SG Americas Securities LLC Buys 1,156,746 Shares of Corning Incorporated (NYSE:GLW)

SG Americas Securities LLC grew its position in Corning Incorporated (NYSE:GLW) by 3,441.4% in the first quarter, HoldingsChannel.com reports. The firm owned 1,190,359 shares of the electronics maker’s stock after acquiring an additional 1,156,746 shares during the period. SG Americas Securities LLC’s holdings in Corning were worth $54,495,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of GLW. Vanguard Group Inc. lifted its holdings in Corning by 0.9% in the 4th quarter. Vanguard Group Inc. now owns 99,903,247 shares of the electronics maker’s stock worth $4,747,402,000 after purchasing an additional 916,528 shares in the last quarter. Geode Capital Management LLC raised its position in shares of Corning by 3.0% during the fourth quarter. Geode Capital Management LLC now owns 18,470,610 shares of the electronics maker’s stock valued at $875,633,000 after buying an additional 533,686 shares during the last quarter. Northern Trust Corp raised its position in shares of Corning by 2.0% during the fourth quarter. Northern Trust Corp now owns 10,870,375 shares of the electronics maker’s stock valued at $516,560,000 after buying an additional 208,826 shares during the last quarter. Norges Bank purchased a new position in shares of Corning in the fourth quarter worth $490,933,000. Finally, Dimensional Fund Advisors LP boosted its position in shares of Corning by 0.8% during the fourth quarter. Dimensional Fund Advisors LP now owns 9,800,573 shares of the electronics maker’s stock worth $465,723,000 after acquiring an additional 78,497 shares during the last quarter. 69.80% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

GLW has been the subject of a number of research analyst reports. JPMorgan Chase & Co. cut their price objective on Corning from $62.00 to $50.00 and set an “overweight” rating for the company in a research report on Thursday, April 17th. Oppenheimer cut their price target on Corning from $58.00 to $55.00 and set an “outperform” rating for the company in a report on Wednesday, April 30th. Mizuho set a $52.00 price objective on Corning in a report on Tuesday, April 15th. Wall Street Zen downgraded Corning from a “buy” rating to a “hold” rating in a research report on Tuesday, February 25th. Finally, Citigroup reduced 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. 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, Corning currently has an average rating of “Moderate Buy” and a consensus price target of $53.08.

Insider Buying and Selling

In other Corning news, VP John Z. Zhang sold 8,000 shares of the company’s stock in a transaction 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 transaction, the vice president now owns 9,610 shares of the company’s stock, valued at $450,805.10. This represents a 45.43% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, 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 disclosure for this sale can be found here. Insiders have sold 75,796 shares of company stock valued at $3,632,635 in the last ninety days. 0.40% of the stock is owned by company insiders.

Corning Stock Performance

NYSE GLW opened at $50.93 on Tuesday. The business’s 50 day moving average price is $45.37 and its 200-day moving average price is $47.70. Corning Incorporated has a fifty-two week low of $36.58 and a fifty-two week high of $55.33. The company has a market cap of $43.62 billion, a P/E ratio of 87.81, a P/E/G ratio of 1.50 and a beta of 1.11. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.07 and a current ratio of 1.62.

Corning (NYSE:GLW) last posted its quarterly earnings data on Tuesday, April 29th. The electronics maker reported $0.54 earnings per share 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 previous year, the business posted $0.38 earnings per share. The business’s revenue was up 12.9% compared to the same quarter last year. Sell-side analysts predict that Corning Incorporated will post 2.33 earnings per share for the current year.

Corning Dividend Announcement

The company also recently declared 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. The ex-dividend date of this dividend is Friday, May 30th. This represents a $1.12 annualized dividend and a yield of 2.20%. Corning’s payout ratio is 215.38%.

Corning Company 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.