Tower Research Capital LLC TRC Has $2.59 Million Holdings in Corning Incorporated (NYSE:GLW)

Tower Research Capital LLC TRC increased its stake in shares of Corning Incorporated (NYSE:GLW - Free Report) by 161.3% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 54,444 shares of the electronics maker's stock after buying an additional 33,606 shares during the period. Tower Research Capital LLC TRC's holdings in Corning were worth $2,587,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the stock. Vanguard Group Inc. lifted its position in Corning by 0.9% during the 4th quarter. Vanguard Group Inc. now owns 99,903,247 shares of the electronics maker's stock worth $4,747,402,000 after buying an additional 916,528 shares in the last quarter. Geode Capital Management LLC lifted its position in Corning by 3.0% during the 4th quarter. Geode Capital Management LLC now owns 18,470,610 shares of the electronics maker's stock worth $875,633,000 after buying an additional 533,686 shares in the last quarter. Norges Bank acquired a new position in Corning during the 4th quarter valued at about $490,933,000. Dimensional Fund Advisors LP lifted its position in Corning by 0.8% during the 4th quarter. Dimensional Fund Advisors LP now owns 9,800,573 shares of the electronics maker's stock valued at $465,723,000 after purchasing an additional 78,497 shares during the period. Finally, Invesco Ltd. lifted its position in Corning by 5.1% during the 4th 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 period. Institutional investors and hedge funds own 69.80% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on GLW. Barclays cut their target price on shares of Corning from $53.00 to $52.00 and set an "equal weight" rating on the stock in a research report on Wednesday, January 29th. StockNews.com downgraded shares of Corning from a "buy" rating to a "hold" rating in a research report on Tuesday, February 25th. JPMorgan Chase & Co. cut their target price on shares of Corning from $62.00 to $50.00 and set an "overweight" rating on the stock in a research report on Thursday, April 17th. HSBC upgraded shares of Corning from a "hold" rating to a "buy" rating and upped their target price for the company from $51.00 to $60.00 in a research report on Thursday, January 30th. Finally, Bank of America upped their target price on shares of Corning from $65.00 to $68.00 and gave the company a "buy" rating in a research report on Wednesday, March 19th. Four equities research analysts have rated the stock with a hold rating, ten have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Corning currently has a consensus rating of "Moderate Buy" and an average price target of $53.31.

Corning Stock Up 0.7 %

NYSE GLW traded up $0.30 during trading hours on Friday, reaching $44.18. 3,767,555 shares of the company's stock were exchanged, compared to its average volume of 5,986,210. The company's 50-day moving average is $45.45 and its two-hundred day moving average is $47.61. Corning Incorporated has a one year low of $31.37 and a one year high of $55.33. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.07 and a current ratio of 1.62. The company has a market capitalization of $37.85 billion, a price-to-earnings ratio of 76.17, a price-to-earnings-growth ratio of 1.50 and a beta of 1.03.

Corning (NYSE:GLW - Get Free Report) last posted its earnings results on Wednesday, January 29th. The electronics maker reported $0.57 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.56 by $0.01. Corning had a return on equity of 15.10% and a net margin of 3.86%. On average, analysts forecast that Corning Incorporated will post 2.33 EPS for the current fiscal year.

Corning Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, March 28th. Shareholders of record on Friday, February 28th were given a dividend of $0.28 per share. The ex-dividend date was Friday, February 28th. This represents a $1.12 annualized dividend and a yield of 2.54%. Corning's dividend payout ratio (DPR) is presently 193.10%.

Insider Activity

In other news, SVP Michael Alan Bell sold 2,209 shares of the company's stock in a transaction dated Thursday, January 30th. The shares were sold at an average price of $49.87, for a total value of $110,162.83. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, COO Eric S. Musser sold 30,000 shares of the company's stock in a transaction dated Friday, January 31st. The shares were sold at an average price of $51.92, for a total transaction of $1,557,600.00. Following the completion of the sale, the chief operating officer now directly owns 152,944 shares in the company, valued at approximately $7,940,852.48. The trade was a 16.40 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.40% of the stock is owned by insiders.

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.