Bank of New York Mellon Corp grew its stake in Corning Incorporated (NYSE:GLW – Get Rating) by 3.3% during the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 9,327,102 shares of the electronics maker’s stock after acquiring an additional 299,852 shares during the quarter. Bank of New York Mellon Corp owned about 1.10% of Corning worth $270,672,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also made changes to their positions in the company. Bank of Montreal Can lifted its position in shares of Corning by 72.5% in the third quarter. Bank of Montreal Can now owns 1,133,923 shares of the electronics maker’s stock valued at $33,810,000 after acquiring an additional 476,621 shares in the last quarter. Ontario Teachers Pension Plan Board purchased a new position in Corning during the third quarter worth about $241,000. DNB Asset Management AS lifted its position in Corning by 0.9% during the third quarter. DNB Asset Management AS now owns 124,532 shares of the electronics maker’s stock worth $3,614,000 after buying an additional 1,094 shares during the period. Girard Partners LTD. lifted its position in Corning by 12.6% during the third quarter. Girard Partners LTD. now owns 26,177 shares of the electronics maker’s stock worth $759,000 after buying an additional 2,936 shares during the period. Finally, Hexagon Capital Partners LLC lifted its position in Corning by 17.2% during the third quarter. Hexagon Capital Partners LLC now owns 4,597 shares of the electronics maker’s stock worth $133,000 after buying an additional 676 shares during the period. 67.79% of the stock is currently owned by hedge funds and other institutional investors.
Corning Price Performance
GLW stock opened at $33.33 on Friday. The company has a debt-to-equity ratio of 0.54, a quick ratio of 0.88 and a current ratio of 1.44. Corning Incorporated has a 1 year low of $28.98 and a 1 year high of $38.71. The firm has a market cap of $28.22 billion, a P/E ratio of 21.64, a price-to-earnings-growth ratio of 2.31 and a beta of 1.07. The stock has a 50-day simple moving average of $35.15 and a 200-day simple moving average of $33.37.
Corning Increases Dividend
The business also recently announced a quarterly dividend, which will be paid on Thursday, March 30th. Stockholders of record on Tuesday, February 28th will be paid a $0.28 dividend. The ex-dividend date of this dividend is Monday, February 27th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 3.36%. This is a positive change from Corning’s previous quarterly dividend of $0.27. Corning’s dividend payout ratio (DPR) is 72.73%.
Insider Activity
In other Corning news, insider Li Fang sold 19,909 shares of the firm’s stock in a transaction that occurred on Tuesday, March 7th. The stock was sold at an average price of $35.17, for a total transaction of $700,199.53. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other Corning news, insider Li Fang sold 19,909 shares of the firm’s stock in a transaction that occurred on Tuesday, March 7th. The stock was sold at an average price of $35.17, for a total transaction of $700,199.53. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP John Z. Zhang sold 4,655 shares of the firm’s stock in a transaction that occurred on Friday, February 3rd. The shares were sold at an average price of $36.00, for a total value of $167,580.00. Following the sale, the vice president now owns 5,744 shares of the company’s stock, valued at approximately $206,784. The disclosure for this sale can be found here. Insiders own 0.36% of the company’s stock.
Wall Street Analyst Weigh In
Several equities analysts recently weighed in on GLW shares. Credit Suisse Group reduced their target price on Corning from $41.00 to $40.00 and set an “outperform” rating on the stock in a research report on Wednesday, February 1st. Morgan Stanley reduced their target price on Corning from $36.00 to $35.00 and set an “equal weight” rating on the stock in a research report on Tuesday, December 13th. UBS Group increased their target price on Corning from $37.00 to $40.00 and gave the stock a “buy” rating in a research report on Wednesday, January 11th. JPMorgan Chase & Co. reduced their target price on Corning from $44.00 to $40.00 and set an “overweight” rating on the stock in a research report on Tuesday, December 20th. Finally, StockNews.com initiated coverage on Corning in a report on Thursday. They issued a “hold” rating on the stock. Six research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $37.78.
About Corning
Corning, Inc engages in the provision of glass for notebook computers, flat panel desktop monitors, display televisions, and other information display applications, carrier network and enterprise network products for the telecommunications industry, ceramic substrates for gasoline and diesel engines in automotive and heavy-duty vehicle markets, laboratory products for the scientific community and polymer products for biotechnology applications, optical materials for the semiconductor industry and the scientific community, and polycrystalline silicon products and other technologies.
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