Corning Incorporated (NYSE:GLW) Shares Bought by Banco Bilbao Vizcaya Argentaria S.A.

Banco Bilbao Vizcaya Argentaria S.A. raised its holdings in shares of Corning Incorporated (NYSE:GLW - Free Report) by 10.2% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 407,096 shares of the electronics maker's stock after purchasing an additional 37,705 shares during the period. Banco Bilbao Vizcaya Argentaria S.A.'s holdings in Corning were worth $19,517,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Sound Income Strategies LLC raised its stake in Corning by 76.7% in the fourth 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 acquired a new stake in Corning in the 4th quarter worth approximately $25,000. Asset Planning Inc purchased a new stake in Corning during the 4th quarter worth approximately $29,000. Rosenberg Matthew Hamilton grew its position in Corning by 202.4% during the 4th 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 acquired a new position in Corning during the 4th quarter valued at approximately $35,000. Hedge funds and other institutional investors own 69.80% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on the stock. Bank of America boosted their price objective on shares of Corning from $65.00 to $68.00 and gave the company a "buy" rating in a report on Wednesday, March 19th. Hsbc Global Res upgraded shares of Corning from a "hold" rating to a "strong-buy" rating in a research report on Thursday, January 30th. HSBC raised Corning from a "hold" rating to a "buy" rating and boosted their price objective for the company from $51.00 to $60.00 in a report on Thursday, January 30th. Mizuho set a $52.00 price target on Corning in a research report on Tuesday, April 15th. Finally, JPMorgan Chase & Co. lowered their price objective on Corning from $62.00 to $50.00 and set an "overweight" rating on the stock in a research report on Thursday, April 17th. Four analysts have rated the stock with a hold rating, ten have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, Corning presently has an average rating of "Moderate Buy" and an average price target of $53.31.

Corning Trading Up 1.1 %

NYSE GLW traded up $0.50 on Tuesday, reaching $44.60. The stock had a trading volume of 5,410,674 shares, compared to its average volume of 5,985,863. The company has a quick ratio of 1.07, a current ratio of 1.62 and a debt-to-equity ratio of 0.62. The stock has a fifty day moving average price of $45.28 and a two-hundred day moving average price of $47.60. Corning Incorporated has a 12-month low of $31.37 and a 12-month high of $55.33. The firm has a market capitalization of $38.21 billion, a price-to-earnings ratio of 76.91, a P/E/G ratio of 1.50 and a beta of 1.03.

Corning (NYSE:GLW - Get Free Report) last announced 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. The company had revenue of $3.68 billion during the quarter, compared to analysts' expectations of $3.63 billion. Corning had a return on equity of 15.10% and a net margin of 3.86%. Corning's revenue for the quarter was up 12.9% on a year-over-year basis. During the same period last year, the business posted $0.38 EPS. As a group, sell-side analysts forecast that Corning Incorporated will post 2.33 EPS for the current fiscal year.

Corning Dividend Announcement

The firm also recently announced 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. This represents a $1.12 annualized dividend and a yield of 2.51%. The ex-dividend date of this dividend was Friday, February 28th. Corning's payout ratio is currently 193.10%.

Insiders Place Their Bets

In related news, COO Eric S. Musser sold 30,000 shares of the stock in a transaction on Friday, January 31st. The stock was sold at an average price of $51.92, for a total value of $1,557,600.00. Following the transaction, the chief operating officer now owns 152,944 shares of the company's stock, valued at $7,940,852.48. This represents a 16.40 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, SVP Michael Alan Bell sold 2,209 shares of Corning stock in a transaction dated 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 company insiders.

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.