Sumitomo Mitsui DS Asset Management Company Ltd Acquires 1,356 Shares of Corning Incorporated (NYSE:GLW)

Sumitomo Mitsui DS Asset Management Company Ltd boosted its holdings in shares of Corning Incorporated (NYSE:GLW) by 1.9% in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 71,084 shares of the electronics maker’s stock after purchasing an additional 1,356 shares during the quarter. Sumitomo Mitsui DS Asset Management Company Ltd’s holdings in Corning were worth $2,165,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. Signaturefd LLC lifted its position in shares of Corning by 144.8% in the 4th quarter. Signaturefd LLC now owns 19,907 shares of the electronics maker’s stock worth $606,000 after acquiring an additional 11,774 shares during the period. Verdence Capital Advisors LLC lifted its position in shares of Corning by 12.9% in the 4th quarter. Verdence Capital Advisors LLC now owns 20,578 shares of the electronics maker’s stock worth $627,000 after acquiring an additional 2,354 shares during the period. Grandfield & Dodd LLC lifted its position in shares of Corning by 1.8% in the 4th quarter. Grandfield & Dodd LLC now owns 373,600 shares of the electronics maker’s stock worth $11,376,000 after acquiring an additional 6,468 shares during the period. abrdn plc lifted its position in shares of Corning by 69.6% in the 4th quarter. abrdn plc now owns 320,341 shares of the electronics maker’s stock worth $9,754,000 after acquiring an additional 131,455 shares during the period. Finally, CNB Bank lifted its position in shares of Corning by 10.4% in the 4th quarter. CNB Bank now owns 10,700 shares of the electronics maker’s stock worth $326,000 after acquiring an additional 1,009 shares during the period. Institutional investors own 69.80% of the company’s stock.

Wall Street Analyst Weigh In

GLW has been the subject of a number of research reports. UBS Group raised their price objective on Corning from $34.00 to $35.00 and gave the stock a “neutral” rating in a research report on Monday, April 8th. Morgan Stanley restated an “overweight” rating and set a $35.00 target price on shares of Corning in a research report on Monday. JPMorgan Chase & Co. raised their target price on Corning from $34.00 to $36.00 and gave the stock a “neutral” rating in a research report on Thursday, April 11th. Barclays raised their target price on Corning from $28.00 to $35.00 and gave the stock an “equal weight” rating in a research report on Wednesday, January 31st. Finally, HSBC downgraded Corning from a “hold” rating to a “reduce” rating and set a $29.00 target price for the company. in a research report on Thursday, February 1st. One research analyst has rated the stock with a sell rating, five have issued a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Hold” and an average price target of $34.78.

Insider Activity at Corning

In other news, Vice Chairman Lawrence D. Mcrae sold 77,464 shares of Corning 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 sale, the insider now directly owns 215,254 shares of the company’s stock, valued at approximately $7,155,042.96. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 0.40% of the company’s stock.

Corning Trading Down 0.0 %

GLW stock opened at $31.52 on Thursday. The business has a fifty day moving average price of $32.30 and a 200 day moving average price of $30.43. Corning Incorporated has a fifty-two week low of $25.26 and a fifty-two week high of $36.01. The stock has a market capitalization of $26.96 billion, a price-to-earnings ratio of 47.04, a P/E/G ratio of 1.75 and a beta of 1.08. 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 (NYSE:GLW) last released its quarterly earnings results on Tuesday, January 30th. The electronics maker reported $0.39 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.39. Corning had a return on equity of 12.31% and a net margin of 4.62%. The firm had revenue of $2.99 billion during the quarter, compared to analysts’ expectations of $3.26 billion. During the same period last year, the firm posted $0.47 EPS. The business’s revenue was down 12.1% on a year-over-year basis. Analysts expect that Corning Incorporated will post 1.87 EPS for the current fiscal year.

Corning Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Investors of record on Thursday, February 29th were issued 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 dividend payout ratio is 167.16%.

About Corning

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.