Cullen Investment Group LTD. Makes New $2.39 Million Investment in Corning Incorporated (NYSE:GLW)

Cullen Investment Group LTD. purchased a new stake in Corning Incorporated (NYSE:GLW - Free Report) during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor purchased 78,584 shares of the electronics maker's stock, valued at approximately $2,393,000.

Other large investors have also recently bought and sold shares of the company. Norges Bank acquired a new position in Corning in the fourth quarter worth $241,456,000. Price T Rowe Associates Inc. MD boosted its stake in Corning by 74.1% in the first quarter. Price T Rowe Associates Inc. MD now owns 8,681,332 shares of the electronics maker's stock worth $306,278,000 after purchasing an additional 3,694,339 shares in the last quarter. Morgan Stanley boosted its stake in Corning by 26.5% in the fourth quarter. Morgan Stanley now owns 13,734,071 shares of the electronics maker's stock worth $438,666,000 after purchasing an additional 2,875,197 shares in the last quarter. Ameriprise Financial Inc. boosted its stake in Corning by 15.0% in the third quarter. Ameriprise Financial Inc. now owns 17,615,078 shares of the electronics maker's stock worth $536,114,000 after purchasing an additional 2,301,745 shares in the last quarter. Finally, Wellington Management Group LLP boosted its stake in 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 in the last quarter. 69.80% of the stock is currently owned by institutional investors.

Insider Transactions at Corning

In other news, Vice Chairman Lawrence D. Mcrae sold 77,464 shares of the firm's stock in a transaction dated Thursday, March 21st. The stock was sold at an average price of $33.24, for a total transaction of $2,574,903.36. Following the sale, the insider now owns 215,254 shares of the company's stock, valued at $7,155,042.96. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. 0.40% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several brokerages have recently issued reports on GLW. JPMorgan Chase & Co. upped their price target on Corning from $34.00 to $36.00 and gave the company a "neutral" rating in a research note on Thursday. Barclays upped their price target on Corning from $28.00 to $35.00 and gave the company an "equal weight" rating in a research note on Wednesday, January 31st. Susquehanna reaffirmed a "positive" rating and set a $40.00 price target on shares of Corning in a research note on Monday, April 1st. StockNews.com raised Corning from a "sell" rating to a "hold" rating in a research note on Monday, April 1st. Finally, UBS Group upped their price target on Corning from $34.00 to $35.00 and gave the company a "neutral" rating in a research note on Monday, April 8th. One 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. According to MarketBeat.com, the stock has an average rating of "Hold" and an average target price of $34.56.

Corning Stock Down 0.7 %

Shares of NYSE GLW traded down $0.20 during mid-day trading on Monday, reaching $31.29. 3,385,016 shares of the company's stock were exchanged, compared to its average volume of 4,737,934. The firm has a market capitalization of $26.76 billion, a price-to-earnings ratio of 46.90, a PEG ratio of 1.79 and a beta of 1.08. The company has a current ratio of 1.67, a quick ratio of 1.05 and a debt-to-equity ratio of 0.61. The business has a fifty day simple moving average of $32.40 and a 200 day simple moving average of $30.37. Corning Incorporated has a twelve month low of $25.26 and a twelve month high of $36.01.

Corning (NYSE:GLW - Get Free Report) last released its quarterly earnings results on Tuesday, January 30th. The electronics maker reported $0.39 EPS for the quarter, hitting analysts' consensus estimates of $0.39. The company had revenue of $2.99 billion for the quarter, compared to analyst estimates of $3.26 billion. Corning had a return on equity of 12.31% and a net margin of 4.62%. Corning's revenue was down 12.1% compared to the same quarter last year. During the same quarter last year, the firm posted $0.47 earnings per share. As a group, equities analysts expect that Corning Incorporated will post 1.86 EPS for the current fiscal year.

Corning Dividend Announcement

The firm 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 3.58%. The ex-dividend date was Wednesday, February 28th. Corning's dividend payout ratio is currently 167.16%.

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.