Resona Asset Management Co. Ltd. Has $11.65 Million Stock Position in Corning Incorporated (NYSE:GLW)

Resona Asset Management Co. Ltd. raised its stake in shares of Corning Incorporated (NYSE:GLW) by 7.9% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 254,295 shares of the electronics maker’s stock after purchasing an additional 18,708 shares during the quarter. Resona Asset Management Co. Ltd.’s holdings in Corning were worth $11,645,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors also recently added to or reduced their stakes in the company. Vermillion Wealth Management Inc. acquired a new position in shares of Corning in the 4th quarter worth approximately $29,000. Putney Financial Group LLC acquired a new position in shares of Corning in the 4th quarter worth approximately $30,000. Investment Management Corp VA ADV boosted its holdings in shares of Corning by 165.9% in the 1st quarter. Investment Management Corp VA ADV now owns 742 shares of the electronics maker’s stock worth $34,000 after acquiring an additional 463 shares in the last quarter. Annis Gardner Whiting Capital Advisors LLC boosted its holdings in shares of Corning by 90.1% in the 1st quarter. Annis Gardner Whiting Capital Advisors LLC now owns 745 shares of the electronics maker’s stock worth $34,000 after acquiring an additional 353 shares in the last quarter. Finally, Headlands Technologies LLC acquired a new position in shares of Corning in the 1st quarter worth approximately $38,000. 69.80% of the stock is owned by institutional investors and hedge funds.

Corning Stock Performance

GLW stock opened at $65.74 on Thursday. The business’s fifty day moving average is $55.11 and its 200-day moving average is $49.91. The company has a quick ratio of 0.93, a current ratio of 1.50 and a debt-to-equity ratio of 0.58. The company has a market cap of $56.31 billion, a P/E ratio of 69.94, a price-to-earnings-growth ratio of 1.48 and a beta of 1.08. Corning Incorporated has a twelve month low of $37.31 and a twelve month high of $66.50.

Corning (NYSE:GLW) last posted its quarterly earnings results on Tuesday, July 29th. The electronics maker reported $0.60 earnings per share for the quarter, beating analysts’ consensus estimates of $0.57 by $0.03. The company had revenue of $3.86 billion for the quarter, compared to the consensus estimate of $3.84 billion. Corning had a return on equity of 17.27% and a net margin of 5.77%. During the same quarter in the prior year, the business posted $0.47 EPS. Equities research analysts forecast that Corning Incorporated will post 2.33 EPS for the current year.

Corning Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 29th. Investors of record on Friday, August 29th will be given a $0.28 dividend. The ex-dividend date is Friday, August 29th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 1.7%. Corning’s dividend payout ratio is currently 119.15%.

Insiders Place Their Bets

In related news, CFO Edward A. Schlesinger sold 14,082 shares of the company’s stock in a transaction on Wednesday, July 30th. The shares were sold at an average price of $62.28, for a total value of $877,026.96. Following the completion of the sale, the chief financial officer owned 78,316 shares in the company, valued at $4,877,520.48. This represents a 15.24% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, COO Avery H. Nelson III sold 36,240 shares of the company’s stock in a transaction on Wednesday, July 30th. The shares were sold at an average price of $62.26, for a total transaction of $2,256,302.40. Following the completion of the sale, the chief operating officer owned 64,838 shares of the company’s stock, valued at approximately $4,036,813.88. This represents a 35.85% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 211,484 shares of company stock worth $12,813,804 over the last 90 days. 0.40% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several research firms have issued reports on GLW. Wall Street Zen raised Corning from a “buy” rating to a “strong-buy” rating in a report on Saturday, August 2nd. Argus reaffirmed a “buy” rating and set a $68.00 price objective on shares of Corning in a report on Wednesday, July 30th. JPMorgan Chase & Co. upped their price objective on Corning from $62.00 to $65.00 and gave the stock an “overweight” rating in a report on Friday, July 25th. Mizuho upped their price objective on Corning from $63.00 to $74.00 and gave the stock an “outperform” rating in a report on Friday, August 8th. Finally, Wolfe Research began coverage on Corning in a report on Tuesday, July 8th. They set an “outperform” rating on the stock. Three equities research analysts have rated the stock with a hold rating, ten have assigned a buy rating and two have given a strong buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $65.17.

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.