KCM Investment Advisors LLC Boosts Holdings in Corning Incorporated (NYSE:GLW)

KCM Investment Advisors LLC boosted its stake in Corning Incorporated (NYSE:GLW) by 9.9% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 43,151 shares of the electronics maker’s stock after acquiring an additional 3,899 shares during the period. KCM Investment Advisors LLC’s holdings in Corning were worth $2,051,000 as of its most recent SEC filing.

Several other large investors also recently bought and sold shares of GLW. Public Sector Pension Investment Board boosted its position in shares of Corning by 13.9% in the 3rd quarter. Public Sector Pension Investment Board now owns 27,824 shares of the electronics maker’s stock valued at $1,256,000 after purchasing an additional 3,400 shares during the period. IHT Wealth Management LLC lifted its stake in Corning by 29.4% in the third quarter. IHT Wealth Management LLC now owns 13,547 shares of the electronics maker’s stock valued at $610,000 after buying an additional 3,077 shares during the last quarter. Royal London Asset Management Ltd. boosted its holdings in shares of Corning by 12.6% in the third quarter. Royal London Asset Management Ltd. now owns 297,233 shares of the electronics maker’s stock valued at $13,420,000 after acquiring an additional 33,226 shares during the period. Quantinno Capital Management LP grew its position in shares of Corning by 97.9% during the third quarter. Quantinno Capital Management LP now owns 76,839 shares of the electronics maker’s stock worth $3,469,000 after acquiring an additional 38,009 shares during the last quarter. Finally, Quadrature Capital Ltd purchased a new stake in Corning in the 3rd quarter valued at $754,000. Institutional investors and hedge funds own 69.80% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on GLW. StockNews.com downgraded shares of Corning from a “buy” rating to a “hold” rating in a research report on Tuesday, February 25th. Bank of America upped their price objective on Corning from $65.00 to $68.00 and gave the company a “buy” rating in a research note on Wednesday, March 19th. Hsbc Global Res upgraded Corning from a “hold” rating to a “strong-buy” rating in a research note on Thursday, January 30th. Citigroup upped their price target on Corning from $55.00 to $58.00 and gave the stock a “buy” rating in a research note on Tuesday, January 21st. Finally, Barclays dropped 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 note on Wednesday, January 29th. 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 company’s stock. According to MarketBeat, Corning currently has an average rating of “Moderate Buy” and an average price target of $54.31.

Insider Buying and Selling

In other Corning news, COO Eric S. Musser sold 30,000 shares of the company’s stock in a transaction dated 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 sale, the chief operating officer now owns 152,944 shares of the company’s stock, valued at $7,940,852.48. This represents a 16.40 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 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. Insiders own 0.40% of the company’s stock.

Corning Trading Down 7.6 %

Shares of GLW opened at $39.08 on Friday. Corning Incorporated has a twelve month low of $30.72 and a twelve month high of $55.33. The company has a current ratio of 1.62, a quick ratio of 1.07 and a debt-to-equity ratio of 0.62. The firm has a market capitalization of $33.48 billion, a P/E ratio of 67.37, a PEG ratio of 1.50 and a beta of 1.03. The firm’s 50-day moving average is $48.95 and its two-hundred day moving average is $47.97.

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, topping 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 predict that Corning Incorporated will post 2.33 earnings per share for the current fiscal year.

Corning Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, March 28th. Stockholders of record on Friday, February 28th were paid a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a dividend yield of 2.87%. The ex-dividend date of this dividend was Friday, February 28th. Corning’s dividend payout ratio (DPR) is presently 193.10%.

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.