Advisors Asset Management Inc. Has $25.89 Million Position in Corning Incorporated (NYSE:GLW)

Advisors Asset Management Inc. reduced its holdings in shares of Corning Incorporated (NYSE:GLW) by 14.0% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 544,784 shares of the electronics maker’s stock after selling 88,880 shares during the period. Corning accounts for approximately 0.5% of Advisors Asset Management Inc.’s investment portfolio, making the stock its 25th biggest holding. Advisors Asset Management Inc. owned approximately 0.06% of Corning worth $25,888,000 at the end of the most recent quarter.

Other large investors have also recently bought and sold shares of the company. Northstar Advisory Group LLC grew its holdings in Corning by 258.4% during the 4th quarter. Northstar Advisory Group LLC now owns 123,808 shares of the electronics maker’s stock worth $5,883,000 after acquiring an additional 89,268 shares during the period. Franklin Resources Inc. boosted its position in shares of Corning by 48.4% during the 3rd quarter. Franklin Resources Inc. now owns 191,648 shares of the electronics maker’s stock worth $8,975,000 after purchasing an additional 62,514 shares in the last quarter. FMR LLC boosted its position 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 purchasing an additional 1,285,836 shares in the last quarter. Fifth Third Bancorp boosted its position in shares of Corning by 16.8% during the 4th quarter. Fifth Third Bancorp now owns 111,448 shares of the electronics maker’s stock worth $5,296,000 after purchasing an additional 16,001 shares in the last quarter. Finally, First Financial Bank Trust Division boosted its position in shares of Corning by 27.5% during the 4th quarter. First Financial Bank Trust Division now owns 138,153 shares of the electronics maker’s stock worth $6,565,000 after purchasing an additional 29,790 shares in the last quarter. 69.80% of the stock is currently owned by institutional investors and hedge funds.

Corning Trading Up 0.1 %

NYSE:GLW opened at $46.81 on Tuesday. 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 firm has a market cap of $40.09 billion, a price-to-earnings ratio of 80.70, 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 firm has a 50-day moving average price of $49.85 and a two-hundred day moving average price of $47.53.

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

Corning Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Friday, February 28th will be paid a $0.28 dividend. The ex-dividend date is Friday, February 28th. This represents a $1.12 annualized dividend and a yield of 2.39%. Corning’s dividend payout ratio (DPR) is 193.10%.

Insider Transactions at Corning

In other news, COO Eric S. Musser sold 30,000 shares of the firm’s stock in a transaction that occurred 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 completion of the sale, the chief operating officer now owns 152,944 shares in the company, valued at $7,940,852.48. This trade represents a 16.40 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, SVP Michael Alan Bell sold 2,209 shares of the firm’s stock in a transaction that occurred on Thursday, January 30th. The stock was sold at an average price of $49.87, for a total transaction of $110,162.83. The disclosure for this sale can be found here. 0.40% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

GLW has been the topic of a number of research analyst reports. Morgan Stanley increased their price objective 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. Barclays cut their price objective 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. Citigroup increased their price objective on shares of Corning from $55.00 to $58.00 and gave the stock a “buy” rating in a research report on Tuesday, January 21st. StockNews.com cut shares of Corning from a “buy” rating to a “hold” rating in a research report on Tuesday, February 25th. Finally, HSBC raised shares of Corning from a “hold” rating to a “buy” rating and increased their price objective for the stock from $51.00 to $60.00 in a research report on Thursday, January 30th. Four investment analysts have rated the stock with a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price 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.