Bayesian Capital Management LP Has $6.11 Million Holdings in Corning Incorporated (NYSE:GLW)

Bayesian Capital Management LP lifted its stake in shares of Corning Incorporated (NYSE:GLW) by 165.7% during the fourth quarter, Holdings Channel.com reports. The firm owned 128,600 shares of the electronics maker’s stock after buying an additional 80,200 shares during the period. Corning accounts for approximately 0.7% of Bayesian Capital Management LP’s holdings, making the stock its 12th largest position. Bayesian Capital Management LP’s holdings in Corning were worth $6,111,000 as of its most recent SEC filing.

Other large investors have also recently bought and sold shares of the company. Barclays PLC raised its position in shares of Corning by 8.5% during the 3rd quarter. Barclays PLC now owns 1,892,946 shares of the electronics maker’s stock valued at $85,468,000 after acquiring an additional 148,042 shares during the last quarter. World Investment Advisors LLC increased its holdings in Corning by 327.3% in the third quarter. World Investment Advisors LLC now owns 24,087 shares of the electronics maker’s stock valued at $1,088,000 after purchasing an additional 18,450 shares during the last quarter. Tidal Investments LLC lifted its stake in Corning by 15.9% in the third quarter. Tidal Investments LLC now owns 41,535 shares of the electronics maker’s stock valued at $1,875,000 after buying an additional 5,713 shares during the period. Synovus Financial Corp boosted its holdings in Corning by 65.4% during the third quarter. Synovus Financial Corp now owns 20,110 shares of the electronics maker’s stock worth $908,000 after buying an additional 7,952 shares during the last quarter. Finally, Franklin Resources Inc. grew its position in shares of Corning by 48.4% during the 3rd quarter. Franklin Resources Inc. now owns 191,648 shares of the electronics maker’s stock worth $8,975,000 after buying an additional 62,514 shares during the period. Institutional investors and hedge funds own 69.80% of the company’s stock.

Insider Activity at Corning

In other Corning news, SVP Michael Alan Bell sold 20,262 shares of the firm’s stock in a transaction that occurred on Wednesday, April 30th. The stock was sold at an average price of $44.06, for a total value of $892,743.72. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 0.40% of the stock is owned by company insiders.

Corning Stock Up 2.2 %

Shares of Corning stock opened at $45.76 on Friday. Corning Incorporated has a 52-week low of $32.92 and a 52-week high of $55.33. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.07 and a current ratio of 1.62. The business’s 50 day simple moving average is $44.79 and its 200 day simple moving average is $47.54. The firm has a market cap of $39.21 billion, a PE ratio of 78.90, a P/E/G ratio of 1.50 and a beta of 1.09.

Corning (NYSE:GLW) last announced its quarterly earnings data on Tuesday, April 29th. The electronics maker reported $0.54 EPS for the quarter, topping analysts’ consensus estimates of $0.51 by $0.03. The business had revenue of $3.68 billion for the quarter, compared to analyst estimates of $3.63 billion. Corning had a net margin of 3.86% and a return on equity of 15.10%. The firm’s revenue for the quarter was up 12.9% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.38 earnings per share. On average, analysts predict that Corning Incorporated will post 2.33 earnings per share for the current fiscal year.

Corning Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 27th. Stockholders of record on Friday, May 30th will be issued a $0.28 dividend. This represents a $1.12 annualized dividend and a dividend yield of 2.45%. The ex-dividend date of this dividend is Friday, May 30th. Corning’s payout ratio is 215.38%.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on GLW shares. Citigroup cut their price target on shares of Corning from $58.00 to $50.00 and set a “buy” rating on the stock in a research report on Monday, April 14th. Oppenheimer decreased their price target on shares of Corning from $58.00 to $55.00 and set an “outperform” rating for the company in a report on Wednesday. Mizuho set a $52.00 price objective on Corning in a research note on Tuesday, April 15th. StockNews.com cut Corning from a “buy” rating to a “hold” rating in a research note on Tuesday, February 25th. Finally, Barclays dropped their price target on Corning from $53.00 to $52.00 and set an “equal weight” rating on the stock in a research report on Wednesday, January 29th. Four research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $53.08.

Corning Profile

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.