Toronto Dominion Bank Buys 47,531 Shares of Corning Incorporated (NYSE:GLW)

Toronto Dominion Bank grew its stake in shares of Corning Incorporated (NYSE:GLWGet Rating) by 10.0% in the fourth quarter, HoldingsChannel.com reports. The fund owned 521,719 shares of the electronics maker’s stock after acquiring an additional 47,531 shares during the quarter. Toronto Dominion Bank’s holdings in Corning were worth $19,423,000 at the end of the most recent reporting period.

Other large investors also recently added to or reduced their stakes in the company. Blue Bell Private Wealth Management LLC acquired a new position in shares of Corning during the 4th quarter worth $28,000. Strategic Asset Management LLC acquired a new position in shares of Corning during the 3rd quarter worth $31,000. Vigilant Capital Management LLC acquired a new position in shares of Corning during the 4th quarter worth $34,000. Edmond DE Rothschild Holding S.A. acquired a new position in shares of Corning during the 3rd quarter worth $36,000. Finally, Future Financial Wealth Managment LLC acquired a new position in shares of Corning during the 4th quarter worth $37,000. Hedge funds and other institutional investors own 67.68% of the company’s stock.

A number of equities analysts have recently commented on GLW shares. Morgan Stanley reissued a “hold” rating and set a $40.00 price target on shares of Corning in a report on Thursday. StockNews.com began coverage on Corning in a report on Thursday, March 31st. They set a “hold” rating for the company. Zacks Investment Research raised Corning from a “sell” rating to a “hold” rating and set a $45.00 target price for the company in a report on Monday, January 31st. Bank of America lowered their target price on Corning from $48.00 to $45.00 in a report on Tuesday, January 25th. Finally, Susquehanna raised Corning from a “neutral” rating to a “positive” rating and upped their target price for the stock from $38.00 to $50.00 in a report on Friday, January 28th. Four investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Buy” and a consensus target price of $47.27.

Shares of GLW stock traded down $0.01 on Monday, hitting $33.68. The company had a trading volume of 107,416 shares, compared to its average volume of 4,962,886. The firm has a market cap of $28.48 billion, a P/E ratio of 27.29, a P/E/G ratio of 1.54 and a beta of 0.95. The stock’s 50-day moving average is $38.23 and its two-hundred day moving average is $37.95. The company has a debt-to-equity ratio of 0.56, a quick ratio of 1.08 and a current ratio of 1.59. Corning Incorporated has a twelve month low of $33.51 and a twelve month high of $46.82.

Corning (NYSE:GLWGet Rating) last issued its quarterly earnings results on Wednesday, January 26th. The electronics maker reported $0.54 earnings per share for the quarter, beating the consensus estimate of $0.51 by $0.03. The company had revenue of $3.71 billion during the quarter, compared to analysts’ expectations of $3.59 billion. Corning had a return on equity of 21.65% and a net margin of 13.53%. The business’s quarterly revenue was up 11.6% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.52 earnings per share. Equities research analysts predict that Corning Incorporated will post 2.32 EPS for the current year.

The business also recently declared a quarterly dividend, which was paid on Wednesday, March 30th. Stockholders of record on Monday, February 28th were paid a $0.27 dividend. This is a boost from Corning’s previous quarterly dividend of $0.24. The ex-dividend date was Friday, February 25th. This represents a $1.08 annualized dividend and a dividend yield of 3.21%. Corning’s dividend payout ratio is presently 87.10%.

In related news, VP Michael Alan Bell sold 12,529 shares of the company’s stock in a transaction dated Friday, April 1st. The stock was sold at an average price of $36.24, for a total transaction of $454,050.96. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, VP John Z. Zhang sold 13,320 shares of the company’s stock in a transaction dated Friday, February 4th. The shares were sold at an average price of $42.01, for a total value of $559,573.20. The disclosure for this sale can be found here. 0.36% of the stock is owned by corporate insiders.

Corning Company Profile (Get Rating)

Corning Incorporated engages in display technologies, optical communications, environmental technologies, specialty materials, and life sciences businesses worldwide. The company's Display Technologies segment offers glass substrates for liquid crystal displays and organic light-emitting diodes used in televisions, notebook computers, desktop monitors, tablets, and handheld devices.

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Institutional Ownership by Quarter for Corning (NYSE:GLW)

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