Arrowstreet Capital Limited Partnership Purchases 547,167 Shares of Corning Incorporated (NYSE:GLW)

Arrowstreet Capital Limited Partnership boosted its position in Corning Incorporated (NYSE:GLW) by 278.3% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The fund owned 743,788 shares of the electronics maker’s stock after purchasing an additional 547,167 shares during the period. Arrowstreet Capital Limited Partnership’s holdings in Corning were worth $35,345,000 as of its most recent SEC filing.

Other large investors have also made changes to their positions in the company. Oregon Public Employees Retirement Fund grew its position in Corning by 0.3% during the fourth quarter. Oregon Public Employees Retirement Fund now owns 66,063 shares of the electronics maker’s stock valued at $3,139,000 after buying an additional 204 shares during the period. Principal Securities Inc. grew its position in shares of Corning by 3.5% during the 4th quarter. Principal Securities Inc. now owns 6,170 shares of the electronics maker’s stock valued at $293,000 after acquiring an additional 211 shares during the period. Bogart Wealth LLC grew its position in shares of Corning by 18.3% during the 4th quarter. Bogart Wealth LLC now owns 1,419 shares of the electronics maker’s stock valued at $67,000 after acquiring an additional 219 shares during the period. Buffington Mohr McNeal increased its stake in shares of Corning by 2.1% in the 4th quarter. Buffington Mohr McNeal now owns 10,461 shares of the electronics maker’s stock worth $497,000 after purchasing an additional 220 shares in the last quarter. Finally, Allworth Financial LP raised its holdings in Corning by 1.1% in the 4th quarter. Allworth Financial LP now owns 19,581 shares of the electronics maker’s stock worth $930,000 after purchasing an additional 220 shares during the period. 69.80% of the stock is currently owned by institutional investors.

Insider Activity

In other Corning news, SVP Michael Alan Bell sold 2,209 shares of the business’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 sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, 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 value of $1,557,600.00. Following the completion of the sale, the chief operating officer now directly owns 152,944 shares of the company’s stock, valued at $7,940,852.48. The trade was a 16.40 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.40% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have commented on GLW shares. Barclays reduced their price target 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. Hsbc Global Res raised shares of Corning from a “hold” rating to a “strong-buy” rating in a report on Thursday, January 30th. HSBC upgraded shares of Corning from a “hold” rating to a “buy” rating and upped their price target for the stock from $51.00 to $60.00 in a research report on Thursday, January 30th. Bank of America raised their price objective 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. Finally, StockNews.com downgraded shares of Corning from a “buy” rating to a “hold” rating in a report on Tuesday, February 25th. 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 stock. According to MarketBeat.com, Corning currently has an average rating of “Moderate Buy” and an average target price of $54.31.

Corning Price Performance

Shares of Corning stock opened at $46.59 on Thursday. The firm has a market cap of $39.92 billion, a PE ratio of 80.33, a PEG ratio of 1.50 and a beta of 1.03. The stock has a 50 day moving average of $49.49 and a 200 day moving average of $48.03. 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 12 month low of $30.72 and a 12 month high of $55.33.

Corning (NYSE:GLW) last posted its earnings results 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%. On average, research analysts expect that Corning Incorporated will post 2.33 EPS for the current fiscal year.

Corning Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, March 28th. Stockholders of record on Friday, February 28th were issued a $0.28 dividend. The ex-dividend date was Friday, February 28th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.40%. Corning’s dividend payout ratio (DPR) is presently 193.10%.

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.