Arvest Investments Inc. Takes $1.82 Million Position in Corning Incorporated (NYSE:GLW)

Arvest Investments Inc. bought a new stake in shares of Corning Incorporated (NYSE:GLW - Free Report) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor bought 59,778 shares of the electronics maker's stock, valued at approximately $1,820,000.

A number of other institutional investors also recently modified their holdings of the business. Vanguard Group Inc. increased its holdings in Corning by 0.7% in the 1st quarter. Vanguard Group Inc. now owns 92,746,889 shares of the electronics maker's stock worth $3,423,287,000 after purchasing an additional 671,480 shares in the last quarter. State Street Corp raised its stake in shares of Corning by 2.2% in the first quarter. State Street Corp now owns 31,601,045 shares of the electronics maker's stock worth $1,114,880,000 after purchasing an additional 686,278 shares during the last quarter. Wellington Management Group LLP raised its stake in shares of Corning by 7.7% in the third quarter. Wellington Management Group LLP now owns 28,714,901 shares of the electronics maker's stock worth $874,943,000 after purchasing an additional 2,055,388 shares during the last quarter. Morgan Stanley increased its position in shares of Corning by 5.1% during the third quarter. Morgan Stanley now owns 21,899,529 shares of the electronics maker's stock valued at $667,279,000 after acquiring an additional 1,060,450 shares during the last quarter. Finally, Ameriprise Financial Inc. increased its position in shares of Corning by 15.0% during the third quarter. Ameriprise Financial Inc. now owns 17,615,078 shares of the electronics maker's stock valued at $536,114,000 after acquiring an additional 2,301,745 shares during the last quarter. Institutional investors and hedge funds own 69.80% of the company's stock.

Corning Trading Down 0.6 %

Corning stock traded down $0.20 during mid-day trading on Thursday, hitting $32.38. The company's stock had a trading volume of 4,417,512 shares, compared to its average volume of 4,775,969. The company has a 50 day moving average of $32.35 and a 200-day moving average of $30.32. The stock has a market cap of $27.69 billion, a PE ratio of 48.31, a P/E/G ratio of 1.85 and a beta of 1.08. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.05 and a current ratio of 1.67. Corning Incorporated has a one year low of $25.26 and a one year high of $36.01.

Corning (NYSE:GLW - Get Free Report) last announced its quarterly earnings data on Tuesday, January 30th. The electronics maker reported $0.39 EPS for the quarter, meeting the consensus estimate of $0.39. Corning had a return on equity of 12.31% and a net margin of 4.62%. The company had revenue of $2.99 billion for the quarter, compared to the consensus estimate of $3.26 billion. During the same quarter in the prior year, the company posted $0.47 EPS. Corning's quarterly revenue was down 12.1% on a year-over-year basis. On average, research analysts anticipate that Corning Incorporated will post 1.86 EPS for the current year.

Corning Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Thursday, February 29th were given a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a dividend yield of 3.46%. The ex-dividend date of this dividend was Wednesday, February 28th. Corning's payout ratio is 167.16%.

Insider Activity at Corning

In other Corning news, Vice Chairman Lawrence D. Mcrae sold 77,464 shares of the stock in a transaction dated Thursday, March 21st. The stock was sold at an average price of $33.24, for a total value of $2,574,903.36. Following the completion of the sale, the insider now directly owns 215,254 shares in the company, valued at $7,155,042.96. The transaction was disclosed in a document filed with the SEC, which is available at this link. 0.40% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

GLW has been the topic of a number of recent research reports. StockNews.com raised Corning from a "sell" rating to a "hold" rating in a research report on Monday. Susquehanna reiterated a "positive" rating and set a $40.00 price target on shares of Corning in a research report on Monday. Barclays raised their target price on shares of Corning from $28.00 to $35.00 and gave the stock an "equal weight" rating in a report on Wednesday, January 31st. HSBC cut shares of Corning from a "hold" rating to a "reduce" rating and set a $29.00 price target on the stock. in a report on Thursday, February 1st. Finally, UBS Group raised their price objective on Corning from $29.00 to $32.00 and gave the company a "neutral" rating in a research report on Thursday, January 11th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Hold" and a consensus price target of $33.67.

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.

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