Jennison Associates LLC Has $7.64 Million Position in Corning Incorporated (NYSE:GLW)

Jennison Associates LLC lowered its position in Corning Incorporated (NYSE:GLW) by 1.3% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 250,758 shares of the electronics maker’s stock after selling 3,338 shares during the quarter. Jennison Associates LLC’s holdings in Corning were worth $7,636,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in GLW. Peoples Bank KS acquired a new stake in Corning in the third quarter valued at $25,000. OFI Invest Asset Management bought a new position in shares of Corning in the third quarter valued at about $25,000. SRS Capital Advisors Inc. raised its position in shares of Corning by 232.9% in the third quarter. SRS Capital Advisors Inc. now owns 932 shares of the electronics maker’s stock valued at $28,000 after purchasing an additional 652 shares during the period. Bruce G. Allen Investments LLC bought a new position in shares of Corning in the fourth quarter valued at about $31,000. Finally, Emfo LLC bought a new position in shares of Corning in the fourth quarter valued at about $33,000. Institutional investors and hedge funds own 69.80% of the company’s stock.

Insider Buying and Selling at Corning

In other news, Vice Chairman Lawrence D. Mcrae sold 77,464 shares of the firm’s stock in a transaction that occurred on Thursday, March 21st. The shares were sold at an average price of $33.24, for a total value of $2,574,903.36. Following the sale, the insider now directly owns 215,254 shares in the company, valued at approximately $7,155,042.96. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Insiders own 0.40% of the company’s stock.

Corning Price Performance

GLW stock opened at $31.33 on Friday. The company has a quick ratio of 1.05, a current ratio of 1.67 and a debt-to-equity ratio of 0.61. Corning Incorporated has a 12 month low of $25.26 and a 12 month high of $36.01. The firm has a market cap of $26.80 billion, a P/E ratio of 46.76, a P/E/G ratio of 1.74 and a beta of 1.08. The company’s 50-day moving average price is $32.28 and its two-hundred day moving average price is $30.45.

Corning (NYSE:GLW) last released its earnings results on Tuesday, January 30th. The electronics maker reported $0.39 EPS for the quarter, meeting the consensus estimate of $0.39. Corning had a net margin of 4.62% and a return on equity of 12.31%. The firm had revenue of $2.99 billion for the quarter, compared to analyst estimates of $3.26 billion. During the same period last year, the firm earned $0.47 EPS. The business’s quarterly revenue was down 12.1% compared to the same quarter last year. On average, analysts anticipate that Corning Incorporated will post 1.87 earnings per share for the current fiscal year.

Corning Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, March 28th. Shareholders of record on Thursday, February 29th were issued a $0.28 dividend. This represents a $1.12 annualized dividend and a yield of 3.57%. The ex-dividend date of this dividend was Wednesday, February 28th. Corning’s dividend payout ratio is currently 167.16%.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on GLW shares. UBS Group increased their price objective on shares of Corning from $34.00 to $35.00 and gave the company a “neutral” rating in a research report on Monday, April 8th. StockNews.com raised shares of Corning from a “sell” rating to a “hold” rating in a research report on Monday, April 1st. Barclays increased their price objective on shares of Corning from $28.00 to $35.00 and gave the company an “equal weight” rating in a research report on Wednesday, January 31st. HSBC lowered shares of Corning from a “hold” rating to a “reduce” rating and set a $29.00 price objective on the stock. in a research report on Thursday, February 1st. Finally, JPMorgan Chase & Co. raised their price target on shares of Corning from $34.00 to $36.00 and gave the stock a “neutral” rating in a research report on Thursday, April 11th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and four have assigned a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $34.78.

About Corning

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.