Headlands Technologies LLC Invests $51,000 in Corning Incorporated (NYSE:GLW)

Headlands Technologies LLC purchased a new stake in Corning Incorporated (NYSE:GLW) in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 1,665 shares of the electronics maker’s stock, valued at approximately $51,000.

A number of other large investors have also added to or reduced their stakes in the stock. Ameriprise Financial Inc. grew its holdings in shares of Corning by 15.0% during the 3rd quarter. Ameriprise Financial Inc. now owns 17,615,078 shares of the electronics maker’s stock worth $536,114,000 after purchasing an additional 2,301,745 shares in the last quarter. Wellington Management Group LLP grew its stake in Corning by 7.7% during the third quarter. Wellington Management Group LLP now owns 28,714,901 shares of the electronics maker’s stock worth $874,943,000 after buying an additional 2,055,388 shares in the last quarter. Federated Hermes Inc. grew its stake in Corning by 1,329.2% during the fourth quarter. Federated Hermes Inc. now owns 1,321,494 shares of the electronics maker’s stock worth $40,239,000 after buying an additional 1,229,031 shares in the last quarter. Assenagon Asset Management S.A. increased its holdings in 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 buying an additional 1,124,787 shares during the period. 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 buying an additional 1,060,450 shares in the last quarter. Institutional investors and hedge funds own 69.80% of the company’s stock.

Insider Buying and Selling

In other Corning news, Vice Chairman Lawrence D. Mcrae sold 77,464 shares of the company’s stock in a transaction dated 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 sale, the insider now owns 215,254 shares in the company, valued at approximately $7,155,042.96. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 0.40% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on GLW. JPMorgan Chase & Co. increased their price target on shares of Corning from $36.00 to $37.00 and gave the stock a “neutral” rating in a research report on Wednesday. Morgan Stanley reiterated an “overweight” rating and issued a $35.00 price target on shares of Corning in a research note on Monday, April 22nd. Barclays upped their price objective on Corning from $28.00 to $35.00 and gave the stock an “equal weight” rating in a research report on Wednesday, January 31st. StockNews.com upgraded Corning from a “sell” rating to a “hold” rating in a research report on Monday, April 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 analyst has rated the stock with a sell rating, five have given a hold rating and four have given a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $34.89.

Corning Stock Performance

Shares of GLW stock opened at $33.48 on Thursday. The business’s 50-day moving average price is $32.32 and its 200-day moving average price is $30.55. Corning Incorporated has a 12 month low of $25.26 and a 12 month high of $36.01. The company has a current ratio of 1.67, a quick ratio of 1.05 and a debt-to-equity ratio of 0.61. The firm has a market capitalization of $28.64 billion, a price-to-earnings ratio of 47.15, a PEG ratio of 1.85 and a beta of 1.07.

Corning (NYSE:GLW) last posted its earnings results on Tuesday, April 30th. The electronics maker reported $0.38 EPS for the quarter, topping the consensus estimate of $0.36 by $0.02. Corning had a net margin of 4.96% and a return on equity of 12.31%. The business had revenue of $2.98 billion for the quarter, compared to the consensus estimate of $3.12 billion. During the same period last year, the company earned $0.41 EPS. The firm’s revenue was down 11.5% compared to the same quarter last year. Equities research analysts forecast that Corning Incorporated will post 1.87 EPS for the current year.

Corning Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 28th. Investors of record on Thursday, February 29th were issued a $0.28 dividend. The ex-dividend date of this dividend was Wednesday, February 28th. This represents a $1.12 dividend on an annualized basis and a yield of 3.35%. Corning’s payout ratio is 157.75%.

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.