Corning Incorporated $GLW Shares Newly Purchased by Mirae Asset Global Investments Co. Ltd.

Mirae Asset Global Investments Co. Ltd. bought a new position in shares of Corning Incorporated (NYSE:GLW) during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm bought 211,827 shares of the electronics maker’s stock, valued at approximately $32,571,000.

Several other institutional investors have also recently added to or reduced their stakes in GLW. State Street Corp boosted its holdings in Corning by 13.4% in the second quarter. State Street Corp now owns 41,108,384 shares of the electronics maker’s stock valued at $10,500,315,000 after purchasing an additional 4,845,027 shares in the last quarter. Bank of America Corp DE raised its holdings in Corning by 29.2% during the second quarter. Bank of America Corp DE now owns 18,730,616 shares of the electronics maker’s stock worth $4,784,361,000 after purchasing an additional 4,231,507 shares in the last quarter. Wellington Management Group LLP raised its holdings in Corning by 50.9% during the second quarter. Wellington Management Group LLP now owns 13,174,194 shares of the electronics maker’s stock worth $3,365,084,000 after purchasing an additional 4,446,514 shares in the last quarter. Bank of New York Mellon Corp purchased a new stake in shares of Corning during the 2nd quarter worth approximately $1,510,911,000. Finally, Legal & General Group Plc purchased a new stake in shares of Corning during the 2nd quarter worth approximately $1,212,283,000. Hedge funds and other institutional investors own 69.80% of the company’s stock.

Wall Street Analyst Weigh In

GLW has been the topic of several research analyst reports. Barclays lifted their price target on shares of Corning from $129.00 to $132.00 and gave the stock an “equal weight” rating in a research note on Wednesday, October 28th. Zacks Research upgraded shares of Corning from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, October 28th. Bank of America decreased their price objective on shares of Corning from $243.00 to $200.00 and set a “buy” rating for the company in a research note on Wednesday, July 29th. Oppenheimer reduced their target price on Corning from $230.00 to $200.00 and set an “outperform” rating for the company in a report on Wednesday, July 29th. Finally, JPMorgan Chase & Co. decreased their target price on Corning from $170.00 to $165.00 and set a “neutral” rating for the company in a research report on Wednesday, October 21st. One analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and six have issued a Hold rating to the company. Based on data from MarketBeat, Corning currently has a consensus rating of “Moderate Buy” and a consensus target price of $175.81.

Insider Activity at Corning

In other news, EVP Lewis Steverson sold 13,100 shares of the company’s stock in a transaction dated Friday, August 28th. The shares were sold at an average price of $151.29, for a total value of $1,981,899.00. Following the completion of the sale, the executive vice president directly owned 15,052 shares of the company’s stock, valued at approximately $2,277,217.08. This represents a 46.53% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.25% of the company’s stock.

Corning Stock Performance

Shares of Corning stock opened at $123.51 on Tuesday. The firm’s fifty day simple moving average is $147.35 and its 200-day simple moving average is $155.13. The stock has a market capitalization of $106.39 billion, a price-to-earnings ratio of 50.01, a PEG ratio of 1.62 and a beta of 1.13. Corning Incorporated has a 12 month low of $77.39 and a 12 month high of $271.78. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.72 and a quick ratio of 1.24.

Corning (NYSE:GLW) last released its quarterly earnings results on Tuesday, October 27th. The electronics maker reported $0.91 EPS for the quarter, beating the consensus estimate of $0.88 by $0.03. The firm had revenue of $5.08 billion during the quarter, compared to the consensus estimate of $5.03 billion. Corning had a net margin of 12.13% and a return on equity of 20.83%. Corning’s revenue for the quarter was up 18.9% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.67 EPS. As a group, equities analysts forecast that Corning Incorporated will post 3.37 earnings per share for the current year.

Corning Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 11th. Shareholders of record on Friday, November 13th will be paid a $0.28 dividend. The ex-dividend date is Friday, November 13th. This represents a $1.12 dividend on an annualized basis and a yield of 0.9%. Corning’s payout ratio is currently 45.34%.

Corning Company Profile

Corning Incorporated (NYSE: GLW) is a technology company that develops and manufactures specialty glass, ceramics and optical-fiber products. Its materials and engineering expertise support communications networks, consumer electronics, automotive systems, life sciences and other industrial applications.

The company’s products include optical fiber, cable and connectivity solutions used in telecommunications infrastructure; glass substrates for televisions, computer monitors and other displays; durable cover glass for mobile devices; emissions-control components for vehicles; laboratory glassware and consumables; and specialized glass and ceramic materials for scientific, industrial and semiconductor applications.

Founded in 1851 and headquartered in Corning, New York, the company serves customers through operations and facilities across North America, Europe, Asia and other international markets.