Corning Incorporated (NYSE:GLW) Position Raised by Iat Reinsurance Co. LTD.

Iat Reinsurance Co. LTD. raised its holdings in Corning Incorporated (NYSE:GLW) by 37.4% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 367,350 shares of the electronics maker’s stock after purchasing an additional 100,000 shares during the period. Corning accounts for about 3.7% of Iat Reinsurance Co. LTD.’s holdings, making the stock its 9th biggest position. Iat Reinsurance Co. LTD.’s holdings in Corning were worth $17,456,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. Meiji Yasuda Asset Management Co Ltd. grew its stake in Corning by 1.6% during the fourth quarter. Meiji Yasuda Asset Management Co Ltd. now owns 27,127 shares of the electronics maker’s stock valued at $1,289,000 after acquiring an additional 420 shares in the last quarter. FineMark National Bank & Trust boosted its stake in Corning by 23.8% during the fourth quarter. FineMark National Bank & Trust now owns 17,507 shares of the electronics maker’s stock valued at $832,000 after buying an additional 3,369 shares during the period. Modern Wealth Management LLC bought a new position in Corning in the 4th quarter worth about $211,000. CoreFirst Bank & Trust purchased a new stake in shares of Corning in the 4th quarter valued at about $414,000. Finally, Minneapolis Portfolio Management Group LLC grew its holdings in shares of Corning by 0.3% during the fourth quarter. Minneapolis Portfolio Management Group LLC now owns 918,919 shares of the electronics maker’s stock worth $43,667,000 after purchasing an additional 3,186 shares in the last quarter. 69.80% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, SVP Michael Alan Bell sold 2,209 shares of Corning stock in a transaction dated Thursday, January 30th. The stock was sold at an average price of $49.87, for a total value of $110,162.83. The transaction was disclosed in a filing with the Securities & Exchange Commission, 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 transaction, the chief operating officer now owns 152,944 shares in the company, valued at $7,940,852.48. This represents a 16.40 % decrease in their position. The disclosure for this sale can be found here. 0.40% of the stock is owned by company insiders.

Corning Stock Performance

Shares of GLW opened at $48.97 on Wednesday. Corning Incorporated has a 52 week low of $30.72 and a 52 week high of $55.33. The company has a quick ratio of 1.07, a current ratio of 1.62 and a debt-to-equity ratio of 0.62. The stock has a market cap of $41.95 billion, a P/E ratio of 84.43, a P/E/G ratio of 1.50 and a beta of 1.03. The business’s 50 day moving average price is $50.01 and its 200-day moving average price is $47.83.

Corning (NYSE:GLW) last released its earnings results on Wednesday, January 29th. The electronics maker reported $0.57 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%. Equities research analysts anticipate that Corning Incorporated will post 2.33 earnings per share for the current fiscal year.

Corning Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Friday, February 28th will be given a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a dividend yield of 2.29%. The ex-dividend date is Friday, February 28th. Corning’s dividend payout ratio (DPR) is currently 193.10%.

Analysts Set New Price Targets

A number of equities analysts have commented on the stock. StockNews.com cut shares of Corning from a “buy” rating to a “hold” rating in a research note on Tuesday, February 25th. HSBC upgraded Corning from a “hold” rating to a “buy” rating and increased their price objective for the company from $51.00 to $60.00 in a research report on Thursday, January 30th. Hsbc Global Res upgraded shares of Corning from a “hold” rating to a “strong-buy” rating in a research report on Thursday, January 30th. Morgan Stanley lifted their target price on shares of Corning from $39.00 to $48.00 and gave the stock an “equal weight” rating in a research report on Tuesday, December 17th. Finally, Bank of America upped their price target 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 issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $54.31.

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.