Corning Incorporated (NYSE:GLW) Holdings Boosted by Norden Group LLC

Norden Group LLC boosted its holdings in Corning Incorporated (NYSE:GLW) by 2,778.7% during the first quarter, HoldingsChannel.com reports. The fund owned 261,735 shares of the electronics maker’s stock after acquiring an additional 252,643 shares during the period. Norden Group LLC’s holdings in Corning were worth $8,627,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently bought and sold shares of GLW. Norges Bank bought a new position in Corning in the fourth quarter worth about $247,721,000. Wellington Management Group LLP raised its holdings in shares of Corning by 9.0% during the fourth quarter. Wellington Management Group LLP now owns 31,312,779 shares of the electronics maker’s stock valued at $953,474,000 after buying an additional 2,597,878 shares during the last quarter. Goldman Sachs Group Inc. raised its holdings in shares of Corning by 41.7% during the fourth quarter. Goldman Sachs Group Inc. now owns 6,212,356 shares of the electronics maker’s stock valued at $189,166,000 after buying an additional 1,828,097 shares during the last quarter. Federated Hermes Inc. raised its holdings in shares of Corning by 1,329.2% during the fourth quarter. Federated Hermes Inc. now owns 1,321,494 shares of the electronics maker’s stock valued at $40,239,000 after buying an additional 1,229,031 shares during the last quarter. Finally, Assenagon Asset Management S.A. raised its holdings in shares of Corning by 302.7% during the fourth quarter. Assenagon Asset Management S.A. now owns 1,496,362 shares of the electronics maker’s stock valued at $45,564,000 after buying an additional 1,124,787 shares during the last quarter. Institutional investors own 69.80% of the company’s stock.

Wall Street Analysts Forecast Growth

GLW has been the topic of a number of recent analyst reports. Citigroup lifted their price target on Corning from $38.00 to $45.00 and gave the company a “buy” rating in a report on Friday, June 21st. Bank of America lifted their price target on Corning from $38.00 to $42.00 and gave the company a “buy” rating in a report on Friday, June 14th. Mizuho lifted their price target on Corning from $36.00 to $42.00 and gave the company a “neutral” rating in a report on Tuesday, June 18th. Fox Advisors raised Corning from an “equal weight” rating to an “overweight” rating and set a $45.00 price target on the stock in a report on Monday, June 17th. Finally, JPMorgan Chase & Co. raised Corning from a “neutral” rating to an “overweight” rating and boosted their target price for the stock from $37.00 to $43.00 in a report on Thursday, May 30th. One research analyst has rated the stock with a sell rating, six have given a hold rating and six have assigned a buy rating to the stock. According to MarketBeat, the company has an average rating of “Hold” and a consensus target price of $39.42.

Insiders Place Their Bets

In other Corning news, VP Jeffrey W. Evenson sold 12,830 shares of Corning stock in a transaction that occurred on Wednesday, June 5th. The shares were sold at an average price of $37.39, for a total transaction of $479,713.70. Following the transaction, the vice president now directly owns 57,280 shares in the company, valued at approximately $2,141,699.20. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In other Corning news, VP Jeffrey W. Evenson sold 12,830 shares of Corning stock in a transaction that occurred on Wednesday, June 5th. The shares were sold at an average price of $37.39, for a total transaction of $479,713.70. Following the transaction, the vice president now directly owns 57,280 shares in the company, valued at approximately $2,141,699.20. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Lewis A. Steverson sold 29,978 shares of Corning stock in a transaction that occurred on Wednesday, May 1st. The stock was sold at an average price of $33.05, for a total transaction of $990,772.90. Following the transaction, the executive vice president now owns 31,294 shares in the company, valued at $1,034,266.70. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 175,207 shares of company stock worth $5,876,067. 0.45% of the stock is owned by insiders.

Corning Trading Up 0.1 %

Corning stock opened at $38.42 on Friday. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.02 and a current ratio of 1.67. The firm has a market cap of $32.91 billion, a price-to-earnings ratio of 54.11, a price-to-earnings-growth ratio of 1.75 and a beta of 1.05. Corning Incorporated has a 1 year low of $25.26 and a 1 year high of $40.46. The firm’s 50 day moving average price is $36.39 and its two-hundred day moving average price is $33.31.

Corning (NYSE:GLW) last posted its quarterly earnings results on Tuesday, April 30th. The electronics maker reported $0.38 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.36 by $0.02. The firm had revenue of $2.98 billion for the quarter, compared to analyst estimates of $3.12 billion. Corning had a net margin of 4.96% and a return on equity of 12.31%. The firm’s quarterly revenue was down 11.5% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.41 earnings per share. On average, research analysts predict that Corning Incorporated will post 1.9 EPS for the current fiscal year.

Corning Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 27th. Shareholders of record on Friday, August 30th will be given a $0.28 dividend. The ex-dividend date is Thursday, August 29th. This represents a $1.12 annualized dividend and a yield of 2.92%. Corning’s dividend payout ratio (DPR) is 157.75%.

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.