Korea Investment CORP Has $28.03 Million Stock Position in Corning Incorporated (NYSE:GLW)

Korea Investment CORP boosted its position in Corning Incorporated (NYSE:GLW) by 8.8% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 589,900 shares of the electronics maker’s stock after buying an additional 47,836 shares during the quarter. Korea Investment CORP owned approximately 0.07% of Corning worth $28,032,000 at the end of the most recent reporting period.

Several other institutional investors have also recently bought and sold shares of GLW. Iat Reinsurance Co. LTD. increased its stake in shares of Corning by 37.4% in the fourth quarter. Iat Reinsurance Co. LTD. now owns 367,350 shares of the electronics maker’s stock worth $17,456,000 after purchasing an additional 100,000 shares during the period. Meiji Yasuda Asset Management Co Ltd. grew its holdings in Corning by 1.6% in the 4th quarter. Meiji Yasuda Asset Management Co Ltd. now owns 27,127 shares of the electronics maker’s stock valued at $1,289,000 after buying an additional 420 shares during the last quarter. FineMark National Bank & Trust increased its position in Corning by 23.8% in the 4th quarter. FineMark National Bank & Trust now owns 17,507 shares of the electronics maker’s stock worth $832,000 after buying an additional 3,369 shares during the period. Modern Wealth Management LLC acquired a new position in shares of Corning during the fourth quarter worth approximately $211,000. Finally, CoreFirst Bank & Trust bought a new stake in shares of Corning in the fourth quarter valued at approximately $414,000. Institutional investors own 69.80% of the company’s stock.

Insider Buying and Selling

In other news, SVP Michael Alan Bell sold 2,209 shares of the business’s stock in a transaction on Thursday, January 30th. The stock was sold at an average price of $49.87, for a total transaction of $110,162.83. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, COO Eric S. Musser sold 30,000 shares of the firm’s stock in a transaction dated Friday, January 31st. The shares were sold at an average price of $51.92, for a total value of $1,557,600.00. Following the completion of the transaction, the chief operating officer now owns 152,944 shares in the company, valued at approximately $7,940,852.48. This represents a 16.40 % decrease in their position. The disclosure for this sale can be found here. 0.40% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on GLW shares. HSBC raised shares of Corning from a “hold” rating to a “buy” rating and increased their price target for the company from $51.00 to $60.00 in a report on Thursday, January 30th. Hsbc Global Res raised Corning from a “hold” rating to a “strong-buy” rating in a research report on Thursday, January 30th. StockNews.com cut Corning from a “buy” rating to a “hold” rating in a report on Tuesday, February 25th. Citigroup lifted their price objective on Corning from $55.00 to $58.00 and gave the stock a “buy” rating in a report on Tuesday, January 21st. Finally, Bank of America upped their target price on Corning from $65.00 to $68.00 and gave the company a “buy” rating in a research note on Wednesday, March 19th. 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 stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $54.31.

Corning Stock Down 1.4 %

Shares of GLW opened at $45.91 on Friday. The business’s 50 day simple moving average is $49.84 and its 200-day simple moving average is $47.86. Corning Incorporated has a one year low of $30.72 and a one year high of $55.33. The company has a market capitalization of $39.32 billion, a P/E ratio of 79.16, a PEG 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.

Corning (NYSE:GLW) last announced its earnings results on Wednesday, January 29th. The electronics maker reported $0.57 EPS for the quarter, topping 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%. As a group, sell-side analysts predict that Corning Incorporated will post 2.33 EPS for the current fiscal year.

Corning Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, March 28th. Stockholders of record on Friday, February 28th were paid a dividend of $0.28 per share. The ex-dividend date of this dividend was Friday, February 28th. This represents a $1.12 annualized dividend and a dividend yield of 2.44%. Corning’s dividend payout ratio (DPR) is currently 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.