Ensign Peak Advisors Inc Has $9.50 Million Holdings in Corning Incorporated (NYSE:GLW)

Ensign Peak Advisors Inc grew its position in Corning Incorporated (NYSE:GLW) by 111.1% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 199,874 shares of the electronics maker’s stock after purchasing an additional 105,193 shares during the period. Ensign Peak Advisors Inc’s holdings in Corning were worth $9,498,000 at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. Sound Income Strategies LLC increased its position in Corning by 76.7% in the 4th quarter. Sound Income Strategies LLC now owns 523 shares of the electronics maker’s stock worth $25,000 after purchasing an additional 227 shares during the last quarter. Sierra Ocean LLC bought a new stake in shares of Corning during the 4th quarter worth about $25,000. Asset Planning Inc bought a new stake in shares of Corning during the 4th quarter worth about $29,000. Rosenberg Matthew Hamilton boosted its stake in shares of Corning by 202.4% during the 4th quarter. Rosenberg Matthew Hamilton now owns 747 shares of the electronics maker’s stock worth $35,000 after acquiring an additional 500 shares in the last quarter. Finally, Mainstream Capital Management LLC bought a new stake in shares of Corning during the 4th quarter worth about $35,000. 69.80% of the stock is owned by institutional investors and hedge funds.

Corning Price Performance

Shares of NYSE:GLW opened at $47.00 on Tuesday. Corning Incorporated has a 1-year low of $34.15 and a 1-year high of $55.33. The firm has a market capitalization of $40.25 billion, a PE ratio of 81.03, a PEG ratio of 1.50 and a beta of 1.09. The business’s 50 day moving average is $44.42 and its 200-day moving average is $47.49. The company has a current ratio of 1.62, a quick ratio of 1.07 and a debt-to-equity ratio of 0.62.

Corning (NYSE:GLW) last announced its quarterly earnings data on Tuesday, April 29th. The electronics maker reported $0.54 earnings per share for the quarter, topping the consensus estimate of $0.51 by $0.03. Corning had a return on equity of 15.10% and a net margin of 3.86%. The company had revenue of $3.68 billion for the quarter, compared to analyst estimates of $3.63 billion. During the same quarter last year, the firm earned $0.38 EPS. Corning’s revenue for the quarter was up 12.9% compared to the same quarter last year. Sell-side analysts predict that Corning Incorporated will post 2.33 earnings per share for the current year.

Corning Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, June 27th. Investors of record on Friday, May 30th will be given a dividend of $0.28 per share. The ex-dividend date is Friday, May 30th. This represents a $1.12 annualized dividend and a dividend yield of 2.38%. Corning’s dividend payout ratio (DPR) is presently 215.38%.

Analyst Ratings Changes

Several research firms have recently issued reports on GLW. Bank of America upped their price target on Corning from $65.00 to $68.00 and gave the stock a “buy” rating in a research note on Wednesday, March 19th. Oppenheimer decreased their price target on Corning from $58.00 to $55.00 and set an “outperform” rating for the company in a research note on Wednesday, April 30th. HSBC upgraded Corning from a “hold” rating to a “buy” rating and upped their price target for the stock from $51.00 to $60.00 in a research note on Thursday, January 30th. Barclays decreased their target price on Corning from $53.00 to $52.00 and set an “equal weight” rating for the company in a research note on Wednesday, January 29th. Finally, StockNews.com lowered Corning from a “buy” rating to a “hold” rating in a report on Tuesday, February 25th. Four analysts have rated the stock with a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $53.08.

Insider Buying and Selling

In related news, SVP Michael Alan Bell sold 20,262 shares of the firm’s stock in a transaction that occurred on Wednesday, April 30th. The stock was sold at an average price of $44.06, for a total transaction of $892,743.72. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.40% of the stock is owned by corporate insiders.

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.