Everence Capital Management Inc. Has $1 Million Holdings in Corning Incorporated (NYSE:GLW)

Everence Capital Management Inc. increased its position in shares of Corning Incorporated (NYSE:GLW) by 125.1% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 32,890 shares of the electronics maker’s stock after acquiring an additional 18,280 shares during the quarter. Everence Capital Management Inc.’s holdings in Corning were worth $1,002,000 as of its most recent SEC filing.

A number of other large investors have also made changes to their positions in the company. Peoples Bank KS acquired a new position in Corning in the 3rd quarter valued at approximately $25,000. OFI Invest Asset Management acquired a new position in Corning in the 3rd quarter valued at approximately $25,000. Janiczek Wealth Management LLC increased its stake in Corning by 173.6% in the 3rd quarter. Janiczek Wealth Management LLC now owns 900 shares of the electronics maker’s stock valued at $27,000 after buying an additional 571 shares during the period. SRS Capital Advisors Inc. grew its position in Corning by 232.9% in the third quarter. SRS Capital Advisors Inc. now owns 932 shares of the electronics maker’s stock worth $28,000 after acquiring an additional 652 shares in the last quarter. Finally, Bruce G. Allen Investments LLC bought a new stake in Corning in the fourth quarter worth approximately $31,000. Institutional investors and hedge funds own 69.80% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have commented on GLW. Susquehanna reissued a “positive” rating and issued a $40.00 target price on shares of Corning in a research report on Monday, April 1st. UBS Group upped their price objective on shares of Corning from $34.00 to $35.00 and gave the stock a “neutral” rating in a report on Monday, April 8th. JPMorgan Chase & Co. upped their price objective on shares of Corning from $34.00 to $36.00 and gave the stock a “neutral” rating in a report on Thursday, April 11th. StockNews.com raised shares of Corning from a “sell” rating to a “hold” rating in a report on Monday, April 1st. Finally, HSBC downgraded shares of Corning from a “hold” rating to a “reduce” rating and set a $29.00 price objective for the company. in a report on Thursday, February 1st. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $34.56.

Corning Trading Up 0.2 %

Shares of GLW stock opened at $30.98 on Thursday. Corning Incorporated has a 52-week low of $25.26 and a 52-week high of $36.01. The stock has a market cap of $26.50 billion, a price-to-earnings ratio of 46.24, a P/E/G ratio of 1.75 and a beta of 1.08. 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 firm has a fifty day moving average of $32.35 and a 200-day moving average of $30.38.

Corning (NYSE:GLW) last announced its quarterly earnings data on Tuesday, January 30th. The electronics maker reported $0.39 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.39. Corning had a net margin of 4.62% and a return on equity of 12.31%. The company had revenue of $2.99 billion during the quarter, compared to analysts’ expectations of $3.26 billion. During the same quarter in the prior year, the company posted $0.47 EPS. The business’s revenue was down 12.1% on a year-over-year basis. On average, equities research analysts forecast that Corning Incorporated will post 1.87 earnings per share for the current fiscal year.

Corning Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Thursday, February 29th were paid a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a dividend yield of 3.62%. The ex-dividend date was Wednesday, February 28th. Corning’s dividend payout ratio is 167.16%.

Insider Buying and Selling

In related news, Vice Chairman Lawrence D. Mcrae sold 77,464 shares of the stock in a transaction dated 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 owns 215,254 shares in the company, valued at approximately $7,155,042.96. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 0.40% of the stock is currently owned by corporate insiders.

Corning Company 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.