Zurcher Kantonalbank Zurich Cantonalbank Has $7.71 Million Stock Position in Corning Incorporated (NYSE:GLW)

Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in Corning Incorporated (NYSE:GLW) by 7.4% in the 4th quarter, Holdings Channel reports. The firm owned 162,145 shares of the electronics maker’s stock after buying an additional 11,203 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Corning were worth $7,705,000 as of its most recent SEC filing.

A number of other large investors have also recently bought and sold shares of GLW. Sound Income Strategies LLC raised its holdings in 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 buying an additional 227 shares in the last quarter. Sierra Ocean LLC bought a new position in shares of Corning in the 4th quarter valued at approximately $25,000. Asset Planning Inc bought a new position in shares of Corning in the 4th quarter valued at approximately $29,000. Rosenberg Matthew Hamilton raised its stake in shares of Corning by 202.4% in the 4th quarter. Rosenberg Matthew Hamilton now owns 747 shares of the electronics maker’s stock valued at $35,000 after acquiring an additional 500 shares in the last quarter. Finally, Mainstream Capital Management LLC bought a new position in shares of Corning in the 4th quarter valued at approximately $35,000. 69.80% of the stock is currently owned by institutional investors.

Insider Transactions at Corning

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 transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, COO Eric S. Musser sold 30,000 shares of the company’s stock in a transaction dated 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 approximately $7,940,852.48. The trade was a 16.40 % decrease in their position. The disclosure for this sale can be found here. 0.40% of the stock is owned by insiders.

Corning Stock Performance

GLW opened at $45.56 on Friday. The stock has a market cap of $39.02 billion, a PE ratio of 78.55, a P/E/G ratio of 1.50 and a beta of 1.03. The company has a current ratio of 1.62, a quick ratio of 1.07 and a debt-to-equity ratio of 0.62. Corning Incorporated has a 1 year low of $30.72 and a 1 year high of $55.33. The stock’s 50 day simple moving average is $49.89 and its 200-day simple moving average is $47.43.

Corning (NYSE:GLW) last released its quarterly earnings data 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 forecast that Corning Incorporated will post 2.33 EPS for the current year.

Corning Announces Dividend

The company 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 $0.28 dividend. This represents a $1.12 annualized dividend and a dividend yield of 2.46%. The ex-dividend date of this dividend is Friday, February 28th. Corning’s payout ratio is 193.10%.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on the company. Morgan Stanley raised their price objective on Corning from $39.00 to $48.00 and gave the company an “equal weight” rating in a research note on Tuesday, December 17th. Citigroup raised their price objective on Corning from $55.00 to $58.00 and gave the company a “buy” rating in a research note on Tuesday, January 21st. Hsbc Global Res raised Corning from a “hold” rating to a “strong-buy” rating in a research note on Thursday, January 30th. HSBC raised Corning from a “hold” rating to a “buy” rating and raised their price objective for the company from $51.00 to $60.00 in a research note on Thursday, January 30th. Finally, Barclays dropped their price target on Corning from $53.00 to $52.00 and set an “equal weight” rating on the stock in a research report on Wednesday, January 29th. Four investment 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’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $53.00.

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.