Cibc World Markets Corp Purchases 16,412 Shares of Corning Incorporated (NYSE:GLW)

Cibc World Markets Corp lifted its position in shares of Corning Incorporated (NYSE:GLW) by 15.3% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 123,497 shares of the electronics maker’s stock after purchasing an additional 16,412 shares during the quarter. Cibc World Markets Corp’s holdings in Corning were worth $5,869,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Sound Income Strategies LLC boosted its position 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 worth $25,000 after purchasing an additional 227 shares in the last quarter. Sierra Ocean LLC bought a new position in shares of Corning during the fourth quarter worth $25,000. Asset Planning Inc bought a new stake in Corning in the 4th quarter valued at $29,000. Rosenberg Matthew Hamilton lifted its position in 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 stake in Corning in the 4th quarter valued at $35,000. 69.80% of the stock is owned by institutional investors.

Insider Transactions at Corning

In related news, SVP Michael Alan Bell sold 2,209 shares of Corning stock in a transaction that occurred on Thursday, January 30th. The shares were sold at an average price of $49.87, for a total value of $110,162.83. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, COO Eric S. Musser sold 30,000 shares of Corning 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 transaction, the chief operating officer now directly owns 152,944 shares in the company, valued at $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.

Corning Stock Up 3.3 %

Corning stock opened at $48.84 on Thursday. The stock has a market cap of $41.83 billion, a P/E ratio of 84.20, a P/E/G ratio of 1.50 and a beta of 1.03. The company has a quick ratio of 1.07, a current ratio of 1.62 and a debt-to-equity ratio of 0.62. Corning Incorporated has a twelve month low of $30.72 and a twelve month high of $55.33. The company’s 50-day moving average price is $49.86 and its two-hundred day moving average price is $47.62.

Corning (NYSE:GLW) last released its quarterly earnings results on Wednesday, January 29th. The electronics maker reported $0.57 earnings per share 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%. As a group, analysts expect that Corning Incorporated will post 2.33 EPS for the current year.

Corning Dividend Announcement

The firm 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 dividend of $0.28 per share. The ex-dividend date is Friday, February 28th. This represents a $1.12 annualized dividend and a dividend yield of 2.29%. Corning’s dividend payout ratio is presently 193.10%.

Analyst Upgrades and Downgrades

Several research firms recently commented on GLW. StockNews.com cut shares of Corning from a “buy” rating to a “hold” rating in a research report on Tuesday, February 25th. Citigroup boosted their price target 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. Barclays cut their price target 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. Bank of America boosted their price target on shares of Corning from $65.00 to $68.00 and gave the stock a “buy” rating in a research report on Wednesday. Finally, Morgan Stanley boosted their price target 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. Four equities research analysts have rated the stock with a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Corning presently has an average rating of “Moderate Buy” and an average price target 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.