Union Bancaire Privee UBP SA Buys Shares of 837 Corning Incorporated (NYSE:GLW)

Union Bancaire Privee UBP SA bought a new stake in Corning Incorporated (NYSE:GLW) during the 4th quarter, Holdings Channel reports. The firm bought 837 shares of the electronics maker’s stock, valued at approximately $40,000.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Allspring Global Investments Holdings LLC lifted its holdings in shares of Corning by 7.2% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 40,214 shares of the electronics maker’s stock worth $1,816,000 after acquiring an additional 2,702 shares during the last quarter. International Assets Investment Management LLC lifted its stake in Corning by 1,780.0% during the third quarter. International Assets Investment Management LLC now owns 248,009 shares of the electronics maker’s stock worth $11,198,000 after purchasing an additional 234,817 shares in the last quarter. Hennion & Walsh Asset Management Inc. acquired a new position in Corning during the third quarter worth $269,000. Allworth Financial LP lifted its stake in Corning by 1.3% during the third quarter. Allworth Financial LP now owns 19,361 shares of the electronics maker’s stock worth $874,000 after purchasing an additional 251 shares in the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. lifted its stake in Corning by 75.7% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 96,824 shares of the electronics maker’s stock worth $4,344,000 after acquiring an additional 41,715 shares in the last quarter. 69.80% of the stock is currently owned by institutional investors and hedge funds.

Corning Price Performance

GLW stock opened at $49.73 on Wednesday. The business has a 50 day moving average price of $50.01 and a 200 day moving average price of $46.93. The stock has a market cap of $42.59 billion, a price-to-earnings ratio of 85.74, a PEG ratio of 1.50 and a beta of 1.03. Corning Incorporated has a fifty-two week low of $30.72 and a fifty-two week high of $55.33. The company has a quick ratio of 1.07, a current ratio of 1.62 and a debt-to-equity ratio of 0.62.

Corning (NYSE:GLW) last issued its quarterly earnings data on Wednesday, January 29th. The electronics maker reported $0.57 earnings per share for the quarter, topping the consensus estimate of $0.56 by $0.01. Corning had a net margin of 3.86% and a return on equity of 15.10%. Equities research analysts anticipate that Corning Incorporated will post 2.33 earnings per share for the current fiscal year.

Corning Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Friday, February 28th will be given a $0.28 dividend. The ex-dividend date of this dividend is Friday, February 28th. This represents a $1.12 dividend on an annualized basis and a yield of 2.25%. Corning’s dividend payout ratio (DPR) is presently 193.10%.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on GLW shares. HSBC raised Corning from a “hold” rating to a “buy” rating and increased their target price for the stock from $51.00 to $60.00 in a research note on Thursday, January 30th. UBS Group upped their target price on shares of Corning from $46.00 to $51.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 30th. Citigroup raised their price target on shares of Corning from $55.00 to $58.00 and gave the company a “buy” rating in a research report on Tuesday, January 21st. Morgan Stanley boosted their price target on shares of Corning from $39.00 to $48.00 and gave the stock an “equal weight” rating in a research note on Tuesday, December 17th. Finally, Barclays decreased their target price on Corning from $53.00 to $52.00 and set an “equal weight” rating for the company in a report on Wednesday, January 29th. Four investment analysts have rated the stock with a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, Corning has a consensus rating of “Moderate Buy” and an average target price of $53.00.

Insider Activity

In related news, COO Eric S. Musser sold 30,000 shares of the company’s stock in a transaction on Friday, January 31st. The shares were sold at an average price of $51.92, for a total value of $1,557,600.00. Following the completion of the sale, the chief operating officer now owns 152,944 shares in the company, valued at $7,940,852.48. This represents a 16.40 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Michael Alan Bell sold 2,209 shares of the company’s stock in a transaction on Thursday, January 30th. The shares were sold at an average price of $49.87, for a total transaction of $110,162.83. The disclosure for this sale can be found here. Company insiders own 0.40% of the company’s stock.

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.