UBS Asset Management Americas Inc. boosted its holdings in Corning Incorporated (NYSE:GLW) by 6.1% during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 3,134,259 shares of the electronics maker’s stock after buying an additional 180,984 shares during the quarter. UBS Asset Management Americas Inc. owned approximately 0.41% of Corning worth $112,833,000 at the end of the most recent reporting period.
A number of other institutional investors have also added to or reduced their stakes in the business. Healthcare of Ontario Pension Plan Trust Fund acquired a new position in Corning during the fourth quarter worth about $1,732,000. M Holdings Securities Inc. grew its holdings in shares of Corning by 1.2% during the 4th quarter. M Holdings Securities Inc. now owns 23,133 shares of the electronics maker’s stock valued at $833,000 after purchasing an additional 275 shares during the last quarter. Clear Street Markets LLC acquired a new position in Corning during the 4th quarter worth approximately $1,289,000. Virtu Financial LLC bought a new position in Corning in the 4th quarter valued at approximately $810,000. Finally, JPMorgan Chase & Co. boosted its position in Corning by 37.4% in the fourth quarter. JPMorgan Chase & Co. now owns 1,238,758 shares of the electronics maker’s stock valued at $44,595,000 after buying an additional 337,460 shares in the last quarter. Hedge funds and other institutional investors own 74.33% of the company’s stock.
Several research analysts have recently issued reports on the stock. UBS Group initiated coverage on Corning in a research note on Wednesday, January 6th. They issued a “buy” rating and a $43.00 price target for the company. Argus upped their target price on Corning from $42.00 to $54.00 and gave the stock a “buy” rating in a report on Wednesday. Oppenheimer raised Corning from a “market perform” rating to an “outperform” rating and set a $45.00 price target on the stock in a research note on Thursday, January 28th. JPMorgan Chase & Co. downgraded Corning from an “overweight” rating to a “neutral” rating and set a $39.00 price objective for the company. in a research note on Friday, December 11th. Finally, Morgan Stanley raised their price objective on shares of Corning from $34.00 to $37.00 and gave the company an “equal weight” rating in a report on Tuesday. Four research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and a consensus target price of $40.50.
Corning (NYSE:GLW) last released its earnings results on Wednesday, January 27th. The electronics maker reported $0.52 earnings per share for the quarter, beating analysts’ consensus estimates of $0.48 by $0.04. The business had revenue of $3.35 billion during the quarter, compared to the consensus estimate of $3.18 billion. Corning had a net margin of 2.71% and a return on equity of 11.50%. The company’s revenue for the quarter was up 18.9% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.46 EPS. As a group, sell-side analysts anticipate that Corning Incorporated will post 1.36 EPS for the current year.
The company also recently announced a quarterly dividend, which was paid on Tuesday, March 30th. Investors of record on Friday, February 26th were issued a $0.24 dividend. This is a positive change from Corning’s previous quarterly dividend of $0.22. The ex-dividend date of this dividend was Thursday, February 25th. This represents a $0.96 annualized dividend and a yield of 2.17%. Corning’s payout ratio is presently 54.55%.
In related news, EVP Clark S. Kinlin sold 37,239 shares of the company’s stock in a transaction dated Monday, March 15th. The stock was sold at an average price of $41.41, for a total transaction of $1,542,066.99. Following the sale, the executive vice president now owns 68,783 shares in the company, valued at approximately $2,848,304.03. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, VP Michael Alan Bell sold 13,320 shares of the firm’s stock in a transaction that occurred on Monday, April 5th. The stock was sold at an average price of $45.48, for a total value of $605,793.60. Following the sale, the vice president now directly owns 13,320 shares of the company’s stock, valued at approximately $605,793.60. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 316,816 shares of company stock valued at $12,412,491. Company insiders own 0.47% of the company’s stock.
Corning Company Profile
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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