Healthcare of Ontario Pension Plan Trust Fund Buys 98,634 Shares of Corning Incorporated $GLW

Healthcare of Ontario Pension Plan Trust Fund lifted its position in Corning Incorporated (NYSE:GLW) by 319.8% in the first quarter, HoldingsChannel.com reports. The firm owned 129,476 shares of the electronics maker’s stock after acquiring an additional 98,634 shares during the period. Healthcare of Ontario Pension Plan Trust Fund’s holdings in Corning were worth $17,605,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Merit Financial Group LLC increased its position in Corning by 16.9% in the 4th quarter. Merit Financial Group LLC now owns 45,001 shares of the electronics maker’s stock valued at $3,940,000 after acquiring an additional 6,493 shares in the last quarter. Security National Bank lifted its stake in shares of Corning by 340.4% in the 4th quarter. Security National Bank now owns 72,523 shares of the electronics maker’s stock valued at $6,350,000 after purchasing an additional 56,056 shares during the period. Principal Financial Group Inc. lifted its stake in Corning by 1.2% in the first quarter. Principal Financial Group Inc. now owns 893,451 shares of the electronics maker’s stock valued at $121,483,000 after buying an additional 10,591 shares during the period. Wealthfront Advisers LLC increased its stake in shares of Corning by 36.2% in the 1st quarter. Wealthfront Advisers LLC now owns 92,425 shares of the electronics maker’s stock valued at $12,567,000 after acquiring an additional 24,589 shares during the last quarter. Finally, Three Seasons Wealth LLC acquired a new position in Corning during the fourth quarter valued at approximately $1,750,000. Institutional investors and hedge funds own 69.80% of the company’s stock.

Insiders Place Their Bets

In other Corning news, SVP Michaune D. Tillman sold 3,260 shares of the company’s stock in a transaction that occurred on Monday, May 11th. The stock was sold at an average price of $207.02, for a total transaction of $674,885.20. Following the completion of the transaction, the senior vice president owned 10,174 shares of the company’s stock, valued at $2,106,221.48. This represents a 24.27% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, VP John Z. Zhang sold 10,000 shares of the firm’s stock in a transaction that occurred on Monday, May 11th. The stock was sold at an average price of $198.34, for a total transaction of $1,983,400.00. Following the transaction, the vice president directly owned 5,138 shares of the company’s stock, valued at $1,019,070.92. This represents a 66.06% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 160,655 shares of company stock worth $30,692,560 in the last 90 days. Company insiders own 0.25% of the company’s stock.

Wall Street Analysts Forecast Growth

GLW has been the topic of several research analyst reports. Bank of America raised their price objective on Corning from $223.00 to $243.00 and gave the stock a “buy” rating in a research note on Monday, July 6th. Morgan Stanley set a $180.00 price target on Corning in a report on Friday, May 8th. Truist Financial raised their price target on Corning from $149.00 to $205.00 and gave the stock a “hold” rating in a research report on Monday, June 22nd. Oppenheimer lifted their price objective on Corning from $210.00 to $230.00 and gave the company an “outperform” rating in a report on Tuesday, July 7th. Finally, Mizuho boosted their price objective on Corning from $220.00 to $270.00 and gave the company an “outperform” rating in a research report on Wednesday, July 1st. Nine equities research analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $194.69.

Corning Price Performance

Shares of NYSE GLW opened at $142.94 on Tuesday. The company has a fifty day moving average price of $187.29 and a 200 day moving average price of $155.99. The firm has a market cap of $123.02 billion, a PE ratio of 68.39, a PEG ratio of 1.93 and a beta of 1.09. The company has a current ratio of 1.61, a quick ratio of 1.06 and a debt-to-equity ratio of 0.62. Corning Incorporated has a 1-year low of $54.92 and a 1-year high of $271.78.

Corning (NYSE:GLW) last released its quarterly earnings results on Tuesday, April 28th. The electronics maker reported $0.70 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.69 by $0.01. The firm had revenue of $4.34 billion for the quarter, compared to the consensus estimate of $4.30 billion. Corning had a return on equity of 19.45% and a net margin of 11.09%.The company’s revenue for the quarter was up 18.1% on a year-over-year basis. During the same quarter last year, the business posted $0.54 EPS. Research analysts predict that Corning Incorporated will post 3.18 earnings per share for the current fiscal year.

Corning Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 29th. Investors of record on Monday, August 31st will be issued a dividend of $0.28 per share. The ex-dividend date is Monday, August 31st. This represents a $1.12 dividend on an annualized basis and a dividend yield of 0.8%. Corning’s dividend payout ratio (DPR) is presently 53.59%.

About Corning

Corning Incorporated is a global manufacturer specializing in specialty glass, ceramics and related materials and technologies. Headquartered in Corning, New York, the company supplies engineered materials and components used across multiple industries, including consumer electronics, telecommunications, automotive emissions control, pharmaceutical and life sciences, and industrial and scientific applications. Corning emphasizes materials science and precision manufacturing to develop durable, high-performance glass and ceramic products.

Key product lines include specialty display glass used by television and mobile-device manufacturers, cover glass marketed under well-known trade names for smartphones and tablets, and optical fiber and cable and related hardware for telecommunications networks.