Tocqueville Asset Management L.P. Has $9.12 Million Holdings in Corning Incorporated (NYSE:GLW)

Tocqueville Asset Management L.P. lifted its position in shares of Corning Incorporated (NYSE:GLW) by 1.3% during the 4th quarter, Holdings Channel.com reports. The firm owned 191,954 shares of the electronics maker’s stock after purchasing an additional 2,378 shares during the quarter. Tocqueville Asset Management L.P.’s holdings in Corning were worth $9,122,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors also recently modified their holdings of GLW. Amundi grew its holdings in shares of Corning by 139.0% during the 4th quarter. Amundi now owns 3,900,808 shares of the electronics maker’s stock worth $186,186,000 after purchasing an additional 2,268,436 shares in the last quarter. Raymond James Financial Inc. acquired a new stake in Corning in the 4th quarter valued at $92,522,000. Appaloosa LP acquired a new stake in Corning in the 4th quarter valued at $71,280,000. FMR LLC boosted its stake in Corning by 52.8% in the 3rd quarter. FMR LLC now owns 3,723,044 shares of the electronics maker’s stock valued at $168,095,000 after buying an additional 1,285,836 shares in the last quarter. Finally, State Street Corp boosted its stake in Corning by 3.8% in the 3rd quarter. State Street Corp now owns 33,983,090 shares of the electronics maker’s stock valued at $1,534,337,000 after buying an additional 1,242,718 shares in the last quarter. Institutional investors and hedge funds own 69.80% of the company’s stock.

Analysts Set New Price Targets

GLW has been the topic of several recent analyst reports. 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. Hsbc Global Res raised Corning from a “hold” rating to a “strong-buy” rating in a research note on Thursday, January 30th. HSBC raised Corning from a “hold” rating to a “buy” rating and boosted their price target for the company from $51.00 to $60.00 in a research note on Thursday, January 30th. Citigroup boosted their price target on Corning from $55.00 to $58.00 and gave the company a “buy” rating in a research note on Tuesday, January 21st. Finally, Barclays cut their price objective 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. Four analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, Corning presently has a consensus rating of “Moderate Buy” and a consensus price target of $53.00.

Corning Trading Up 0.1 %

GLW stock opened at $46.81 on Tuesday. The company has a market cap of $40.09 billion, a P/E ratio of 80.70, a PEG ratio of 1.50 and a beta of 1.03. Corning Incorporated has a twelve month low of $30.72 and a twelve month high of $55.33. The company has a quick ratio of 1.07, a current ratio of 1.62 and a debt-to-equity ratio of 0.62. The business has a fifty day moving average of $49.85 and a 200-day moving average of $47.53.

Corning (NYSE:GLW) last released its 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%. As a group, equities research analysts expect that Corning Incorporated will post 2.33 EPS for the current year.

Corning Announces Dividend

The company 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 2.39%. Corning’s payout ratio is currently 193.10%.

Insider Transactions at Corning

In related news, SVP Michael Alan Bell sold 2,209 shares of the company’s stock in a transaction dated Thursday, January 30th. The stock was sold at an average price of $49.87, for a total value of $110,162.83. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, 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 completion of 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 position. The disclosure for this sale can be found here. 0.40% of the stock is currently owned by corporate insiders.

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.