abrdn plc Acquires 131,455 Shares of Corning Incorporated (NYSE:GLW)

abrdn plc raised its holdings in Corning Incorporated (NYSE:GLW) by 69.6% in the 4th quarter, HoldingsChannel reports. The firm owned 320,341 shares of the electronics maker’s stock after purchasing an additional 131,455 shares during the quarter. abrdn plc’s holdings in Corning were worth $9,754,000 at the end of the most recent reporting period.

Other institutional investors have also recently bought and sold shares of the company. Ameriprise Financial Inc. increased its stake in shares of Corning by 15.0% in the 3rd quarter. Ameriprise Financial Inc. now owns 17,615,078 shares of the electronics maker’s stock valued at $536,114,000 after buying an additional 2,301,745 shares during the period. Wellington Management Group LLP grew its stake in Corning by 7.7% in the third quarter. Wellington Management Group LLP now owns 28,714,901 shares of the electronics maker’s stock valued at $874,943,000 after acquiring an additional 2,055,388 shares during the period. Federated Hermes Inc. grew its stake in Corning by 1,329.2% in the fourth quarter. Federated Hermes Inc. now owns 1,321,494 shares of the electronics maker’s stock valued at $40,239,000 after acquiring an additional 1,229,031 shares during the period. Assenagon Asset Management S.A. grew its stake in Corning by 302.7% in the fourth quarter. Assenagon Asset Management S.A. now owns 1,496,362 shares of the electronics maker’s stock valued at $45,564,000 after acquiring an additional 1,124,787 shares during the period. Finally, Morgan Stanley grew its stake in Corning by 5.1% in the third quarter. Morgan Stanley now owns 21,899,529 shares of the electronics maker’s stock valued at $667,279,000 after acquiring an additional 1,060,450 shares during the period. Institutional investors own 69.80% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have recently commented on GLW. Morgan Stanley restated an “overweight” rating and issued a $35.00 price target on shares of Corning in a report on Monday, April 22nd. Susquehanna restated a “positive” rating and issued a $40.00 price target on shares of Corning in a report on Monday, April 1st. UBS Group boosted their price target on Corning from $34.00 to $35.00 and gave the company a “neutral” rating in a report on Monday, April 8th. JPMorgan Chase & Co. boosted their price target on Corning from $34.00 to $36.00 and gave the company a “neutral” rating in a report on Thursday, April 11th. Finally, Barclays upped their target price on Corning from $28.00 to $35.00 and gave the stock an “equal weight” rating in a report on Wednesday, January 31st. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $34.78.

Insider Buying and Selling

In related news, Vice Chairman Lawrence D. Mcrae sold 77,464 shares of the stock in a transaction that occurred on Thursday, March 21st. The stock was sold at an average price of $33.24, for a total transaction of $2,574,903.36. Following the sale, the insider now owns 215,254 shares of the company’s stock, valued at $7,155,042.96. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.40% of the stock is currently owned by company insiders.

Corning Price Performance

Corning stock opened at $31.33 on Friday. Corning Incorporated has a 12 month low of $25.26 and a 12 month high of $36.01. The stock’s 50 day moving average is $32.28 and its 200-day moving average is $30.45. The company has a current ratio of 1.67, a quick ratio of 1.05 and a debt-to-equity ratio of 0.61. The company has a market capitalization of $26.80 billion, a price-to-earnings ratio of 46.76, a PEG ratio of 1.74 and a beta of 1.08.

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

Corning Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Investors of record on Thursday, February 29th were given a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a yield of 3.57%. The ex-dividend date of this dividend was Wednesday, February 28th. Corning’s dividend payout ratio is currently 167.16%.

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.