Arrowstreet Capital Limited Partnership Buys 547,167 Shares of Corning Incorporated (NYSE:GLW)

Arrowstreet Capital Limited Partnership raised its stake in Corning Incorporated (NYSE:GLW) by 278.3% in the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 743,788 shares of the electronics maker’s stock after purchasing an additional 547,167 shares during the quarter. Arrowstreet Capital Limited Partnership owned 0.09% of Corning worth $35,345,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in the stock. Sound Income Strategies LLC raised its holdings in Corning by 76.7% during the 4th quarter. Sound Income Strategies LLC now owns 523 shares of the electronics maker’s stock valued at $25,000 after buying an additional 227 shares during the last quarter. Sierra Ocean LLC bought a new position in shares of Corning during the fourth quarter valued at about $25,000. Asset Planning Inc purchased a new stake in shares of Corning during the fourth quarter worth about $29,000. Rosenberg Matthew Hamilton grew its stake in shares of Corning by 202.4% in the fourth quarter. Rosenberg Matthew Hamilton now owns 747 shares of the electronics maker’s stock worth $35,000 after purchasing an additional 500 shares during the last quarter. Finally, Mainstream Capital Management LLC purchased a new position in Corning during the 4th quarter valued at about $35,000. Hedge funds and other institutional investors own 69.80% of the company’s stock.

Insider Activity at Corning

In other Corning news, COO Eric S. Musser sold 30,000 shares of the company’s stock in a transaction dated 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 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 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 transaction of $110,162.83. The disclosure for this sale can be found here. 0.40% of the stock is currently owned by insiders.

Corning Stock Up 2.3 %

Shares of NYSE:GLW opened at $46.59 on Thursday. Corning Incorporated has a 12-month low of $30.72 and a 12-month high of $55.33. The stock has a market capitalization of $39.92 billion, a price-to-earnings ratio of 80.33, a PEG ratio of 1.50 and a beta of 1.03. The stock has a fifty day simple moving average of $49.49 and a two-hundred day simple moving average of $48.03. The company has a current ratio of 1.62, a quick ratio of 1.07 and a debt-to-equity ratio of 0.62.

Corning (NYSE:GLW) last announced its quarterly earnings results on Wednesday, January 29th. The electronics maker reported $0.57 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.56 by $0.01. Corning had a net margin of 3.86% and a return on equity of 15.10%. On average, research analysts anticipate that Corning Incorporated will post 2.33 earnings per share for the current fiscal year.

Corning Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 28th. Investors of record on Friday, February 28th were issued a $0.28 dividend. The ex-dividend date of this dividend was Friday, February 28th. This represents a $1.12 dividend on an annualized basis and a yield of 2.40%. Corning’s payout ratio is currently 193.10%.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on the company. Morgan Stanley lifted their price objective on Corning from $39.00 to $48.00 and gave the stock an “equal weight” rating in a research report on Tuesday, December 17th. StockNews.com downgraded shares of Corning from a “buy” rating to a “hold” rating in a research report on Tuesday, February 25th. HSBC raised shares of Corning from a “hold” rating to a “buy” rating and raised their target price for the stock from $51.00 to $60.00 in a research report on Thursday, January 30th. Citigroup boosted their price target on shares of Corning from $55.00 to $58.00 and gave the company a “buy” rating in a research report on Tuesday, January 21st. Finally, Hsbc Global Res upgraded shares of Corning from a “hold” rating to a “strong-buy” rating in a report on Thursday, January 30th. Four analysts have rated the stock with a hold rating, ten have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, Corning presently has an average rating of “Moderate Buy” and an average target price of $54.31.

Corning 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.