Connor Clark & Lunn Investment Management Ltd. Has $1.34 Million Holdings in Corning Incorporated (NYSE:GLW)

Connor Clark & Lunn Investment Management Ltd. decreased its holdings in shares of Corning Incorporated (NYSE:GLW) by 37.6% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 28,206 shares of the electronics maker’s stock after selling 16,988 shares during the quarter. Connor Clark & Lunn Investment Management Ltd.’s holdings in Corning were worth $1,340,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of the business. Sound Income Strategies LLC boosted its stake in Corning by 76.7% in the fourth quarter. Sound Income Strategies LLC now owns 523 shares of the electronics maker’s stock valued at $25,000 after acquiring an additional 227 shares during the last quarter. Sierra Ocean LLC bought a new position in shares of Corning in the 4th quarter worth $25,000. Asset Planning Inc acquired a new stake in shares of Corning during the fourth quarter worth $29,000. Mainstream Capital Management LLC bought a new stake in Corning in the fourth quarter valued at about $35,000. Finally, Rosenberg Matthew Hamilton lifted its stake in Corning by 202.4% in the fourth quarter. Rosenberg Matthew Hamilton now owns 747 shares of the electronics maker’s stock valued at $35,000 after buying an additional 500 shares during the period. Institutional investors and hedge funds own 69.80% of the company’s stock.

Insider Transactions at Corning

In other Corning news, COO Eric S. Musser sold 30,000 shares of the company’s stock in a transaction on Friday, January 31st. The shares were sold at an average price of $51.92, for a total transaction of $1,557,600.00. Following the sale, the chief operating officer now directly owns 152,944 shares of the company’s stock, valued at approximately $7,940,852.48. This represents a 16.40 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, SVP Michael Alan Bell sold 2,209 shares of the business’s stock in a transaction dated 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. Company insiders own 0.45% of the company’s stock.

Corning Stock Up 3.3 %

NYSE:GLW opened at $48.84 on Thursday. The company has a market cap of $41.83 billion, a PE ratio of 84.20, a PEG ratio of 1.50 and a beta of 1.03. The stock has a 50-day simple moving average of $49.86 and a 200 day simple moving average of $47.62. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.07 and a current ratio of 1.62. Corning Incorporated has a 52-week low of $30.72 and a 52-week high of $55.33.

Corning (NYSE:GLW) last posted 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, sell-side analysts expect that Corning Incorporated will post 2.33 EPS for the current fiscal year.

Corning Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Shareholders 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 annualized dividend and a yield of 2.29%. Corning’s dividend payout ratio (DPR) is presently 193.10%.

Analyst Upgrades and Downgrades

GLW has been the subject of several analyst reports. HSBC upgraded Corning from a “hold” rating to a “buy” rating and boosted their target price for the stock from $51.00 to $60.00 in a research report on Thursday, January 30th. Hsbc Global Res raised shares of Corning from a “hold” rating to a “strong-buy” rating in a research note on Thursday, January 30th. Barclays reduced their price target on shares of Corning from $53.00 to $52.00 and set an “equal weight” rating on the stock in a research report on Wednesday, January 29th. Bank of America upped their price objective on shares of Corning from $65.00 to $68.00 and gave the company a “buy” rating in a research report on Wednesday. Finally, StockNews.com lowered Corning from a “buy” rating to a “hold” rating in a report on Tuesday, February 25th. Four 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. According to MarketBeat.com, Corning has a consensus rating of “Moderate Buy” and an average price target of $54.31.

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.