Mufg Securities Americas Inc. Acquires Shares of 11,375 Corning Incorporated (NYSE:GLW)

Mufg Securities Americas Inc. bought a new stake in Corning Incorporated (NYSE:GLW) during the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm bought 11,375 shares of the electronics maker’s stock, valued at approximately $541,000.

Other large investors have also recently modified their holdings of the company. Barclays PLC boosted its stake in Corning by 8.5% in the third quarter. Barclays PLC now owns 1,892,946 shares of the electronics maker’s stock valued at $85,468,000 after buying an additional 148,042 shares in the last quarter. Capital Investment Advisors LLC lifted its holdings in shares of Corning by 15.6% in the fourth quarter. Capital Investment Advisors LLC now owns 7,587 shares of the electronics maker’s stock worth $361,000 after acquiring an additional 1,022 shares during the last quarter. Wedmont Private Capital acquired a new stake in shares of Corning in the 4th quarter valued at approximately $210,000. Rosenberg Matthew Hamilton grew its holdings in shares of Corning by 202.4% during the 4th quarter. Rosenberg Matthew Hamilton now owns 747 shares of the electronics maker’s stock valued at $35,000 after purchasing an additional 500 shares during the last quarter. Finally, SeaCrest Wealth Management LLC increased its position in Corning by 53.8% during the 4th quarter. SeaCrest Wealth Management LLC now owns 11,871 shares of the electronics maker’s stock worth $564,000 after purchasing an additional 4,154 shares in the last quarter. Institutional investors and hedge funds own 69.80% of the company’s stock.

Corning Trading Up 1.2%

GLW opened at $47.56 on Friday. Corning Incorporated has a twelve month low of $35.01 and a twelve month high of $55.33. The company has a fifty day moving average of $44.53 and a 200-day moving average of $47.50. The stock has a market cap of $40.73 billion, a PE ratio of 82.00, a price-to-earnings-growth ratio of 1.50 and a beta of 1.09. The company has a quick ratio of 1.07, a current ratio of 1.62 and a debt-to-equity ratio of 0.62.

Corning (NYSE:GLW) last issued its quarterly earnings results on Tuesday, April 29th. The electronics maker reported $0.54 EPS for the quarter, beating analysts’ consensus estimates of $0.51 by $0.03. Corning had a net margin of 3.86% and a return on equity of 15.10%. The business had revenue of $3.68 billion for the quarter, compared to analysts’ expectations of $3.63 billion. During the same quarter in the prior year, the firm posted $0.38 earnings per share. The business’s quarterly revenue was up 12.9% compared to the same quarter last year. On average, sell-side analysts predict that Corning Incorporated will post 2.33 EPS for the current 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 paid a $0.28 dividend. The ex-dividend date is Friday, May 30th. This represents a $1.12 annualized dividend and a dividend yield of 2.35%. Corning’s dividend payout ratio is currently 215.38%.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on GLW. StockNews.com lowered shares of Corning from a “buy” rating to a “hold” rating in a research report on Tuesday, February 25th. Bank of America raised their price objective on Corning from $65.00 to $68.00 and gave the company a “buy” rating in a report on Wednesday, March 19th. Oppenheimer lowered their target price on Corning from $58.00 to $55.00 and set an “outperform” rating for the company in a report on Wednesday, April 30th. Hsbc Global Res raised Corning from a “hold” rating to a “strong-buy” rating in a research note on Thursday, January 30th. Finally, Citigroup reduced their price target on Corning from $58.00 to $50.00 and set a “buy” rating on the stock in a report on Monday, April 14th. 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 company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $53.08.

Insider Activity at Corning

In related news, SVP Michael Alan Bell sold 20,262 shares of the stock in a transaction on Wednesday, April 30th. The stock was sold at an average price of $44.06, for a total value of $892,743.72. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, VP John Z. Zhang sold 8,000 shares of the business’s stock in a transaction 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 sale, the vice president now owns 9,610 shares of the company’s stock, valued at $450,805.10. This trade represents a 45.43% decrease in their position. The disclosure for this sale can be found here. 0.40% of the stock is owned by corporate insiders.

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.