Price T Rowe Associates Inc. MD Has $1.30 Billion Holdings in Corning Incorporated (NYSE:GLW)

Price T Rowe Associates Inc. MD lowered its holdings in shares of Corning Incorporated (NYSE:GLW - Free Report) by 14.4% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 27,335,433 shares of the electronics maker's stock after selling 4,616,994 shares during the period. Price T Rowe Associates Inc. MD owned about 3.19% of Corning worth $1,298,981,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of GLW. Northstar Advisory Group LLC grew its position in Corning by 258.4% during the 4th quarter. Northstar Advisory Group LLC now owns 123,808 shares of the electronics maker's stock worth $5,883,000 after acquiring an additional 89,268 shares during the last quarter. Franklin Resources Inc. raised its holdings in Corning by 48.4% during the 3rd quarter. Franklin Resources Inc. now owns 191,648 shares of the electronics maker's stock worth $8,975,000 after purchasing an additional 62,514 shares during the last quarter. Fifth Third Bancorp lifted its position in 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 period. First Financial Bank Trust Division boosted 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 valued at $6,565,000 after purchasing an additional 29,790 shares during the last quarter. Finally, New Century Financial Group LLC acquired a new stake in shares of Corning during the 4th quarter worth approximately $1,110,000. Institutional investors own 69.80% of the company's stock.

Corning Stock Up 2.8 %

Shares of GLW traded up $1.22 during mid-day trading on Tuesday, hitting $45.32. 4,633,434 shares of the company's stock were exchanged, compared to its average volume of 5,982,827. The company has a 50-day simple moving average of $45.28 and a 200 day simple moving average of $47.60. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.62 and a quick ratio of 1.07. The company has a market cap of $38.83 billion, a PE ratio of 77.99, a P/E/G ratio of 1.50 and a beta of 1.03. Corning Incorporated has a 52 week low of $31.37 and a 52 week high of $55.33.

Corning (NYSE:GLW - Get Free Report) last released its quarterly earnings data on Tuesday, April 29th. The electronics maker reported $0.54 EPS for the quarter, beating the consensus estimate 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 during the quarter, compared to the consensus estimate of $3.63 billion. During the same quarter in the prior year, the firm posted $0.38 EPS. The firm's revenue for the quarter was up 12.9% compared to the same quarter last year. On average, research analysts forecast that Corning Incorporated will post 2.33 earnings per share for the current fiscal year.

Corning Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, March 28th. Shareholders of record on Friday, February 28th were issued a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a yield of 2.47%. The ex-dividend date of this dividend was Friday, February 28th. Corning's dividend payout ratio is 193.10%.

Wall Street Analyst Weigh In

GLW has been the subject of several recent research reports. Mizuho set a $52.00 target price on shares of Corning in a research report on Tuesday, April 15th. Citigroup reduced their target price on Corning from $58.00 to $50.00 and set a "buy" rating on the stock in a report on Monday, April 14th. Hsbc Global Res raised Corning from a "hold" rating to a "strong-buy" rating in a research note on Thursday, January 30th. JPMorgan Chase & Co. reduced their price objective on shares of Corning from $62.00 to $50.00 and set an "overweight" rating on the stock in a research note on Thursday, April 17th. Finally, Barclays lowered their target price on shares of Corning from $53.00 to $52.00 and set an "equal weight" rating for the company in a research note 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, Corning currently has an average rating of "Moderate Buy" and a consensus price target of $53.31.

Insider Buying and Selling at Corning

In other news, COO Eric S. Musser sold 30,000 shares of the business's 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 sale, the chief operating officer now owns 152,944 shares of the company's stock, valued at approximately $7,940,852.48. The trade was a 16.40 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, SVP Michael Alan Bell sold 2,209 shares of the firm's stock in a transaction dated 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. Corporate insiders own 0.40% of the company's stock.

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.