Deutsche Bank AG Boosts Stake in Corning Incorporated (NYSE:GLW)

Deutsche Bank AG increased its stake in shares of Corning Incorporated (NYSE:GLW - Free Report) by 7.8% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 2,797,924 shares of the electronics maker's stock after purchasing an additional 202,500 shares during the period. Deutsche Bank AG owned 0.33% of Corning worth $132,957,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also recently modified their holdings of the company. Oregon Public Employees Retirement Fund increased its holdings in shares of Corning by 0.3% during the 4th quarter. Oregon Public Employees Retirement Fund now owns 66,063 shares of the electronics maker's stock worth $3,139,000 after acquiring an additional 204 shares during the last quarter. Principal Securities Inc. lifted its position in shares of Corning by 3.5% during the 4th quarter. Principal Securities Inc. now owns 6,170 shares of the electronics maker's stock valued at $293,000 after acquiring an additional 211 shares during the period. Bogart Wealth LLC lifted its position in shares of Corning by 18.3% during the 4th quarter. Bogart Wealth LLC now owns 1,419 shares of the electronics maker's stock valued at $67,000 after acquiring an additional 219 shares during the period. Buffington Mohr McNeal lifted its position in shares of Corning by 2.1% during the 4th quarter. Buffington Mohr McNeal now owns 10,461 shares of the electronics maker's stock worth $497,000 after buying an additional 220 shares during the last quarter. Finally, Allworth Financial LP lifted its position in shares of Corning by 1.1% during the 4th quarter. Allworth Financial LP now owns 19,581 shares of the electronics maker's stock worth $930,000 after buying an additional 220 shares during the last quarter. Institutional investors and hedge funds own 69.80% of the company's stock.

Insider Buying and Selling

In other news, SVP Michael Alan Bell sold 20,262 shares of the business's stock in a transaction on Wednesday, April 30th. The shares were sold at an average price of $44.06, for a total transaction of $892,743.72. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, VP John Z. Zhang sold 8,000 shares of the business's stock in a transaction on Monday, May 12th. The shares were sold at an average price of $46.91, for a total transaction of $375,280.00. Following the sale, the vice president now directly owns 9,610 shares in the company, valued at $450,805.10. This trade represents a 45.43% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.40% of the stock is currently owned by company insiders.

Corning Stock Performance

Shares of GLW stock traded down $0.66 on Wednesday, reaching $46.96. The stock had a trading volume of 4,897,321 shares, compared to its average volume of 5,946,470. Corning Incorporated has a 1 year low of $34.87 and a 1 year high of $55.33. The company has a 50 day simple moving average of $44.46 and a 200 day simple moving average of $47.50. The stock has a market cap of $40.22 billion, a P/E ratio of 80.97, 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 quick ratio of 1.07 and a current ratio of 1.62.

Corning (NYSE:GLW - Get Free Report) last posted its quarterly 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 business had revenue of $3.68 billion for 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%. The business's quarterly revenue was up 12.9% on a year-over-year basis. During the same period last year, the firm earned $0.38 earnings per share. Equities research analysts expect that Corning Incorporated will post 2.33 EPS for the current year.

Corning Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, June 27th. Investors of record on Friday, May 30th will be given a $0.28 dividend. The ex-dividend date of this dividend is Friday, May 30th. This represents a $1.12 annualized dividend and a yield of 2.39%. Corning's dividend payout ratio is currently 215.38%.

Wall Street Analyst Weigh In

Several equities analysts have commented on GLW shares. Citigroup dropped their target price on Corning from $58.00 to $50.00 and set a "buy" rating for the company in a research report on Monday, April 14th. 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. JPMorgan Chase & Co. decreased their price target on Corning from $62.00 to $50.00 and set an "overweight" rating for the company in a research note on Thursday, April 17th. Mizuho set a $52.00 price target on Corning in a research note on Tuesday, April 15th. Finally, StockNews.com cut Corning from a "buy" rating to a "hold" rating in a research note on Tuesday, February 25th. Four investment 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. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $53.08.

Corning Company 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.