Bank Julius Baer & Co. Ltd Zurich Has $317,000 Position in Corning Incorporated (NYSE:GLW)

Bank Julius Baer & Co. Ltd Zurich lessened its position in Corning Incorporated (NYSE:GLW) by 22.0% during the 4th quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 6,041 shares of the electronics maker’s stock after selling 1,702 shares during the period. Bank Julius Baer & Co. Ltd Zurich’s holdings in Corning were worth $317,000 as of its most recent filing with the SEC.

Several other large investors have also made changes to their positions in the company. Mesirow Financial Investment Management Inc. grew its position in Corning by 0.5% during the 4th quarter. Mesirow Financial Investment Management Inc. now owns 145,152 shares of the electronics maker’s stock worth $6,898,000 after acquiring an additional 759 shares during the last quarter. Andra AP fonden bought a new stake in shares of Corning during the fourth quarter worth $3,730,000. Callan Family Office LLC bought a new stake in shares of Corning during the fourth quarter worth $770,000. E Fund Management Co. Ltd. increased its stake in shares of Corning by 41.3% in the fourth quarter. E Fund Management Co. Ltd. now owns 16,024 shares of the electronics maker’s stock valued at $761,000 after buying an additional 4,682 shares in the last quarter. Finally, Candriam S.C.A. raised its holdings in shares of Corning by 561.7% in the fourth quarter. Candriam S.C.A. now owns 322,009 shares of the electronics maker’s stock valued at $15,302,000 after buying an additional 273,347 shares during the last quarter. Institutional investors own 69.80% of the company’s stock.

Corning Price Performance

Corning stock opened at $45.00 on Tuesday. 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 $38.55 billion, a P/E ratio of 77.59, a PEG ratio of 1.50 and a beta of 1.03. The business has a 50-day moving average of $50.01 and a 200-day moving average of $47.40. Corning Incorporated has a 1 year low of $30.72 and a 1 year high of $55.33.

Corning (NYSE:GLW) last issued its quarterly earnings data on Wednesday, January 29th. The electronics maker reported $0.57 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.56 by $0.01. Corning had a net margin of 3.86% and a return on equity of 15.10%. On average, equities analysts anticipate that Corning Incorporated will post 2.33 EPS for the current year.

Corning Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Friday, February 28th will be given a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.49%. The ex-dividend date of this dividend is Friday, February 28th. Corning’s dividend payout ratio is currently 193.10%.

Insider Buying and Selling

In related news, COO Eric S. Musser sold 30,000 shares of the business’s stock in a transaction that occurred on Friday, January 31st. The stock was sold at an average price of $51.92, for a total value of $1,557,600.00. Following the completion of the transaction, the chief operating officer now directly owns 152,944 shares in the company, valued at approximately $7,940,852.48. The trade was a 16.40 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 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. 0.40% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of equities research analysts have commented on GLW shares. Barclays decreased their price objective on shares of 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 shares of Corning from a “hold” rating to a “strong-buy” rating in a report on Thursday, January 30th. HSBC raised Corning from a “hold” rating to a “buy” rating and upped their price objective for the stock from $51.00 to $60.00 in a report on Thursday, January 30th. Citigroup lifted their target price on Corning from $55.00 to $58.00 and gave the company a “buy” rating in a research note on Tuesday, January 21st. Finally, StockNews.com lowered Corning from a “buy” rating to a “hold” rating in a research note on Tuesday, February 25th. Four investment analysts have rated the stock with a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $53.00.

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.