Mackenzie Financial Corp Acquires 19,942 Shares of Corning Incorporated (NYSE:GLW)

Mackenzie Financial Corp increased its stake in shares of Corning Incorporated (NYSE:GLW - Free Report) by 24.2% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 102,261 shares of the electronics maker's stock after buying an additional 19,942 shares during the period. Mackenzie Financial Corp's holdings in Corning were worth $4,859,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Tallon Kerry Patrick acquired a new position in Corning during the 4th quarter worth about $302,000. Barclays PLC lifted its position in Corning by 8.5% during the 3rd quarter. Barclays PLC now owns 1,892,946 shares of the electronics maker's stock valued at $85,468,000 after purchasing an additional 148,042 shares during the period. Hunter Associates Investment Management LLC raised its position in shares of Corning by 11.7% in the 4th quarter. Hunter Associates Investment Management LLC now owns 74,845 shares of the electronics maker's stock valued at $3,563,000 after acquiring an additional 7,860 shares during the period. Van ECK Associates Corp raised its position in shares of Corning by 343.6% in the 4th quarter. Van ECK Associates Corp now owns 114,330 shares of the electronics maker's stock valued at $5,433,000 after acquiring an additional 88,558 shares during the period. Finally, LMR Partners LLP raised its position in shares of Corning by 140.1% in the 4th quarter. LMR Partners LLP now owns 1,200,442 shares of the electronics maker's stock valued at $57,045,000 after acquiring an additional 700,442 shares during the period. Institutional investors and hedge funds own 69.80% of the company's stock.

Analyst Ratings Changes

Several analysts have commented on GLW shares. Citigroup dropped their target price on shares of Corning from $58.00 to $50.00 and set a "buy" rating on the stock in a report on Monday, April 14th. Oppenheimer reduced their price objective on shares of Corning from $58.00 to $55.00 and set an "outperform" rating for the company in a research report on Wednesday, April 30th. Wall Street Zen downgraded Corning from a "buy" rating to a "hold" rating in a report on Tuesday, February 25th. Bank of America lifted their target price on Corning from $65.00 to $68.00 and gave the stock a "buy" rating in a report on Wednesday, March 19th. Finally, JPMorgan Chase & Co. dropped 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. Four equities research 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 stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $53.08.

Insider Activity at Corning

In other Corning news, VP John Z. Zhang sold 9,610 shares of the business's stock in a transaction on Wednesday, May 28th. The shares were sold at an average price of $49.29, for a total value of $473,676.90. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, VP John Z. Zhang sold 8,000 shares of the business's stock in a transaction on Monday, May 12th. The stock was sold at an average price of $46.91, for a total transaction of $375,280.00. Following the completion of the sale, the vice president now owns 9,610 shares in the company, valued at approximately $450,805.10. The trade was a 45.43% decrease in their position. The disclosure for this sale can be found here. Insiders sold 69,291 shares of company stock valued at $3,307,320 over the last 90 days. Corporate insiders own 0.40% of the company's stock.

Corning Trading Down 0.8%

Shares of NYSE:GLW traded down $0.41 during midday trading on Friday, hitting $49.55. 12,836,651 shares of the stock traded hands, compared to its average volume of 5,986,813. 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 business's 50 day moving average is $44.83 and its two-hundred day moving average is $47.56. The stock has a market capitalization of $42.44 billion, a PE ratio of 85.43, a P/E/G ratio of 1.50 and a beta of 1.09. Corning Incorporated has a one year low of $36.58 and a one year high of $55.33.

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

Corning Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 27th. Shareholders of record on Friday, May 30th will be paid a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.26%. The ex-dividend date is Friday, May 30th. Corning's dividend payout ratio is 215.38%.

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.