Corning Incorporated (NYSE:GLW) Stake Increased by Adage Capital Partners GP L.L.C.

Adage Capital Partners GP L.L.C. raised its position in shares of Corning Incorporated (NYSE:GLW - Free Report) by 10.6% in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 719,921 shares of the electronics maker's stock after buying an additional 69,000 shares during the period. Adage Capital Partners GP L.L.C. owned about 0.08% of Corning worth $34,211,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Northstar Advisory Group LLC lifted its holdings in shares of Corning by 258.4% during the fourth quarter. Northstar Advisory Group LLC now owns 123,808 shares of the electronics maker's stock valued at $5,883,000 after purchasing an additional 89,268 shares during the last quarter. Franklin Resources Inc. grew its holdings 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 acquiring an additional 62,514 shares during the period. Fifth Third Bancorp increased 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 purchasing an additional 16,001 shares during the last quarter. First Financial Bank Trust Division lifted its stake in shares of Corning by 27.5% in the 4th quarter. First Financial Bank Trust Division now owns 138,153 shares of the electronics maker's stock worth $6,565,000 after purchasing an additional 29,790 shares during the period. Finally, New Century Financial Group LLC purchased a new stake in Corning during the fourth quarter valued at approximately $1,110,000. Institutional investors own 69.80% of the company's stock.

Wall Street Analyst Weigh In

GLW has been the subject of a number of recent analyst reports. JPMorgan Chase & Co. dropped their price target 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. HSBC raised Corning from a "hold" rating to a "buy" rating and raised their price target for the stock from $51.00 to $60.00 in a research note on Thursday, January 30th. Hsbc Global Res upgraded shares of Corning from a "hold" rating to a "strong-buy" rating in a research note on Thursday, January 30th. Bank of America upped their price target on shares of Corning from $65.00 to $68.00 and gave the stock a "buy" rating in a research report on Wednesday, March 19th. Finally, Barclays lowered 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 research analysts have rated the stock with a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat.com, Corning has an average rating of "Moderate Buy" and a consensus price target of $53.31.

Insiders Place Their Bets

In related news, COO Eric S. Musser sold 30,000 shares of the 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 $7,940,852.48. This represents a 16.40 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, SVP Michael Alan Bell sold 2,209 shares of the company's stock in a transaction that occurred on Thursday, January 30th. The stock was 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. 0.40% of the stock is owned by insiders.

Corning Stock Down 0.7 %

NYSE:GLW traded down $0.29 during mid-day trading on Wednesday, hitting $44.17. The company had a trading volume of 1,669,847 shares, compared to its average volume of 5,990,897. The firm has a market capitalization of $37.84 billion, a price-to-earnings ratio of 76.16, a PEG ratio of 1.50 and a beta of 1.03. 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 Incorporated has a 1 year low of $32.84 and a 1 year high of $55.33. The business has a fifty day simple moving average of $45.13 and a 200-day simple moving average of $47.58.

Corning (NYSE:GLW - Get Free Report) last released its quarterly earnings results on Tuesday, April 29th. The electronics maker reported $0.54 earnings per share for the quarter, beating analysts' consensus estimates of $0.51 by $0.03. The business had revenue of $3.68 billion during the quarter, compared to analyst estimates of $3.63 billion. Corning had a net margin of 3.86% and a return on equity of 15.10%. The business's revenue was up 12.9% on a year-over-year basis. During the same period last year, the business earned $0.38 EPS. Equities analysts forecast that Corning Incorporated will post 2.33 earnings per share for the current fiscal year.

Corning Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 28th. Investors 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 yield of 2.54%. Corning's dividend payout ratio (DPR) is 193.10%.

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.