Corning Incorporated $GLW Shares Acquired by Healthcare of Ontario Pension Plan Trust Fund

Healthcare of Ontario Pension Plan Trust Fund boosted its position in Corning Incorporated (NYSE:GLW) by 319.8% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 129,476 shares of the electronics maker’s stock after purchasing an additional 98,634 shares during the quarter. Healthcare of Ontario Pension Plan Trust Fund’s holdings in Corning were worth $17,605,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also made changes to their positions in GLW. Berbice Capital Management LLC acquired a new position in Corning during the fourth quarter worth approximately $26,000. Basepoint Wealth LLC acquired a new stake in Corning in the 4th quarter valued at $26,000. MBM Wealth Consultants LLC acquired a new stake in shares of Corning in the first quarter valued at about $42,000. Kemnay Advisory Services Inc. purchased a new position in Corning in the 4th quarter worth approximately $27,000. Finally, Litman Gregory Wealth Management LLC acquired a new position in shares of Corning during the fourth quarter worth $31,000. Institutional investors and hedge funds own 69.80% of the company’s stock.

Insiders Place Their Bets

In related news, SVP Jaymin Amin sold 27,395 shares of the firm’s stock in a transaction that occurred on Friday, May 22nd. The shares were sold at an average price of $192.14, for a total value of $5,263,675.30. Following the completion of the transaction, the senior vice president owned 94,400 shares of the company’s stock, valued at approximately $18,138,016. This trade represents a 22.49% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, SVP Soumya Seetharam sold 20,000 shares of Corning stock in a transaction that occurred on Monday, May 11th. The stock was sold at an average price of $206.23, for a total transaction of $4,124,600.00. Following the transaction, the senior vice president owned 25,570 shares in the company, valued at approximately $5,273,301.10. The trade was a 43.89% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 160,655 shares of company stock worth $30,692,560 in the last quarter. Corporate insiders own 0.25% of the company’s stock.

Corning Stock Down 2.5%

NYSE GLW opened at $142.94 on Tuesday. Corning Incorporated has a 12 month low of $54.92 and a 12 month high of $271.78. The company’s 50 day simple moving average is $187.29 and its 200 day simple moving average is $155.99. The company has a market capitalization of $123.02 billion, a P/E ratio of 68.39, a PEG ratio of 1.93 and a beta of 1.09. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.61 and a quick ratio of 1.06.

Corning (NYSE:GLW) last posted its quarterly earnings data on Tuesday, April 28th. The electronics maker reported $0.70 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.69 by $0.01. Corning had a return on equity of 19.45% and a net margin of 11.09%.The firm had revenue of $4.34 billion for the quarter, compared to the consensus estimate of $4.30 billion. During the same quarter in the previous year, the company earned $0.54 EPS. The business’s revenue for the quarter was up 18.1% compared to the same quarter last year. Equities research analysts expect that Corning Incorporated will post 3.18 earnings per share for the current fiscal year.

Corning Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 29th. Stockholders of record on Monday, August 31st will be issued a dividend of $0.28 per share. The ex-dividend date is Monday, August 31st. This represents a $1.12 dividend on an annualized basis and a dividend yield of 0.8%. Corning’s payout ratio is currently 53.59%.

Analyst Upgrades and Downgrades

GLW has been the topic of several analyst reports. Weiss Ratings downgraded Corning from a “buy (b-)” rating to a “hold (c+)” rating in a report on Friday. UBS Group set a $243.00 price target on shares of Corning in a research report on Monday, July 6th. Citigroup upped their price objective on Corning from $225.00 to $240.00 and gave the company a “buy” rating in a research note on Monday, July 13th. Zacks Research downgraded Corning from a “strong-buy” rating to a “hold” rating in a report on Tuesday, May 26th. Finally, Morgan Stanley set a $180.00 price objective on shares of Corning in a research report on Friday, May 8th. Nine investment analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $194.69.

Corning Profile

Corning Incorporated is a global manufacturer specializing in specialty glass, ceramics and related materials and technologies. Headquartered in Corning, New York, the company supplies engineered materials and components used across multiple industries, including consumer electronics, telecommunications, automotive emissions control, pharmaceutical and life sciences, and industrial and scientific applications. Corning emphasizes materials science and precision manufacturing to develop durable, high-performance glass and ceramic products.

Key product lines include specialty display glass used by television and mobile-device manufacturers, cover glass marketed under well-known trade names for smartphones and tablets, and optical fiber and cable and related hardware for telecommunications networks.