Arrowpoint Investment Partners Singapore Pte. Ltd. Acquires New Holdings in Corning Incorporated (NYSE:GLW)

Arrowpoint Investment Partners Singapore Pte. Ltd. bought a new stake in shares of Corning Incorporated (NYSE:GLW) in the 4th quarter, Holdings Channel.com reports. The fund bought 11,682 shares of the electronics maker’s stock, valued at approximately $555,000.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in GLW. Oregon Public Employees Retirement Fund grew its position in shares of Corning by 0.3% in the fourth quarter. Oregon Public Employees Retirement Fund now owns 66,063 shares of the electronics maker’s stock valued at $3,139,000 after purchasing an additional 204 shares during the last quarter. Principal Securities Inc. lifted its stake in Corning by 3.5% in the 4th quarter. Principal Securities Inc. now owns 6,170 shares of the electronics maker’s stock valued at $293,000 after buying an additional 211 shares in the last quarter. Bogart Wealth LLC grew its holdings in Corning by 18.3% during the 4th quarter. Bogart Wealth LLC now owns 1,419 shares of the electronics maker’s stock valued at $67,000 after buying an additional 219 shares during the last quarter. Buffington Mohr McNeal increased its position in Corning by 2.1% during the fourth quarter. Buffington Mohr McNeal now owns 10,461 shares of the electronics maker’s stock worth $497,000 after buying an additional 220 shares in the last quarter. Finally, Allworth Financial LP increased its position in Corning by 1.1% during the fourth quarter. Allworth Financial LP now owns 19,581 shares of the electronics maker’s stock worth $930,000 after buying an additional 220 shares in the last quarter. Institutional investors and hedge funds own 69.80% of the company’s stock.

Corning Stock Performance

NYSE:GLW opened at $47.94 on Wednesday. The company has a market cap of $41.06 billion, a P/E ratio of 82.66, a P/E/G ratio of 1.50 and a beta of 1.09. The firm’s 50 day moving average is $44.70 and its two-hundred day moving average is $47.50. Corning Incorporated has a fifty-two week low of $35.40 and a fifty-two week high of $55.33. The company has a quick ratio of 1.07, a current ratio of 1.62 and a debt-to-equity ratio of 0.62.

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

Corning Announces Dividend

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 paid a dividend of $0.28 per share. The ex-dividend date is Friday, May 30th. This represents a $1.12 annualized dividend and a yield of 2.34%. Corning’s dividend payout ratio is presently 215.38%.

Insider Transactions at Corning

In other Corning news, SVP Michael Alan Bell sold 20,262 shares of the firm’s stock in a transaction dated Wednesday, April 30th. The stock was sold at an average price of $44.06, for a total value of $892,743.72. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, VP John Z. Zhang sold 8,000 shares of the company’s stock in a transaction dated Monday, May 12th. The stock was sold at an average price of $46.91, for a total value of $375,280.00. Following the completion of the sale, the vice president now directly owns 9,610 shares of the company’s stock, valued at $450,805.10. The trade was a 45.43% decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.40% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on GLW. Barclays reduced their price objective 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. JPMorgan Chase & Co. reduced their target price 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. Mizuho set a $52.00 price target on shares of Corning in a report on Tuesday, April 15th. Oppenheimer cut their price objective 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. Finally, Hsbc Global Res raised shares of Corning from a “hold” rating to a “strong-buy” rating in a research note on Thursday, January 30th. Four investment 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. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $53.08.

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.