International Assets Investment Management LLC Makes New $4.28 Million Investment in Corning Incorporated (NYSE:GLW)

International Assets Investment Management LLC bought a new position in shares of Corning Incorporated (NYSE:GLW) during the 4th quarter, according to its most recent 13F filing with the SEC. The fund bought 130,174 shares of the electronics maker’s stock, valued at approximately $4,275,000.

Other institutional investors and hedge funds have also made changes to their positions in the company. Ameriprise Financial Inc. grew its stake in 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 acquiring an additional 2,301,745 shares during the last quarter. Wellington Management Group LLP increased its stake in shares of Corning by 7.7% during the 3rd quarter. Wellington Management Group LLP now owns 28,714,901 shares of the electronics maker’s stock worth $874,943,000 after purchasing an additional 2,055,388 shares in the last quarter. Assenagon Asset Management S.A. raised its position in shares of Corning by 302.7% during 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. Morgan Stanley lifted its stake in 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 buying an additional 1,060,450 shares in the last quarter. Finally, Barclays PLC grew its holdings in Corning by 38.5% during the 3rd quarter. Barclays PLC now owns 1,785,753 shares of the electronics maker’s stock valued at $54,409,000 after buying an additional 495,949 shares during the last quarter. 69.80% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on GLW shares. Barclays upped their price objective on Corning from $28.00 to $35.00 and gave the company an “equal weight” rating in a research report on Wednesday, January 31st. Susquehanna reiterated a “positive” rating and set a $40.00 price target on shares of Corning in a report on Monday, April 1st. StockNews.com raised shares of Corning from a “sell” rating to a “hold” rating in a research note on Monday, April 1st. UBS Group lifted their target price on shares of Corning from $34.00 to $35.00 and gave the stock a “neutral” rating in a research note on Monday, April 8th. Finally, Mizuho assumed coverage on Corning in a research note on Tuesday. They set a “neutral” rating and a $36.00 price target on the stock. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $35.00.

Corning Price Performance

GLW opened at $33.93 on Thursday. The company has a quick ratio of 1.02, a current ratio of 1.67 and a debt-to-equity ratio of 0.61. The company’s 50-day moving average price is $32.40 and its 200 day moving average price is $30.74. Corning Incorporated has a fifty-two week low of $25.26 and a fifty-two week high of $36.01. The firm has a market cap of $29.06 billion, a price-to-earnings ratio of 47.78, a price-to-earnings-growth ratio of 1.70 and a beta of 1.07.

Corning (NYSE:GLW) last announced its quarterly earnings results on Tuesday, April 30th. The electronics maker reported $0.38 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.36 by $0.02. The company had revenue of $2.98 billion during the quarter, compared to analyst estimates of $3.12 billion. Corning had a return on equity of 12.31% and a net margin of 4.96%. The firm’s quarterly revenue was down 11.5% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.41 EPS. As a group, sell-side analysts expect that Corning Incorporated will post 1.9 earnings per share for the current year.

Corning Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, June 27th. Investors of record on Friday, May 31st will be issued a dividend of $0.28 per share. The ex-dividend date of this dividend is Thursday, May 30th. This represents a $1.12 annualized dividend and a yield of 3.30%. Corning’s payout ratio is 157.75%.

Insiders Place Their Bets

In other news, VP Martin J. Curran sold 16,416 shares of the business’s stock in a transaction on Friday, May 3rd. The stock was sold at an average price of $33.70, for a total value of $553,219.20. Following the sale, the vice president now owns 65,598 shares of the company’s stock, valued at approximately $2,210,652.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In related news, VP Jeffrey W. Evenson sold 103,437 shares of Corning stock in a transaction dated 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 transaction, the vice president now owns 70,110 shares of the company’s stock, valued at approximately $2,326,950.90. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Martin J. Curran sold 16,416 shares of Corning stock in a transaction that occurred on Friday, May 3rd. The stock was sold at an average price of $33.70, for a total transaction of $553,219.20. Following the completion of the transaction, the vice president now directly owns 65,598 shares in the company, valued at $2,210,652.60. The disclosure for this sale can be found here. Insiders sold 239,841 shares of company stock worth $7,971,257 over the last ninety days. Company insiders own 0.45% of the company’s stock.

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.