MUFG Securities EMEA plc Increases Stock Position in Corning Incorporated (NYSE:GLW)

MUFG Securities EMEA plc increased its position in shares of Corning Incorporated (NYSE:GLW) by 16.7% during the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 42,566 shares of the electronics maker’s stock after buying an additional 6,104 shares during the period. MUFG Securities EMEA plc’s holdings in Corning were worth $1,296,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in GLW. Norges Bank purchased a new position in shares of Corning during the 4th quarter valued at approximately $247,721,000. Ameriprise Financial Inc. boosted its stake in Corning by 15.0% during the 3rd quarter. Ameriprise Financial Inc. now owns 17,615,078 shares of the electronics maker’s stock valued at $536,114,000 after acquiring an additional 2,301,745 shares during the last quarter. Wellington Management Group LLP boosted its stake in Corning by 7.7% during the 3rd 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 last quarter. Federated Hermes Inc. grew its holdings in Corning by 1,329.2% during the 4th quarter. Federated Hermes Inc. now owns 1,321,494 shares of the electronics maker’s stock worth $40,239,000 after acquiring an additional 1,229,031 shares in the last quarter. Finally, Assenagon Asset Management S.A. increased its position in shares of Corning by 302.7% in the 4th quarter. Assenagon Asset Management S.A. now owns 1,496,362 shares of the electronics maker’s stock worth $45,564,000 after purchasing an additional 1,124,787 shares during the last quarter. Hedge funds and other institutional investors own 69.80% of the company’s stock.

Insider Activity at Corning

In related news, SVP John Z. Zhang sold 12,546 shares of the stock in a transaction dated Thursday, May 2nd. The shares were sold at an average price of $33.42, for a total value of $419,287.32. Following the completion of the transaction, the senior vice president now owns 11,355 shares in the company, valued at approximately $379,484.10. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other news, VP Jeffrey W. Evenson sold 103,437 shares of the company’s stock in a transaction on Monday, May 6th. The stock was sold at an average price of $33.19, for a total value of $3,433,074.03. Following the completion of the sale, the vice president now owns 70,110 shares in the company, valued at $2,326,950.90. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, SVP John Z. Zhang sold 12,546 shares of Corning stock in a transaction dated Thursday, May 2nd. The stock was sold at an average price of $33.42, for a total value of $419,287.32. Following the transaction, the senior vice president now directly owns 11,355 shares in the company, valued at $379,484.10. The disclosure for this sale can be found here. Insiders have sold a total of 239,841 shares of company stock worth $7,971,257 over the last ninety days. 0.40% of the stock is currently owned by corporate insiders.

Corning Stock Performance

Corning stock traded up $0.16 during midday trading on Friday, reaching $36.28. 2,763,482 shares of the stock traded hands, compared to its average volume of 5,517,983. Corning Incorporated has a fifty-two week low of $25.26 and a fifty-two week high of $36.80. The company has a current ratio of 1.67, a quick ratio of 1.02 and a debt-to-equity ratio of 0.61. The firm has a market cap of $31.08 billion, a price-to-earnings ratio of 51.10, a PEG ratio of 1.64 and a beta of 1.07. The firm has a fifty day moving average price of $33.07 and a two-hundred day moving average price of $31.45.

Corning (NYSE:GLW) last issued its quarterly earnings data on Tuesday, April 30th. The electronics maker reported $0.38 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.36 by $0.02. Corning had a return on equity of 12.31% and a net margin of 4.96%. The business had revenue of $2.98 billion during the quarter, compared to the consensus estimate of $3.12 billion. During the same period in the previous year, the firm posted $0.41 earnings per share. The business’s revenue was down 11.5% on a year-over-year basis. On average, equities research analysts forecast that Corning Incorporated will post 1.91 earnings per share for the current year.

Corning Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, June 27th. Stockholders of record on Friday, May 31st will be issued a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a dividend yield of 3.09%. The ex-dividend date is Friday, May 31st. Corning’s dividend payout ratio (DPR) is 157.75%.

Analyst Ratings Changes

Several brokerages have recently commented on GLW. Susquehanna reaffirmed a “positive” rating and set a $40.00 price target on shares of Corning in a research report on Monday, April 1st. Barclays lifted their target price on Corning from $28.00 to $35.00 and gave the stock an “equal weight” rating in a research report on Wednesday, January 31st. Mizuho started coverage on Corning in a research report on Tuesday, May 7th. They set a “neutral” rating and a $36.00 price target on the stock. HSBC cut Corning from a “hold” rating to a “reduce” rating and set a $29.00 price objective on the stock. in a research note on Thursday, February 1st. Finally, UBS Group increased their target price on shares of Corning from $34.00 to $35.00 and gave the stock a “neutral” rating in a report on Monday, April 8th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and an average target price of $35.00.

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.