Arrowpoint Investment Partners Singapore Pte. Ltd. Invests $555,000 in Corning Incorporated (NYSE:GLW)

Arrowpoint Investment Partners Singapore Pte. Ltd. bought a new position in shares of Corning Incorporated (NYSE:GLW) during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm bought 11,682 shares of the electronics maker’s stock, valued at approximately $555,000.

Several other institutional investors have also recently added to or reduced their stakes in the business. Sound Income Strategies LLC increased its position in shares of Corning by 76.7% during the fourth quarter. Sound Income Strategies LLC now owns 523 shares of the electronics maker’s stock worth $25,000 after purchasing an additional 227 shares in the last quarter. Sierra Ocean LLC purchased a new position in Corning during the 4th quarter worth approximately $25,000. Asset Planning Inc acquired a new position in Corning during the fourth quarter worth approximately $29,000. Mainstream Capital Management LLC purchased a new stake in Corning in the fourth quarter valued at approximately $35,000. Finally, JFS Wealth Advisors LLC boosted its holdings in shares of Corning by 171.8% in the fourth quarter. JFS Wealth Advisors LLC now owns 810 shares of the electronics maker’s stock valued at $38,000 after acquiring an additional 512 shares during the period. Hedge funds and other institutional investors own 69.80% of the company’s stock.

Wall Street Analyst Weigh In

GLW has been the topic of a number of recent research reports. Hsbc Global Res raised shares of Corning from a “hold” rating to a “strong-buy” rating in a report on Thursday, January 30th. HSBC raised shares of Corning from a “hold” rating to a “buy” rating and raised their price objective for the stock from $51.00 to $60.00 in a research report on Thursday, January 30th. Oppenheimer reduced their target price on shares of Corning from $58.00 to $55.00 and set an “outperform” rating for the company in a report on Wednesday, April 30th. Citigroup decreased their target price on shares of Corning from $58.00 to $50.00 and set a “buy” rating for the company in a research note on Monday, April 14th. Finally, Bank of America raised their price target on Corning from $65.00 to $68.00 and gave the stock a “buy” rating in a report on Wednesday, March 19th. 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 company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $53.08.

Insiders Place Their Bets

In other news, SVP Michael Alan Bell sold 20,262 shares of the business’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 transaction of $892,743.72. The sale was disclosed in a document filed with the SEC, which is available at 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 stock was sold at an average price of $46.91, for a total value of $375,280.00. Following the completion of the sale, the vice president now owns 9,610 shares in the company, valued at approximately $450,805.10. This represents a 45.43% decrease in their position. The disclosure for this sale can be found here. 0.40% of the stock is currently owned by company insiders.

Corning Trading Down 0.4%

NYSE GLW opened at $47.94 on Wednesday. The company has a quick ratio of 1.07, a current ratio of 1.62 and a debt-to-equity ratio of 0.62. The stock has a market capitalization of $41.06 billion, a P/E ratio of 82.66, a P/E/G ratio of 1.50 and a beta of 1.09. Corning Incorporated has a 52-week low of $35.40 and a 52-week high of $55.33. The firm has a 50-day moving average price of $44.70 and a 200 day moving average price of $47.50.

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

Corning Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 27th. Investors 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 2.34%. The ex-dividend date of this dividend is Friday, May 30th. Corning’s dividend payout ratio is presently 215.38%.

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.