Northern Trust Corp Has $516.56 Million Stock Position in Corning Incorporated (NYSE:GLW)

Northern Trust Corp lifted its holdings in Corning Incorporated (NYSE:GLW - Free Report) by 2.0% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 10,870,375 shares of the electronics maker's stock after acquiring an additional 208,826 shares during the quarter. Northern Trust Corp owned approximately 1.27% of Corning worth $516,560,000 at the end of the most recent reporting period.

A number of other large investors have also bought and sold shares of GLW. Vanguard Group Inc. grew its holdings in shares of Corning by 0.9% during the fourth quarter. Vanguard Group Inc. now owns 99,903,247 shares of the electronics maker's stock worth $4,747,402,000 after purchasing an additional 916,528 shares during the last quarter. Geode Capital Management LLC increased its position in Corning by 3.0% in the 4th quarter. Geode Capital Management LLC now owns 18,470,610 shares of the electronics maker's stock valued at $875,633,000 after acquiring an additional 533,686 shares in the last quarter. Norges Bank bought a new position in shares of Corning in the fourth quarter worth about $490,933,000. Dimensional Fund Advisors LP lifted its position in shares of Corning by 0.8% during the fourth quarter. Dimensional Fund Advisors LP now owns 9,800,573 shares of the electronics maker's stock worth $465,723,000 after purchasing an additional 78,497 shares in the last quarter. Finally, Invesco Ltd. grew its stake in shares of Corning by 5.1% during the fourth quarter. Invesco Ltd. now owns 6,048,735 shares of the electronics maker's stock valued at $287,436,000 after purchasing an additional 293,713 shares during the last quarter. 69.80% of the stock is currently owned by institutional investors.

Insider Transactions at Corning

In related news, SVP Michael Alan Bell sold 20,262 shares of the 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 legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.40% of the stock is owned by insiders.

Corning Stock Up 2.2 %

Shares of NYSE GLW traded up $0.98 during mid-day trading on Friday, reaching $45.76. 4,428,237 shares of the company's stock were exchanged, compared to its average volume of 5,964,697. The company has a current ratio of 1.62, a quick ratio of 1.07 and a debt-to-equity ratio of 0.62. The business has a fifty day simple moving average of $44.79 and a 200 day simple moving average of $47.53. Corning Incorporated has a twelve month low of $32.92 and a twelve month high of $55.33. The firm has a market capitalization of $39.21 billion, a price-to-earnings ratio of 78.90, a PEG ratio of 1.50 and a beta of 1.09.

Corning (NYSE:GLW - Get Free Report) last announced its quarterly earnings results on Tuesday, April 29th. The electronics maker reported $0.54 earnings per share for the quarter, beating analysts' consensus estimates of $0.51 by $0.03. Corning had a net margin of 3.86% and a return on equity of 15.10%. The firm had revenue of $3.68 billion for the quarter, compared to analyst estimates of $3.63 billion. During the same quarter in the previous year, the firm posted $0.38 earnings per share. The business's revenue was up 12.9% on a year-over-year basis. As a group, equities analysts expect that Corning Incorporated will post 2.33 EPS 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 $0.28 dividend. The ex-dividend date of this dividend is Friday, May 30th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.45%. Corning's dividend payout ratio (DPR) is 215.38%.

Wall Street Analyst Weigh In

GLW has been the topic of a number of recent research reports. StockNews.com lowered Corning from a "buy" rating to a "hold" rating in a research report on Tuesday, February 25th. Oppenheimer cut their target price on shares of Corning from $58.00 to $55.00 and set an "outperform" rating on the stock in a research report on Wednesday. Citigroup cut their price objective 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. 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 report on Wednesday, January 29th. Finally, Hsbc Global Res raised Corning from a "hold" rating to a "strong-buy" rating in a research note on Thursday, January 30th. Four analysts have rated the stock with a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $53.08.

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.