DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main Has $1.80 Million Position in Corning Incorporated (NYSE:GLW)

DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main increased its stake in shares of Corning Incorporated (NYSE:GLW - Free Report) by 3,779,500.0% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 37,796 shares of the electronics maker's stock after buying an additional 37,795 shares during the quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main's holdings in Corning were worth $1,796,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in GLW. Sound Income Strategies LLC raised its position 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 purchasing an additional 227 shares during the period. Sierra Ocean LLC purchased a new stake in Corning in the fourth quarter valued at $25,000. Asset Planning Inc purchased a new stake in Corning in the fourth quarter valued at $29,000. Mainstream Capital Management LLC purchased a new stake in Corning in the fourth quarter valued at $35,000. Finally, Rosenberg Matthew Hamilton raised its position in Corning by 202.4% in the fourth quarter. Rosenberg Matthew Hamilton now owns 747 shares of the electronics maker's stock valued at $35,000 after purchasing an additional 500 shares during the period. Hedge funds and other institutional investors own 69.80% of the company's stock.

Insider Activity

In other Corning news, SVP Michael Alan Bell sold 20,262 shares of Corning stock in a transaction that occurred on Wednesday, April 30th. The stock was sold at an average price of $44.06, for a total value of $892,743.72. The sale was disclosed in a filing with the SEC, which is available through this link. Also, VP John Z. Zhang sold 8,000 shares of Corning stock in a transaction that occurred on Monday, May 12th. The stock was sold at an average price of $46.91, for a total value of $375,280.00. Following the completion of the transaction, the vice president now directly owns 9,610 shares in the company, valued at approximately $450,805.10. This 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 owned by corporate insiders.

Wall Street Analyst Weigh In

GLW has been the topic of a number of research analyst reports. Barclays reduced their target price on Corning from $53.00 to $52.00 and set an "equal weight" rating on the stock in a research report on Wednesday, January 29th. HSBC raised Corning from a "hold" rating to a "buy" rating and lifted their price objective for the company from $51.00 to $60.00 in a research note on Thursday, January 30th. Oppenheimer dropped their price objective on Corning from $58.00 to $55.00 and set an "outperform" rating for the company in a research note on Wednesday, April 30th. Bank of America lifted their price objective on Corning from $65.00 to $68.00 and gave the company a "buy" rating in a research note on Wednesday, March 19th. Finally, Mizuho set a $52.00 price objective on Corning in a research note on Tuesday, April 15th. Four equities research analysts have rated the stock with a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Corning currently has an average rating of "Moderate Buy" and a consensus price target of $53.08.

Corning Stock Performance

Shares of NYSE GLW traded down $0.66 during midday trading on Wednesday, reaching $46.96. 4,897,321 shares of the company traded hands, compared to its average volume of 5,946,470. Corning Incorporated has a 52 week low of $34.87 and a 52 week high of $55.33. The stock has a 50-day moving average price of $44.46 and a 200 day moving average price of $47.50. 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 $40.22 billion, a price-to-earnings ratio of 80.97, a PEG ratio of 1.50 and a beta of 1.09.

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

Corning Dividend Announcement

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

About Corning

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.