Corning Incorporated (NYSE:GLW) Shares Sold by Point72 Asia Singapore Pte. Ltd.

Point72 Asia Singapore Pte. Ltd. decreased its position in Corning Incorporated (NYSE:GLW) by 90.9% in the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 1,041 shares of the electronics maker’s stock after selling 10,348 shares during the period. Point72 Asia Singapore Pte. Ltd.’s holdings in Corning were worth $49,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Point72 Hong Kong Ltd increased its stake in Corning by 396.7% during the fourth quarter. Point72 Hong Kong Ltd now owns 375,254 shares of the electronics maker’s stock worth $17,832,000 after acquiring an additional 299,697 shares during the last quarter. Polar Capital Holdings Plc purchased a new position in shares of Corning during the 4th quarter worth $124,253,000. Quantinno Capital Management LP increased its position in shares of Corning by 114.5% during the 4th quarter. Quantinno Capital Management LP now owns 164,858 shares of the electronics maker’s stock worth $7,834,000 after purchasing an additional 88,019 shares during the last quarter. Mufg Securities Americas Inc. purchased a new stake in Corning in the 4th quarter valued at about $541,000. Finally, Man Group plc acquired a new position in Corning in the fourth quarter valued at about $2,958,000. Institutional investors and hedge funds own 69.80% of the company’s stock.

Wall Street Analysts Forecast Growth

GLW has been the subject of a number of recent analyst reports. Oppenheimer dropped their price target on shares of Corning from $58.00 to $55.00 and set an “outperform” rating for the company in a research report on Wednesday, April 30th. Barclays cut their target price on Corning from $53.00 to $52.00 and set an “equal weight” rating on the stock in a research report on Wednesday, January 29th. Hsbc Global Res upgraded Corning from a “hold” rating to a “strong-buy” rating in a research report on Thursday, January 30th. StockNews.com downgraded Corning from a “buy” rating to a “hold” rating in a report on Tuesday, February 25th. Finally, 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. Four analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $53.08.

Corning Price Performance

GLW stock opened at $48.25 on Monday. The business’s 50-day moving average is $44.60 and its two-hundred day moving average is $47.49. 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 firm has a market capitalization of $41.33 billion, a P/E ratio of 83.19, a P/E/G ratio of 1.50 and a beta of 1.09. Corning Incorporated has a 1 year low of $35.30 and a 1 year high of $55.33.

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

Corning Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 27th. Stockholders of record on Friday, May 30th will be issued a $0.28 dividend. The ex-dividend date is Friday, May 30th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.32%. Corning’s payout ratio is 215.38%.

Insider Transactions at Corning

In other news, VP John Z. Zhang sold 8,000 shares of the firm’s stock in a transaction dated Monday, May 12th. The stock was sold at an average price of $46.91, for a total transaction of $375,280.00. Following the sale, the vice president now owns 9,610 shares of the company’s stock, valued at approximately $450,805.10. This trade represents a 45.43% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Michael Alan Bell sold 20,262 shares of the company’s stock in a transaction that occurred on Wednesday, April 30th. The shares were sold at an average price of $44.06, for a total value of $892,743.72. The disclosure for this sale can be found here. Corporate insiders own 0.40% of the company’s stock.

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.