FUKOKU MUTUAL LIFE INSURANCE Co Has $571,000 Stock Holdings in Corning Incorporated (NYSE:GLW)

FUKOKU MUTUAL LIFE INSURANCE Co lifted its stake in shares of Corning Incorporated (NYSE:GLW) by 13.1% in the first quarter, according to the company in its most recent filing with the SEC. The fund owned 12,466 shares of the electronics maker’s stock after buying an additional 1,440 shares during the quarter. FUKOKU MUTUAL LIFE INSURANCE Co’s holdings in Corning were worth $571,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of the stock. University of Texas Texas AM Investment Management Co. increased its position in Corning by 9.7% during the fourth quarter. University of Texas Texas AM Investment Management Co. now owns 2,422 shares of the electronics maker’s stock worth $115,000 after acquiring an additional 214 shares during the period. Seeds Investor LLC increased its position in Corning by 3.0% during the fourth quarter. Seeds Investor LLC now owns 7,708 shares of the electronics maker’s stock worth $366,000 after acquiring an additional 221 shares during the period. CreativeOne Wealth LLC increased its position in Corning by 2.4% during the fourth quarter. CreativeOne Wealth LLC now owns 10,182 shares of the electronics maker’s stock worth $484,000 after acquiring an additional 238 shares during the period. Old North State Wealth Management LLC increased its position in Corning by 0.6% during the first quarter. Old North State Wealth Management LLC now owns 40,107 shares of the electronics maker’s stock worth $1,836,000 after acquiring an additional 239 shares during the period. Finally, Colonial Trust Co SC increased its position in Corning by 3.8% during the fourth quarter. Colonial Trust Co SC now owns 7,138 shares of the electronics maker’s stock worth $339,000 after acquiring an additional 258 shares during the period. Institutional investors and hedge funds own 69.80% of the company’s stock.

Wall Street Analyst Weigh In

GLW has been the topic of several recent analyst reports. Bank of America raised their target price on shares of Corning from $65.00 to $68.00 and gave the company a “buy” rating in a report on Wednesday, March 19th. Wolfe Research assumed coverage on shares of Corning in a research report on Tuesday. They issued an “outperform” rating on the stock. JPMorgan Chase & Co. lowered their price objective on shares of Corning from $62.00 to $50.00 and set an “overweight” rating for the company in a research note on Thursday, April 17th. Mizuho set a $52.00 target price on shares of Corning in a research note on Tuesday, April 15th. Finally, Morgan Stanley boosted their price target on shares of Corning from $44.00 to $50.00 and gave the stock an “equal weight” rating in a report on Tuesday. Four research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $55.73.

Insider Buying and Selling at Corning

In other Corning news, SVP Michael Alan Bell sold 20,262 shares of the stock in a transaction that occurred on Wednesday, April 30th. The shares were sold at an average price of $44.06, for a total transaction of $892,743.72. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, SVP Stefan Becker sold 17,106 shares of the stock in a transaction that occurred on Thursday, May 29th. The shares were sold at an average price of $49.68, for a total transaction of $849,826.08. Following the transaction, the senior vice president owned 16,117 shares in the company, valued at $800,692.56. The trade was a 51.49% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 75,796 shares of company stock valued at $3,632,635. 0.40% of the stock is currently owned by corporate insiders.

Corning Stock Down 1.3%

GLW stock opened at $51.58 on Friday. The company has a current ratio of 1.69, a quick ratio of 1.05 and a debt-to-equity ratio of 0.62. The company’s 50 day moving average is $49.87 and its 200 day moving average is $48.26. The stock has a market cap of $44.17 billion, a price-to-earnings ratio of 99.19, a price-to-earnings-growth ratio of 1.41 and a beta of 1.11. Corning Incorporated has a 1-year low of $37.18 and a 1-year high of $55.33.

Corning (NYSE:GLW) last posted 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. The company had revenue of $3.68 billion for the quarter, compared to analysts’ expectations of $3.63 billion. Corning had a net margin of 3.34% and a return on equity of 16.47%. Corning’s revenue for the quarter was up 12.9% compared to the same quarter last year. During the same period in the prior year, the business earned $0.38 earnings per share. Sell-side analysts predict that Corning Incorporated will post 2.33 EPS for the current fiscal year.

Corning Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 29th. Shareholders of record on Friday, August 29th will be given a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a yield of 2.17%. The ex-dividend date of this dividend is Friday, August 29th. Corning’s payout ratio is currently 215.38%.

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.