Mackenzie Financial Corp Raises Stake in Corning Incorporated (NYSE:GLW)

Mackenzie Financial Corp grew its holdings in Corning Incorporated (NYSE:GLW - Free Report) by 54.0% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 153,440 shares of the electronics maker's stock after purchasing an additional 53,830 shares during the quarter. Mackenzie Financial Corp's holdings in Corning were worth $4,672,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of the business. Wellington Management Group LLP raised its holdings in shares of Corning by 7.7% in the 3rd quarter. Wellington Management Group LLP now owns 28,714,901 shares of the electronics maker's stock valued at $874,943,000 after purchasing an additional 2,055,388 shares in the last quarter. Morgan Stanley grew its position in shares of Corning by 5.1% in the 3rd quarter. Morgan Stanley now owns 21,899,529 shares of the electronics maker's stock worth $667,279,000 after buying an additional 1,060,450 shares during the last quarter. Ameriprise Financial Inc. grew its position in shares of Corning by 15.0% in the 3rd quarter. Ameriprise Financial Inc. now owns 17,615,078 shares of the electronics maker's stock worth $536,114,000 after buying an additional 2,301,745 shares during the last quarter. Northern Trust Corp grew its position in shares of Corning by 2.0% in the 3rd quarter. Northern Trust Corp now owns 12,039,900 shares of the electronics maker's stock worth $366,856,000 after buying an additional 232,699 shares during the last quarter. Finally, Bank of New York Mellon Corp grew its position in shares of Corning by 6.6% in the 3rd quarter. Bank of New York Mellon Corp now owns 7,883,126 shares of the electronics maker's stock worth $240,199,000 after buying an additional 490,638 shares during the last quarter. Institutional investors own 69.80% of the company's stock.

Corning Stock Performance

Shares of GLW stock traded up $0.29 during trading hours on Monday, hitting $31.56. The company's stock had a trading volume of 3,521,755 shares, compared to its average volume of 4,738,703. The company has a 50 day moving average of $32.30 and a 200 day moving average of $30.41. The stock has a market cap of $26.99 billion, a PE ratio of 47.10, a price-to-earnings-growth ratio of 1.73 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. Corning Incorporated has a 12-month low of $25.26 and a 12-month high of $36.01.

Corning (NYSE:GLW - Get Free Report) last released 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. The business had revenue of $2.99 billion for the quarter, compared to the consensus estimate of $3.26 billion. Corning had a net margin of 4.62% and a return on equity of 12.31%. The business's revenue for the quarter was down 12.1% on a year-over-year basis. During the same period in the prior year, the firm earned $0.47 EPS. On average, sell-side analysts forecast that Corning Incorporated will post 1.87 EPS for the current fiscal year.

Corning Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Thursday, February 29th were issued a $0.28 dividend. This represents a $1.12 annualized dividend and a dividend yield of 3.55%. The ex-dividend date of this dividend was Wednesday, February 28th. Corning's dividend payout ratio (DPR) is currently 167.16%.

Insider Activity

In related news, Vice Chairman Lawrence D. Mcrae sold 77,464 shares of the business's stock in a transaction on Thursday, March 21st. The shares were sold at an average price of $33.24, for a total value of $2,574,903.36. Following the completion of the transaction, the insider now directly owns 215,254 shares in the company, valued at approximately $7,155,042.96. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders own 0.45% of the company's stock.

Analyst Ratings Changes

GLW has been the topic of a number of analyst reports. Barclays lifted their price objective on shares of Corning from $28.00 to $35.00 and gave the stock an "equal weight" rating in a research report on Wednesday, January 31st. Morgan Stanley reaffirmed an "overweight" rating and issued a $35.00 price objective on shares of Corning in a research report on Monday. JPMorgan Chase & Co. lifted their price objective on shares of Corning from $34.00 to $36.00 and gave the stock a "neutral" rating in a research report on Thursday, April 11th. StockNews.com raised shares of Corning from a "sell" rating to a "hold" rating in a research report on Monday, April 1st. Finally, Susquehanna reissued a "positive" rating and set a $40.00 target price on shares of Corning in a research report on Monday, April 1st. One analyst has rated the stock with a sell rating, five have given a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus target price of $34.78.

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.