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

MUFG Securities EMEA plc increased its stake in shares of Corning Incorporated (NYSE:GLWFree Report) by 16.7% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 42,566 shares of the electronics maker’s stock after buying an additional 6,104 shares during the quarter. MUFG Securities EMEA plc’s holdings in Corning were worth $1,296,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Cape Investment Advisory Inc. boosted its position in shares of Corning by 800.0% during the 4th quarter. Cape Investment Advisory Inc. now owns 900 shares of the electronics maker’s stock valued at $27,000 after acquiring an additional 800 shares during the last quarter. SRS Capital Advisors Inc. boosted its holdings in Corning by 232.9% in the 3rd quarter. SRS Capital Advisors Inc. now owns 932 shares of the electronics maker’s stock valued at $28,000 after purchasing an additional 652 shares during the last quarter. Bruce G. Allen Investments LLC purchased a new stake in shares of Corning in the 4th quarter valued at approximately $31,000. EverSource Wealth Advisors LLC increased its holdings in shares of Corning by 347.3% during the 4th quarter. EverSource Wealth Advisors LLC now owns 1,060 shares of the electronics maker’s stock worth $32,000 after buying an additional 823 shares during the last quarter. Finally, Emfo LLC purchased a new stake in shares of Corning during the 4th quarter valued at approximately $33,000. Institutional investors and hedge funds own 69.80% of the company’s stock.

Corning Stock Up 0.4 %

Shares of NYSE GLW traded up $0.16 during mid-day trading on Friday, hitting $36.28. The company had a trading volume of 2,763,482 shares, compared to its average volume of 5,517,983. The company has a market capitalization of $31.08 billion, a PE ratio of 51.10, a price-to-earnings-growth ratio of 1.64 and a beta of 1.07. The business’s 50-day simple moving average is $33.07 and its 200 day simple moving average is $31.45. Corning Incorporated has a 1-year low of $25.26 and a 1-year high of $36.80. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.67 and a quick ratio of 1.02.

Corning (NYSE:GLWGet Free Report) last announced its quarterly earnings data on Tuesday, April 30th. The electronics maker reported $0.38 earnings per share (EPS) for the quarter, beating 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 analysts’ expectations of $3.12 billion. During the same quarter last year, the business posted $0.41 EPS. The business’s quarterly revenue was down 11.5% compared to the same quarter last year. On average, analysts predict that Corning Incorporated will post 1.91 earnings per share for the current year.

Corning Announces Dividend

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

Insider Buying and Selling

In other Corning news, EVP Lewis A. Steverson sold 29,978 shares of Corning stock in a transaction dated Wednesday, May 1st. The stock was sold at an average price of $33.05, for a total transaction of $990,772.90. Following the completion of the sale, the executive vice president now directly owns 31,294 shares of the company’s stock, valued at approximately $1,034,266.70. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In related news, VP Martin J. Curran sold 16,416 shares of the stock in a transaction on Friday, May 3rd. The shares were sold at an average price of $33.70, for a total value of $553,219.20. Following the transaction, the vice president now directly owns 65,598 shares of the company’s stock, valued at approximately $2,210,652.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Lewis A. Steverson sold 29,978 shares of the business’s stock in a transaction on Wednesday, May 1st. The shares were sold at an average price of $33.05, for a total transaction of $990,772.90. Following the completion of the sale, the executive vice president now directly owns 31,294 shares of the company’s stock, valued at $1,034,266.70. The disclosure for this sale can be found here. Over the last quarter, insiders sold 239,841 shares of company stock worth $7,971,257. Corporate insiders own 0.40% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on the company. Mizuho began coverage on Corning in a research note on Tuesday, May 7th. They set a “neutral” rating and a $36.00 target price for the company. Susquehanna reaffirmed a “positive” rating and issued a $40.00 target price on shares of Corning in a research report on Monday, April 1st. HSBC lowered shares of Corning from a “hold” rating to a “reduce” rating and set a $29.00 target price for the company. in a research note on Thursday, February 1st. Morgan Stanley reissued an “overweight” rating and issued a $35.00 price target on shares of Corning in a research note on Monday, April 22nd. Finally, Barclays increased their price objective on shares of Corning from $28.00 to $35.00 and gave the stock an “equal weight” rating in a research report on Wednesday, January 31st. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat, Corning currently has a consensus rating of “Hold” and a consensus price target of $35.00.

Read Our Latest Stock Analysis on GLW

About Corning

(Free Report)

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.

See Also

Institutional Ownership by Quarter for Corning (NYSE:GLW)

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