Mackenzie Financial Corp Grows Stock Holdings in Corning Incorporated (NYSE:GLW)

Mackenzie Financial Corp increased its stake in shares of Corning Incorporated (NYSE:GLW) by 54.0% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 153,440 shares of the electronics maker’s stock after buying an additional 53,830 shares during the period. Mackenzie Financial Corp’s holdings in Corning were worth $4,672,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently added to or reduced their stakes in the stock. Vanguard Group Inc. boosted its holdings in Corning by 0.7% during the first quarter. Vanguard Group Inc. now owns 92,746,889 shares of the electronics maker’s stock worth $3,423,287,000 after buying an additional 671,480 shares in the last quarter. State Street Corp raised its position in Corning by 2.2% during the first quarter. State Street Corp now owns 31,601,045 shares of the electronics maker’s stock worth $1,114,880,000 after acquiring an additional 686,278 shares during the last quarter. Wellington Management Group LLP raised its position in Corning by 7.7% during the third quarter. Wellington Management Group LLP now owns 28,714,901 shares of the electronics maker’s stock worth $874,943,000 after acquiring an additional 2,055,388 shares during the last quarter. Morgan Stanley raised its position in Corning by 5.1% during the third quarter. Morgan Stanley now owns 21,899,529 shares of the electronics maker’s stock worth $667,279,000 after acquiring an additional 1,060,450 shares during the last quarter. Finally, Ameriprise Financial Inc. raised its position in Corning by 15.0% during the third quarter. Ameriprise Financial Inc. now owns 17,615,078 shares of the electronics maker’s stock worth $536,114,000 after acquiring an additional 2,301,745 shares during the last quarter. Hedge funds and other institutional investors own 69.80% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have issued reports on GLW. Barclays lifted their target price on shares of Corning from $28.00 to $35.00 and gave the stock an “equal weight” rating in a research report on Wednesday, January 31st. StockNews.com upgraded shares of Corning from a “sell” rating to a “hold” rating in a research report on Monday, April 1st. JPMorgan Chase & Co. lifted their target price 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. HSBC lowered shares of Corning from a “hold” rating to a “reduce” rating and set a $29.00 price objective for the company. in a research report on Thursday, February 1st. Finally, Susquehanna reissued a “positive” rating and issued a $40.00 price objective on shares of Corning in a research report on Monday, April 1st. One investment analyst has rated the stock with a sell rating, five have given a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $34.56.

Corning Stock Performance

Shares of GLW stock opened at $31.27 on Monday. Corning Incorporated has a one year low of $25.26 and a one year high of $36.01. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.05 and a current ratio of 1.67. The company has a 50 day moving average price of $32.31 and a 200 day moving average price of $30.40. The firm has a market capitalization of $26.75 billion, a price-to-earnings ratio of 46.67, a price-to-earnings-growth ratio of 1.73 and a beta of 1.08.

Corning (NYSE:GLW) last issued its quarterly earnings results on Tuesday, January 30th. The electronics maker reported $0.39 EPS for the quarter, hitting 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 during the quarter, compared to analyst estimates of $3.26 billion. During the same quarter in the prior year, the business posted $0.47 earnings per share. Corning’s revenue for the quarter was down 12.1% compared to the same quarter last year. Sell-side analysts anticipate that Corning Incorporated will post 1.87 EPS for the current year.

Corning Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, March 28th. Shareholders of record on Thursday, February 29th were paid a dividend of $0.28 per share. The ex-dividend date of this dividend was Wednesday, February 28th. This represents a $1.12 annualized dividend and a yield of 3.58%. Corning’s dividend payout ratio is currently 167.16%.

Insiders Place Their Bets

In other Corning news, Vice Chairman Lawrence D. Mcrae sold 77,464 shares of the business’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 transaction of $2,574,903.36. Following the completion of the sale, the insider now directly owns 215,254 shares in the company, valued at $7,155,042.96. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 0.45% of the stock is owned by insiders.

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.