Wealthfront Advisers LLC Has $1.64 Million Stock Position in Corning Incorporated (NYSE:GLW)

Wealthfront Advisers LLC grew its stake in shares of Corning Incorporated (NYSE:GLW) by 62.5% during the 4th quarter, Holdings Channel reports. The firm owned 34,480 shares of the electronics maker’s stock after buying an additional 13,257 shares during the period. Wealthfront Advisers LLC’s holdings in Corning were worth $1,638,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Wellington Management Group LLP boosted its stake in shares of Corning by 0.3% during the 3rd quarter. Wellington Management Group LLP now owns 39,225,452 shares of the electronics maker’s stock worth $1,771,029,000 after acquiring an additional 133,214 shares during the period. State Street Corp increased its holdings in shares of Corning by 3.8% during the 3rd quarter. State Street Corp now owns 33,983,090 shares of the electronics maker’s stock worth $1,534,337,000 after acquiring an additional 1,242,718 shares during the last quarter. Charles Schwab Investment Management Inc. increased its holdings in shares of Corning by 1.7% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 4,937,981 shares of the electronics maker’s stock worth $234,653,000 after acquiring an additional 84,905 shares during the last quarter. Amundi increased its holdings in shares of Corning by 139.0% during the 4th quarter. Amundi now owns 3,900,808 shares of the electronics maker’s stock worth $186,186,000 after acquiring an additional 2,268,436 shares during the last quarter. Finally, FMR LLC increased its holdings in shares of Corning by 52.8% during the 3rd quarter. FMR LLC now owns 3,723,044 shares of the electronics maker’s stock worth $168,095,000 after acquiring an additional 1,285,836 shares during the last quarter. Institutional investors and hedge funds own 69.80% of the company’s stock.

Corning Stock Performance

GLW opened at $46.86 on Friday. The firm has a market cap of $40.13 billion, a P/E ratio of 80.79, a price-to-earnings-growth ratio of 1.50 and a beta of 1.03. Corning Incorporated has a 52-week low of $30.72 and a 52-week 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 business’s fifty day moving average is $49.88 and its 200-day moving average is $47.43.

Corning (NYSE:GLW) last released its earnings results on Wednesday, January 29th. The electronics maker reported $0.57 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.56 by $0.01. Corning had a return on equity of 15.10% and a net margin of 3.86%. Sell-side analysts expect that Corning Incorporated will post 2.33 EPS for the current fiscal year.

Corning Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Friday, February 28th will be issued a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a dividend yield of 2.39%. The ex-dividend date of this dividend is Friday, February 28th. Corning’s dividend payout ratio (DPR) is currently 193.10%.

Insider Buying and Selling

In related news, COO Eric S. Musser sold 30,000 shares of the company’s stock in a transaction on Friday, January 31st. The stock was 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 $7,940,852.48. This represents a 16.40 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, SVP Michael Alan Bell sold 2,209 shares of the company’s stock in a transaction on Thursday, January 30th. The stock was sold at an average price of $49.87, for a total value of $110,162.83. The disclosure for this sale can be found here. 0.40% of the stock is owned by corporate insiders.

Analyst Ratings Changes

A number of research firms recently weighed in on GLW. Morgan Stanley boosted their target price on Corning from $39.00 to $48.00 and gave the stock an “equal weight” rating in a report on Tuesday, December 17th. Citigroup boosted their target price on Corning from $55.00 to $58.00 and gave the stock a “buy” rating in a report on Tuesday, January 21st. Hsbc Global Res raised Corning from a “hold” rating to a “strong-buy” rating in a report on Thursday, January 30th. HSBC raised Corning from a “hold” rating to a “buy” rating and boosted their target price for the stock from $51.00 to $60.00 in a report on Thursday, January 30th. Finally, StockNews.com lowered Corning from a “buy” rating to a “hold” rating in a report on Tuesday, February 25th. Four analysts have rated the stock with a hold rating, ten have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $53.00.

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.