Ossiam Buys 29,280 Shares of Corning Incorporated (NYSE:GLW)

Ossiam lifted its stake in shares of Corning Incorporated (NYSE:GLW) by 4,497.7% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 29,931 shares of the electronics maker’s stock after purchasing an additional 29,280 shares during the period. Ossiam’s holdings in Corning were worth $1,422,000 at the end of the most recent quarter.

Other large investors also recently made changes to their positions in the company. Norges Bank bought a new stake in Corning during the fourth quarter worth $490,933,000. Amundi raised its holdings in shares of Corning by 139.0% in the 4th quarter. Amundi now owns 3,900,808 shares of the electronics maker’s stock valued at $186,186,000 after purchasing an additional 2,268,436 shares during the period. Mariner LLC lifted its stake in Corning by 134.0% in the 4th quarter. Mariner LLC now owns 3,869,358 shares of the electronics maker’s stock valued at $183,867,000 after purchasing an additional 2,215,840 shares during the last quarter. Raymond James Financial Inc. bought a new stake in Corning in the fourth quarter valued at approximately $92,522,000. Finally, Appaloosa LP acquired a new stake in shares of Corning in the fourth quarter valued at approximately $71,280,000. Institutional investors and hedge funds own 69.80% of the company’s stock.

Corning Stock Performance

NYSE:GLW opened at $41.50 on Monday. Corning Incorporated has a 1 year low of $31.20 and a 1 year high of $55.33. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.62 and a quick ratio of 1.07. The business has a fifty day simple moving average of $46.42 and a two-hundred day simple moving average of $47.69. The company has a market capitalization of $35.55 billion, a P/E ratio of 71.55, a P/E/G ratio of 1.50 and a beta of 1.03.

Corning (NYSE:GLW) last released its quarterly earnings data on Wednesday, January 29th. The electronics maker reported $0.57 EPS 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%. On average, analysts expect that Corning Incorporated will post 2.33 earnings per share for the current year.

Corning Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, March 28th. Investors of record on Friday, February 28th were given a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a yield of 2.70%. The ex-dividend date of this dividend was Friday, February 28th. Corning’s payout ratio is 193.10%.

Insiders Place Their Bets

In other news, COO Eric S. Musser sold 30,000 shares of the company’s stock in a transaction dated 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 completion of the transaction, the chief operating officer now directly owns 152,944 shares in the company, valued at approximately $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 can be accessed through this link. Also, SVP Michael Alan Bell sold 2,209 shares of the stock in a transaction that occurred 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. Corporate insiders own 0.40% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on GLW shares. Mizuho set a $52.00 price objective on shares of Corning in a research report on Tuesday, April 15th. Citigroup reduced their price objective on Corning from $58.00 to $50.00 and set a “buy” rating for the company in a report on Monday, April 14th. Hsbc Global Res raised Corning from a “hold” rating to a “strong-buy” rating in a report on Thursday, January 30th. HSBC upgraded Corning from a “hold” rating to a “buy” rating and increased their price objective for the stock from $51.00 to $60.00 in a research report on Thursday, January 30th. Finally, Bank of America raised their price target on shares of Corning from $65.00 to $68.00 and gave the stock a “buy” rating in a research report on Wednesday, March 19th. Four equities research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $53.31.

Corning Company 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.