New York Life Investment Management LLC Has $5.46 Million Stock Position in Corning Incorporated (NYSE:GLW)

New York Life Investment Management LLC grew its stake in shares of Corning Incorporated (NYSE:GLW) by 0.5% during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 114,903 shares of the electronics maker’s stock after purchasing an additional 523 shares during the quarter. New York Life Investment Management LLC’s holdings in Corning were worth $5,460,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Northstar Advisory Group LLC increased its position in shares of 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 purchasing an additional 89,268 shares during the last quarter. Franklin Resources Inc. increased its holdings 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 acquiring an additional 62,514 shares during the last quarter. FMR LLC increased its holdings 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 acquiring an additional 1,285,836 shares during the last quarter. Fifth Third Bancorp increased its holdings 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 acquiring an additional 16,001 shares during the last quarter. Finally, First Financial Bank Trust Division increased its holdings 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 acquiring an additional 29,790 shares during the last quarter. Institutional investors and hedge funds own 69.80% of the company’s stock.

Corning Stock Performance

NYSE:GLW opened at $50.25 on Friday. The stock has a fifty day moving average price of $50.18 and a 200-day moving average price of $47.05. The company has a market cap of $43.04 billion, a price-to-earnings ratio of 86.63, a PEG 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 Incorporated has a fifty-two week low of $30.72 and a fifty-two week high of $55.33.

Corning (NYSE:GLW) last released its earnings results on Wednesday, January 29th. The electronics maker reported $0.57 earnings per share 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 announced 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 2.23%. Corning’s payout ratio is 193.10%.

Insider Activity

In related news, COO Eric S. Musser sold 30,000 shares of the company’s stock in a transaction on 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 $7,940,852.48. This represents a 16.40 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, SVP Michael Alan Bell sold 2,209 shares of the company’s stock in a transaction on Thursday, January 30th. The stock was sold at an average price of $49.87, for a total value of $110,162.83. The disclosure for this sale can be found here. Corporate insiders own 0.40% of the company’s stock.

Analyst Upgrades and Downgrades

GLW has been the topic of a number of recent analyst reports. HSBC raised Corning from a “hold” rating to a “buy” rating and boosted their target price for the stock from $51.00 to $60.00 in a report on Thursday, January 30th. Barclays decreased their target price on Corning from $53.00 to $52.00 and set an “equal weight” rating on the stock in a report on Wednesday, January 29th. Hsbc Global Res raised Corning from a “hold” rating to a “strong-buy” rating in a report on Thursday, January 30th. Morgan Stanley boosted their price target on Corning from $39.00 to $48.00 and gave the company an “equal weight” rating in a research note on Tuesday, December 17th. Finally, StockNews.com downgraded Corning from a “buy” rating to a “hold” rating in a research note on Tuesday. Four 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. According to data from MarketBeat, Corning currently has a consensus rating of “Moderate Buy” and a consensus 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.