worth $713,000 after purchasing an additional 360 shares during the period. Harvest Investment Advisors LLC boosted its position in Corning by 1.0% during the third quarter. Harvest Investment Advisors LLC now owns 36,286 shares of the electronics maker’s stock worth $1,106,000 after purchasing an additional 364 shares during the period. Finally, Venture Visionary Partners LLC boosted its position in Corning by 2.0% during the fourth quarter. Venture Visionary Partners LLC now owns 19,359 shares of the electronics maker’s stock worth $589,000 after purchasing an additional 380 shares during the period. 69.80% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research firms have commented on GLW. Barclays lifted their price objective on shares of Corning from $28.00 to $35.00 and gave the stock an “equal weight” rating in a research report on Wednesday, January 31st. StockNews.com raised shares of Corning from a “sell” rating to a “hold” rating in a research report on Monday, April 1st. UBS Group boosted their target price on shares of Corning from $34.00 to $35.00 and gave the company a “neutral” rating in a research report on Monday, April 8th. JPMorgan Chase & Co. boosted their target price on shares of Corning from $34.00 to $36.00 and gave the company a “neutral” rating in a research report on Thursday, April 11th. Finally, HSBC cut shares of Corning from a “hold” rating to a “reduce” rating and set a $29.00 target price for the company. in a research report on Thursday, February 1st. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average price target of $34.56.

Insiders Place Their Bets

In other Corning news, Vice Chairman Lawrence D. Mcrae sold 77,464 shares of the stock in a transaction that occurred on Thursday, March 21st. The stock was sold at an average price of $33.24, for a total transaction of $2,574,903.36. Following the transaction, the insider now directly owns 215,254 shares in the company, valued at approximately $7,155,042.96. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Company insiders own 0.40% of the company’s stock.

Corning Stock Up 0.2 %

Shares of NYSE GLW opened at $30.98 on Thursday. The company has a current ratio of 1.67, a quick ratio of 1.05 and a debt-to-equity ratio of 0.61. The company has a market cap of $26.50 billion, a price-to-earnings ratio of 46.24, a PEG ratio of 1.75 and a beta of 1.08. Corning Incorporated has a 12 month low of $25.26 and a 12 month high of $36.01. The stock has a 50-day moving average price of $32.35 and a two-hundred day moving average price of $30.38.

Corning (NYSE:GLW) last issued its earnings results on Tuesday, January 30th. The electronics maker reported $0.39 EPS for the quarter, hitting the consensus estimate of $0.39. The firm had revenue of $2.99 billion during the quarter, compared to the consensus estimate of $3.26 billion. Corning had a return on equity of 12.31% and a net margin of 4.62%. The business’s quarterly revenue was down 12.1% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.47 earnings per share. As a group, analysts forecast that Corning Incorporated will post 1.87 earnings per share for the current fiscal year.

Corning Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Shareholders of record on Thursday, February 29th were issued a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a dividend yield of 3.62%. The ex-dividend date of this dividend was Wednesday, February 28th. Corning’s payout ratio is 167.16%.

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.