Cullen Frost Bankers Inc. Boosts Position in Corning Incorporated (NYSE:GLW)

Cullen Frost Bankers Inc. raised its stake in shares of Corning Incorporated (NYSE:GLW) by 0.3% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 780,699 shares of the electronics maker’s stock after buying an additional 2,561 shares during the quarter. Cullen Frost Bankers Inc. owned about 0.09% of Corning worth $37,099,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in the stock. Aigen Investment Management LP purchased a new position in Corning during the 4th quarter valued at about $1,470,000. Proficio Capital Partners LLC bought a new stake in shares of Corning during the 4th quarter valued at about $8,996,000. Assetmark Inc. boosted its position in shares of Corning by 101.5% during the 4th quarter. Assetmark Inc. now owns 1,076 shares of the electronics maker’s stock valued at $51,000 after acquiring an additional 542 shares during the last quarter. Smithfield Trust Co boosted its position in shares of Corning by 6.9% during the 4th quarter. Smithfield Trust Co now owns 7,483 shares of the electronics maker’s stock valued at $355,000 after acquiring an additional 481 shares during the last quarter. Finally, J.Safra Asset Management Corp boosted its position in shares of Corning by 134.9% during the 4th quarter. J.Safra Asset Management Corp now owns 4,386 shares of the electronics maker’s stock valued at $208,000 after acquiring an additional 2,519 shares during the last quarter. Hedge funds and other institutional investors own 69.80% of the company’s stock.

Corning Stock Performance

Shares of GLW stock opened at $47.12 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 fifty-two week low of $30.72 and a fifty-two week high of $55.33. The stock has a 50 day moving average price of $50.15 and a two-hundred day moving average price of $47.31. The company has a market capitalization of $40.36 billion, a P/E ratio of 81.23, a PEG ratio of 1.50 and a beta of 1.03.

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

Corning Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Friday, February 28th will be given a $0.28 dividend. The ex-dividend date is Friday, February 28th. This represents a $1.12 annualized dividend and a yield of 2.38%. Corning’s payout ratio is currently 193.10%.

Insider Buying and Selling at Corning

In other 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 directly owns 152,944 shares of the company’s stock, valued at approximately $7,940,852.48. The trade was a 16.40 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, 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 value of $110,162.83. The disclosure for this sale can be found here. Corporate insiders own 0.40% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports 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 Corning from a “hold” rating to a “buy” rating and lifted their price target for the company from $51.00 to $60.00 in a research report on Thursday, January 30th. Barclays dropped their price target on Corning from $53.00 to $52.00 and set an “equal weight” rating for the company in a research report on Wednesday, January 29th. Morgan Stanley lifted their price target on 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 boosted their target price on Corning from $55.00 to $58.00 and gave the stock a “buy” rating in a research report on Tuesday, January 21st. Four investment analysts have rated the stock with a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $53.00.

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.