Fred Alger Management LLC Acquires Shares of 75,016 Corning Incorporated (NYSE:GLW)

Fred Alger Management LLC bought a new position in Corning Incorporated (NYSE:GLW - Free Report) during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm bought 75,016 shares of the electronics maker's stock, valued at approximately $3,565,000.

A number of other large investors have also added to or reduced their stakes in GLW. Northstar Advisory Group LLC increased its stake in shares of Corning by 258.4% in the 4th quarter. Northstar Advisory Group LLC now owns 123,808 shares of the electronics maker's stock worth $5,883,000 after purchasing an additional 89,268 shares in the last quarter. Franklin Resources Inc. raised its stake in shares of Corning by 48.4% in the third quarter. Franklin Resources Inc. now owns 191,648 shares of the electronics maker's stock worth $8,975,000 after buying an additional 62,514 shares during the period. Fifth Third Bancorp lifted its position in shares of Corning by 16.8% during the 4th quarter. Fifth Third Bancorp now owns 111,448 shares of the electronics maker's stock valued at $5,296,000 after buying an additional 16,001 shares in the last quarter. New Century Financial Group LLC purchased a new position in shares of Corning during the 4th quarter valued at about $1,110,000. Finally, Oak Thistle LLC bought a new position in shares of Corning during the 4th quarter valued at approximately $373,000. Institutional investors own 69.80% of the company's stock.

Insider Buying and Selling at Corning

In other Corning news, SVP Michael Alan Bell sold 20,262 shares of the firm's stock in a transaction on Wednesday, April 30th. The stock was sold at an average price of $44.06, for a total value of $892,743.72. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP John Z. Zhang sold 8,000 shares of the company's stock in a transaction that occurred on Monday, May 12th. The stock was sold at an average price of $46.91, for a total value of $375,280.00. Following the completion of the sale, the vice president now owns 9,610 shares in the company, valued at approximately $450,805.10. This represents a 45.43% decrease in their position. The disclosure for this sale can be found here. 0.40% of the stock is currently owned by insiders.

Analyst Ratings Changes

GLW has been the subject of a number of recent analyst reports. HSBC upgraded shares of Corning from a "hold" rating to a "buy" rating and upped their price target for the stock from $51.00 to $60.00 in a research report on Thursday, January 30th. Oppenheimer dropped their price target on Corning from $58.00 to $55.00 and set an "outperform" rating for the company in a research note on Wednesday, April 30th. Bank of America lifted their price objective on shares of Corning from $65.00 to $68.00 and gave the company a "buy" rating in a research report on Wednesday, March 19th. JPMorgan Chase & Co. dropped their target price on shares of Corning from $62.00 to $50.00 and set an "overweight" rating for the company in a research report on Thursday, April 17th. Finally, Barclays cut their price objective 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. Four 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. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $53.08.

Corning Price Performance

GLW stock traded up $0.64 during mid-day trading on Tuesday, reaching $47.61. 5,427,569 shares of the company's stock were exchanged, compared to its average volume of 5,953,803. The stock's 50 day moving average is $44.42 and its 200 day moving average is $47.49. Corning Incorporated has a 12-month low of $34.33 and a 12-month high of $55.33. The company has a market cap of $40.78 billion, a price-to-earnings ratio of 82.09, a price-to-earnings-growth ratio of 1.50 and a beta of 1.09. 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 - Get Free Report) last posted its earnings results on Tuesday, April 29th. The electronics maker reported $0.54 EPS for the quarter, beating analysts' consensus estimates of $0.51 by $0.03. Corning had a return on equity of 15.10% and a net margin of 3.86%. The company had revenue of $3.68 billion for the quarter, compared to the consensus estimate of $3.63 billion. During the same quarter in the previous year, the business earned $0.38 earnings per share. The company's revenue for the quarter was up 12.9% on a year-over-year basis. On average, research analysts expect that Corning Incorporated will post 2.33 EPS for the current year.

Corning Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 27th. Stockholders of record on Friday, May 30th will be given a dividend of $0.28 per share. The ex-dividend date is Friday, May 30th. This represents a $1.12 annualized dividend and a dividend yield of 2.35%. Corning's dividend payout ratio is currently 215.38%.

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.