KLP Kapitalforvaltning AS Takes $20.30 Million Position in Corning Incorporated (NYSE:GLW)

KLP Kapitalforvaltning AS bought a new stake in shares of Corning Incorporated (NYSE:GLW) in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 427,160 shares of the electronics maker’s stock, valued at approximately $20,299,000.

Other institutional investors also recently made changes to their positions in the company. Sound Income Strategies LLC grew its holdings in shares of Corning by 76.7% during the fourth quarter. Sound Income Strategies LLC now owns 523 shares of the electronics maker’s stock valued at $25,000 after purchasing an additional 227 shares during the last quarter. Sierra Ocean LLC acquired a new position in shares of Corning during the fourth quarter worth approximately $25,000. Asset Planning Inc acquired a new position in shares of Corning during the fourth quarter worth approximately $29,000. Mainstream Capital Management LLC acquired a new position in shares of Corning during the fourth quarter worth approximately $35,000. Finally, Rosenberg Matthew Hamilton boosted its position in shares of Corning by 202.4% during the fourth quarter. Rosenberg Matthew Hamilton now owns 747 shares of the electronics maker’s stock worth $35,000 after buying an additional 500 shares during the period. 69.80% of the stock is owned by institutional investors.

Corning Price Performance

Shares of NYSE:GLW opened at $48.49 on Friday. Corning Incorporated has a one year low of $30.72 and a one year high of $55.33. The stock has a fifty day moving average of $49.91 and a 200-day moving average of $47.67. The company has a market capitalization of $41.53 billion, a PE ratio of 83.60, a price-to-earnings-growth ratio of 1.50 and a beta of 1.03. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.07 and a current ratio of 1.62.

Corning (NYSE:GLW) last announced its quarterly earnings data on Wednesday, January 29th. The electronics maker reported $0.57 EPS for the quarter, beating 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%. As a group, equities analysts anticipate that Corning Incorporated will post 2.33 EPS for the current fiscal year.

Corning Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Friday, February 28th will be given a dividend of $0.28 per share. The ex-dividend date of this dividend is Friday, February 28th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.31%. Corning’s dividend payout ratio (DPR) is presently 193.10%.

Insider Activity

In other Corning news, SVP Michael Alan Bell sold 2,209 shares of the business’s stock in a transaction on Thursday, January 30th. The shares were sold at an average price of $49.87, for a total transaction of $110,162.83. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, COO Eric S. Musser sold 30,000 shares of the business’s stock in a transaction on 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 sale, the chief operating officer now directly owns 152,944 shares in the company, valued at approximately $7,940,852.48. This trade represents a 16.40 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.45% of the company’s stock.

Analyst Ratings Changes

GLW has been the subject of several analyst reports. HSBC upgraded Corning from a “hold” rating to a “buy” rating and boosted their price objective for the stock from $51.00 to $60.00 in a research report on Thursday, January 30th. Bank of America boosted their price objective on Corning from $65.00 to $68.00 and gave the stock a “buy” rating in a research report on Wednesday. Hsbc Global Res upgraded Corning from a “hold” rating to a “strong-buy” rating in a research report on Thursday, January 30th. Barclays reduced their price objective on Corning from $53.00 to $52.00 and set an “equal weight” rating for the company in a research report on Wednesday, January 29th. Finally, Morgan Stanley upped their target price on Corning from $39.00 to $48.00 and gave the stock an “equal weight” rating in a research report on Tuesday, December 17th. Four investment analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, Corning currently has a consensus rating of “Moderate Buy” and a consensus 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.