11,375 Shares in Corning Incorporated (NYSE:GLW) Bought by Mufg Securities Americas Inc.

Mufg Securities Americas Inc. acquired a new stake in shares of Corning Incorporated (NYSE:GLW) during the 4th quarter, HoldingsChannel reports. The firm acquired 11,375 shares of the electronics maker’s stock, valued at approximately $541,000.

A number of other hedge funds have also recently bought and sold shares of the company. Man Group plc purchased a new stake in shares of Corning in the fourth quarter valued at about $2,958,000. Nissay Asset Management Corp Japan ADV increased its stake in Corning by 1.5% in the 4th quarter. Nissay Asset Management Corp Japan ADV now owns 104,653 shares of the electronics maker’s stock valued at $5,000,000 after buying an additional 1,520 shares during the last quarter. NorthRock Partners LLC lifted its position in shares of Corning by 24.5% during the 4th quarter. NorthRock Partners LLC now owns 5,925 shares of the electronics maker’s stock worth $282,000 after buying an additional 1,167 shares in the last quarter. Northeast Financial Consultants Inc boosted its stake in shares of Corning by 3.3% in the 4th quarter. Northeast Financial Consultants Inc now owns 46,563 shares of the electronics maker’s stock worth $2,213,000 after buying an additional 1,500 shares during the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in shares of Corning by 5.0% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 59,182 shares of the electronics maker’s stock valued at $2,812,000 after acquiring an additional 2,835 shares in the last quarter. 69.80% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In related news, VP John Z. Zhang sold 8,000 shares of the firm’s stock in a transaction that occurred on Monday, May 12th. The shares were sold at an average price of $46.91, for a total value of $375,280.00. Following the sale, the vice president now directly owns 9,610 shares of the company’s stock, valued at $450,805.10. This trade represents a 45.43% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, SVP Michael Alan Bell sold 20,262 shares of the business’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 disclosure for this sale can be found here. Company insiders own 0.40% of the company’s stock.

Corning Stock Performance

Shares of GLW opened at $47.56 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. The stock has a market capitalization of $40.73 billion, a price-to-earnings ratio of 82.00, a price-to-earnings-growth ratio of 1.50 and a beta of 1.09. Corning Incorporated has a 52-week low of $35.01 and a 52-week high of $55.33. The stock’s 50-day simple moving average is $44.53 and its 200 day simple moving average is $47.50.

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

Corning Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, June 27th. Shareholders of record on Friday, May 30th will be issued a $0.28 dividend. This represents a $1.12 annualized dividend and a yield of 2.35%. The ex-dividend date is Friday, May 30th. Corning’s payout ratio is 215.38%.

Wall Street Analyst Weigh In

GLW has been the topic of a number of recent analyst reports. StockNews.com lowered Corning from a “buy” rating to a “hold” rating in a report on Tuesday, February 25th. Barclays reduced their price target on shares of Corning from $53.00 to $52.00 and set an “equal weight” rating for the company in a research report on Wednesday, January 29th. Citigroup lowered their price objective on shares of Corning from $58.00 to $50.00 and set a “buy” rating on the stock in a research report on Monday, April 14th. HSBC raised shares of Corning from a “hold” rating to a “buy” rating and increased their target price for the company from $51.00 to $60.00 in a research report on Thursday, January 30th. Finally, JPMorgan Chase & Co. lowered their price target on shares of Corning from $62.00 to $50.00 and set an “overweight” rating on the stock in a report on Thursday, April 17th. Four analysts have rated the stock with a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $53.08.

Corning 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.