Canada Pension Plan Investment Board Has $14.10 Million Position in Corning Incorporated (NYSE:GLW)

Canada Pension Plan Investment Board lifted its position in Corning Incorporated (NYSE:GLW - Free Report) by 238.6% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 296,677 shares of the electronics maker's stock after buying an additional 209,054 shares during the period. Canada Pension Plan Investment Board's holdings in Corning were worth $14,098,000 as of its most recent SEC filing.

Several other hedge funds have also added to or reduced their stakes in GLW. GKV Capital Management Co. Inc. bought a new stake in Corning during the 4th quarter worth approximately $1,069,000. First Commonwealth Financial Corp PA acquired a new position in Corning in the 4th quarter worth $226,000. Farringdon Capital Ltd. acquired a new stake in shares of Corning in the 4th quarter valued at about $457,000. Zacks Investment Management boosted its position in shares of Corning by 1.3% during the fourth quarter. Zacks Investment Management now owns 107,121 shares of the electronics maker's stock worth $5,090,000 after buying an additional 1,421 shares during the period. Finally, Marshall Wace LLP grew its holdings in shares of Corning by 80.1% during the fourth quarter. Marshall Wace LLP now owns 1,626,646 shares of the electronics maker's stock worth $77,298,000 after buying an additional 723,622 shares in the last quarter. Institutional investors and hedge funds own 69.80% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on GLW. StockNews.com lowered shares of Corning from a "buy" rating to a "hold" rating in a research report on Tuesday, February 25th. Hsbc Global Res upgraded Corning from a "hold" rating to a "strong-buy" rating in a report on Thursday, January 30th. Barclays decreased their price target on Corning from $53.00 to $52.00 and set an "equal weight" rating for the company in a research note on Wednesday, January 29th. Citigroup cut their price objective on Corning from $58.00 to $50.00 and set a "buy" rating for the company in a report on Monday, April 14th. Finally, JPMorgan Chase & Co. cut their price target on shares of Corning from $62.00 to $50.00 and set an "overweight" rating for the company in a research note on Thursday, April 17th. Four equities research 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 MarketBeat.com, Corning has an average rating of "Moderate Buy" and a consensus price target of $53.31.

Insider Buying and Selling at Corning

In other Corning news, SVP Michael Alan Bell sold 2,209 shares of the business's stock in a transaction on Thursday, January 30th. The shares were sold at an average price of $49.87, for a total transaction of $110,162.83. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, COO Eric S. Musser sold 30,000 shares of the firm's stock in a transaction on 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 sale, the chief operating officer now directly owns 152,944 shares in the company, valued at approximately $7,940,852.48. This trade represents a 16.40 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.40% of the company's stock.

Corning Stock Performance

Shares of GLW traded up $0.30 during mid-day trading on Friday, hitting $44.18. 3,767,555 shares of the company's stock were exchanged, compared to its average volume of 5,977,025. 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 firm has a market cap of $37.85 billion, a price-to-earnings ratio of 76.17, a price-to-earnings-growth ratio of 1.50 and a beta of 1.03. The stock's 50-day simple moving average is $45.45 and its 200-day simple moving average is $47.58. Corning Incorporated has a 52 week low of $31.28 and a 52 week high of $55.33.

Corning (NYSE:GLW - Get Free Report) last announced its quarterly earnings data on Wednesday, January 29th. The electronics maker reported $0.57 earnings per share for the quarter, beating 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%. On average, equities research analysts expect that Corning Incorporated will post 2.33 EPS for the current year.

Corning Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 28th. Investors of record on Friday, February 28th were paid 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 2.54%. 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.