Corning Incorporated (NYSE:GLW) Shares Acquired by Sumitomo Mitsui Trust Holdings Inc.

Posted by Defense World Staff on Apr 14th, 2023

Sumitomo Mitsui Trust Holdings Inc. grew its stake in Corning Incorporated (NYSE:GLW – Get Rating) by 1.3% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 2,315,447 shares of the electronics maker’s stock after buying an additional 30,293 shares during the quarter. Sumitomo Mitsui Trust Holdings Inc. owned 0.27% of Corning worth $73,955,000 as of its most recent SEC filing.

A number of other large investors also recently bought and sold shares of the business. Capital Financial Services LLC raised its holdings in Corning by 2.9% in the 3rd quarter. Capital Financial Services LLC now owns 10,525 shares of the electronics maker’s stock worth $305,000 after purchasing an additional 300 shares during the period. Buffington Mohr McNeal raised its holdings in Corning by 0.9% in the 4th quarter. Buffington Mohr McNeal now owns 33,604 shares of the electronics maker’s stock worth $1,073,000 after purchasing an additional 300 shares during the period. Argus Investors Counsel Inc. raised its holdings in Corning by 0.7% in the 4th quarter. Argus Investors Counsel Inc. now owns 41,867 shares of the electronics maker’s stock worth $1,337,000 after purchasing an additional 301 shares during the period. Hexagon Capital Partners LLC raised its holdings in Corning by 6.6% in the 4th quarter. Hexagon Capital Partners LLC now owns 4,902 shares of the electronics maker’s stock worth $157,000 after purchasing an additional 305 shares during the period. Finally, Toroso Investments LLC raised its holdings in Corning by 0.9% in the 3rd quarter. Toroso Investments LLC now owns 33,331 shares of the electronics maker’s stock worth $967,000 after purchasing an additional 306 shares during the period. Institutional investors and hedge funds own 67.79% of the company’s stock.

Corning Price Performance

GLW stock opened at $34.93 on Friday. The company has a debt-to-equity ratio of 0.54, a current ratio of 1.44 and a quick ratio of 0.88. The business has a 50 day simple moving average of $34.40 and a 200-day simple moving average of $33.53. The firm has a market capitalization of $29.59 billion, a PE ratio of 22.68, a price-to-earnings-growth ratio of 2.35 and a beta of 1.07. Corning Incorporated has a 1 year low of $28.98 and a 1 year high of $37.73.

Corning (NYSE:GLW – Get Rating) last posted its quarterly earnings results on Tuesday, January 31st. The electronics maker reported $0.47 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.44 by $0.03. The business had revenue of $3.63 billion during the quarter, compared to analyst estimates of $3.54 billion. Corning had a return on equity of 14.82% and a net margin of 9.27%. The business’s revenue was down 2.2% compared to the same quarter last year. During the same period in the prior year, the business earned $0.54 earnings per share. Equities research analysts anticipate that Corning Incorporated will post 2.01 earnings per share for the current fiscal year.

Corning Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, March 30th. Investors of record on Tuesday, February 28th were given a $0.28 dividend. This represents a $1.12 annualized dividend and a yield of 3.21%. This is a positive change from Corning’s previous quarterly dividend of $0.27. The ex-dividend date was Monday, February 27th. Corning’s dividend payout ratio is presently 72.73%.

Insider Buying and Selling

In related news, insider Li Fang sold 19,909 shares of the stock in a transaction that occurred on Tuesday, March 7th. The stock was sold at an average price of $35.17, for a total value of $700,199.53. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other Corning news, VP John Z. Zhang sold 4,655 shares of the company’s stock in a transaction on Friday, February 3rd. The stock was sold at an average price of $36.00, for a total transaction of $167,580.00. Following the transaction, the vice president now directly owns 5,744 shares in the company, valued at $206,784. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Li Fang sold 19,909 shares of the company’s stock in a transaction on Tuesday, March 7th. The stock was sold at an average price of $35.17, for a total value of $700,199.53. The disclosure for this sale can be found here. 0.40% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on GLW. StockNews.com assumed coverage on Corning in a report on Thursday, March 16th. They issued a “hold” rating for the company. Susquehanna increased their target price on Corning from $39.00 to $40.00 and gave the company a “positive” rating in a report on Thursday, February 2nd. Credit Suisse Group reduced their target price on Corning from $41.00 to $40.00 and set an “outperform” rating for the company in a report on Wednesday, February 1st. UBS Group increased their target price on Corning from $37.00 to $40.00 and gave the company a “buy” rating in a report on Wednesday, January 11th. Finally, Deutsche Bank Aktiengesellschaft raised Corning from a “hold” rating to a “buy” rating and increased their target price for the company from $35.00 to $38.00 in a report on Monday, March 27th. Five investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat, Corning has a consensus rating of “Moderate Buy” and a consensus price target of $38.11.

Corning Company Profile

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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.