Point72 Hong Kong Ltd Grows Stake in Corning Incorporated (NYSE:GLW)

Point72 Hong Kong Ltd grew its holdings in shares of Corning Incorporated (NYSE:GLW) by 396.7% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The fund owned 375,254 shares of the electronics maker’s stock after buying an additional 299,697 shares during the quarter. Corning accounts for about 1.1% of Point72 Hong Kong Ltd’s investment portfolio, making the stock its 22nd biggest position. Point72 Hong Kong Ltd’s holdings in Corning were worth $17,832,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in GLW. Fifth Third Bancorp increased its holdings in shares of Corning by 16.8% in the 4th quarter. Fifth Third Bancorp now owns 111,448 shares of the electronics maker’s stock valued at $5,296,000 after acquiring an additional 16,001 shares during the period. New Century Financial Group LLC purchased a new stake in shares of Corning in the 4th quarter valued at $1,110,000. Oak Thistle LLC acquired a new stake in Corning during the 4th quarter worth about $373,000. Tallon Kerry Patrick acquired a new position in Corning in the fourth quarter valued at approximately $302,000. Finally, Barclays PLC boosted its holdings in Corning by 8.5% during the third quarter. Barclays PLC now owns 1,892,946 shares of the electronics maker’s stock worth $85,468,000 after buying an additional 148,042 shares in the last quarter. 69.80% of the stock is owned by hedge funds and other institutional investors.

Corning Stock Performance

Shares of GLW opened at $46.96 on Thursday. Corning Incorporated has a one year low of $34.87 and a one year high of $55.33. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.62 and a quick ratio of 1.07. The stock has a market cap of $40.22 billion, a price-to-earnings ratio of 80.97, a PEG ratio of 1.50 and a beta of 1.09. The company has a 50-day moving average of $44.48 and a two-hundred day moving average of $47.50.

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

Corning Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 27th. Shareholders of record on Friday, May 30th will be issued a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a yield of 2.39%. The ex-dividend date of this dividend is Friday, May 30th. Corning’s payout ratio is 215.38%.

Analyst Ratings Changes

GLW has been the subject of several research reports. Mizuho set a $52.00 price objective on shares of Corning in a research note on Tuesday, April 15th. Barclays cut their target price on shares of Corning from $53.00 to $52.00 and set an “equal weight” rating on the stock in a research note on Wednesday, January 29th. Citigroup dropped their price objective on Corning from $58.00 to $50.00 and set a “buy” rating on the stock in a report on Monday, April 14th. Oppenheimer cut their price target on shares of Corning from $58.00 to $55.00 and set an “outperform” rating on the stock in a research note on Wednesday, April 30th. Finally, Bank of America upped their price target on shares of Corning from $65.00 to $68.00 and gave the company a “buy” rating in a research report on Wednesday, March 19th. Four analysts have rated the stock with a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $53.08.

Insiders Place Their Bets

In related news, SVP Michael Alan Bell sold 20,262 shares of Corning stock in a transaction on Wednesday, April 30th. The stock was sold at an average price of $44.06, for a total transaction of $892,743.72. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP John Z. Zhang sold 8,000 shares of the company’s stock in a transaction that occurred on Monday, May 12th. The shares were sold at an average price of $46.91, for a total transaction of $375,280.00. Following the completion of the sale, the vice president now directly owns 9,610 shares of the company’s stock, valued at $450,805.10. The trade was a 45.43% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.40% of the company’s stock.

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.