Asset Management One Co. Ltd. Reduces Stock Position in Corning Incorporated (NYSE:GLW)

Asset Management One Co. Ltd. cut its holdings in shares of Corning Incorporated (NYSE:GLW) by 0.2% during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 327,587 shares of the electronics maker’s stock after selling 633 shares during the quarter. Asset Management One Co. Ltd.’s holdings in Corning were worth $15,652,000 at the end of the most recent quarter.

A number of other institutional investors have also made changes to their positions in GLW. Swedbank AB increased its holdings in shares of Corning by 60.2% in the 3rd quarter. Swedbank AB now owns 38,314 shares of the electronics maker’s stock valued at $1,730,000 after acquiring an additional 14,403 shares during the last quarter. Cornerstone Wealth Management LLC bought a new stake in shares of Corning in the 3rd quarter valued at approximately $214,000. Good Life Advisors LLC increased its holdings in shares of Corning by 19.0% in the 3rd quarter. Good Life Advisors LLC now owns 11,314 shares of the electronics maker’s stock valued at $511,000 after acquiring an additional 1,804 shares during the last quarter. Bleakley Financial Group LLC increased its holdings in shares of Corning by 10.1% in the 3rd quarter. Bleakley Financial Group LLC now owns 12,316 shares of the electronics maker’s stock valued at $556,000 after acquiring an additional 1,130 shares during the last quarter. Finally, Sumitomo Mitsui DS Asset Management Company Ltd increased its holdings in shares of Corning by 2.8% in the 3rd quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 80,776 shares of the electronics maker’s stock valued at $3,647,000 after acquiring an additional 2,179 shares during the last quarter. 69.80% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on GLW. StockNews.com upgraded Corning from a “hold” rating to a “buy” rating in a report on Tuesday, December 24th. Barclays reduced their price objective on Corning from $53.00 to $52.00 and set an “equal weight” rating for the company in a research report on Wednesday, January 29th. JPMorgan Chase & Co. boosted their price objective on Corning from $55.00 to $60.00 and gave the company an “overweight” rating in a research report on Wednesday, October 30th. HSBC upgraded Corning from a “hold” rating to a “buy” rating and boosted their price objective for the company from $51.00 to $60.00 in a research report on Thursday, January 30th. Finally, Oppenheimer restated an “outperform” rating and set a $58.00 price objective (up previously from $51.00) on shares of Corning in a research report on Wednesday, October 30th. Three research analysts have rated the stock with a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Corning has an average rating of “Moderate Buy” and an average price target of $53.00.

Corning Trading Up 0.9 %

Shares of GLW stock opened at $52.58 on Friday. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.07 and a current ratio of 1.62. Corning Incorporated has a 1 year low of $30.72 and a 1 year high of $55.33. The stock has a fifty day moving average of $49.52 and a two-hundred day moving average of $46.23. The firm has a market capitalization of $45.02 billion, a PE ratio of 90.66, a price-to-earnings-growth ratio of 1.55 and a beta of 1.03.

Corning (NYSE:GLW) last posted its quarterly earnings data on Wednesday, January 29th. The electronics maker reported $0.57 EPS for the quarter, topping analysts’ consensus estimates of $0.56 by $0.01. Corning had a return on equity of 15.10% and a net margin of 3.86%. As a group, research analysts expect that Corning Incorporated will post 2.33 EPS for the current year.

Corning Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Friday, February 28th will be paid a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.13%. The ex-dividend date of this dividend is Friday, February 28th. Corning’s dividend payout ratio is presently 193.11%.

Insider Transactions at Corning

In other news, COO Eric S. Musser sold 30,000 shares of the business’s stock in a transaction on Friday, January 31st. The stock was sold at an average price of $51.92, for a total value of $1,557,600.00. Following the sale, the chief operating officer now owns 152,944 shares of the company’s stock, valued at approximately $7,940,852.48. The trade was a 16.40 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Michael Alan Bell sold 2,209 shares of the business’s stock in a transaction on Thursday, January 30th. The stock was sold at an average price of $49.87, for a total value of $110,162.83. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 46,085 shares of company stock valued at $2,345,436. Corporate 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.