Corning Incorporated (NYSE:GLW) Shares Purchased by Sumitomo Mitsui DS Asset Management Company Ltd

Sumitomo Mitsui DS Asset Management Company Ltd increased its stake in shares of Corning Incorporated (NYSE:GLW) by 1.9% during the 4th quarter, according to its most recent filing with the SEC. The institutional investor owned 71,084 shares of the electronics maker’s stock after acquiring an additional 1,356 shares during the period. Sumitomo Mitsui DS Asset Management Company Ltd’s holdings in Corning were worth $2,165,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of GLW. Ameriprise Financial Inc. raised its position 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 purchasing an additional 2,301,745 shares in the last quarter. Wellington Management Group LLP raised its position in shares of Corning by 7.7% in 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 purchasing an additional 2,055,388 shares in the last quarter. Federated Hermes Inc. raised its position in shares of Corning by 1,329.2% in the 4th quarter. Federated Hermes Inc. now owns 1,321,494 shares of the electronics maker’s stock valued at $40,239,000 after purchasing an additional 1,229,031 shares in the last quarter. Assenagon Asset Management S.A. raised 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 valued at $45,564,000 after purchasing an additional 1,124,787 shares in the last quarter. Finally, Morgan Stanley raised its position in shares of Corning by 5.1% in the 3rd quarter. Morgan Stanley now owns 21,899,529 shares of the electronics maker’s stock valued at $667,279,000 after purchasing an additional 1,060,450 shares in the last quarter. 69.80% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Corning

In other news, Vice Chairman Lawrence D. Mcrae sold 77,464 shares of the stock in a transaction on Thursday, March 21st. The stock was sold at an average price of $33.24, for a total value of $2,574,903.36. Following the completion of the transaction, the insider now owns 215,254 shares of the company’s stock, valued at $7,155,042.96. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Company insiders own 0.40% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have issued reports on the company. UBS Group upped their target price on Corning from $34.00 to $35.00 and gave the company a “neutral” rating in a research report on Monday, April 8th. StockNews.com raised Corning from a “sell” rating to a “hold” rating in a research report on Monday, April 1st. 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. Morgan Stanley reiterated an “overweight” rating and issued a $35.00 price target on shares of Corning in a report on Monday. Finally, Barclays boosted their price target on Corning from $28.00 to $35.00 and gave the company an “equal weight” rating in a report on Wednesday, January 31st. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Corning has an average rating of “Hold” and a consensus target price of $34.78.

Corning Price Performance

Shares of GLW opened at $31.52 on Thursday. The company has a market cap of $26.96 billion, a P/E ratio of 47.04, a PEG ratio of 1.75 and a beta of 1.08. The stock has a fifty day moving average price of $32.30 and a 200 day moving average price of $30.43. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.67 and a quick ratio of 1.05. Corning Incorporated has a 12 month low of $25.26 and a 12 month high of $36.01.

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

Corning Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 28th. Investors of record on Thursday, February 29th were paid a dividend of $0.28 per share. The ex-dividend date was Wednesday, February 28th. This represents a $1.12 dividend on an annualized basis and a yield of 3.55%. Corning’s payout ratio is currently 167.16%.

Corning 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.