Mitsubishi UFJ Asset Management Co. Ltd. purchased a new position in shares of Corning Incorporated (NYSE:GLW – Free Report) in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund purchased 1,929,161 shares of the electronics maker’s stock, valued at approximately $492,766,000. Mitsubishi UFJ Asset Management Co. Ltd. owned 0.22% of Corning as of its most recent filing with the Securities and Exchange Commission.
Several other large investors have also added to or reduced their stakes in the company. Merit Financial Group LLC grew its holdings in Corning by 16.9% during the fourth quarter. Merit Financial Group LLC now owns 45,001 shares of the electronics maker’s stock worth $3,940,000 after acquiring an additional 6,493 shares during the period. Security National Bank boosted its position in Corning by 340.4% in the 4th quarter. Security National Bank now owns 72,523 shares of the electronics maker’s stock worth $6,350,000 after purchasing an additional 56,056 shares in the last quarter. Herbst Group LLC purchased a new stake in Corning in the 2nd quarter worth approximately $4,474,000. Principal Financial Group Inc. grew its stake in shares of Corning by 1.2% during the 1st quarter. Principal Financial Group Inc. now owns 893,451 shares of the electronics maker’s stock worth $121,483,000 after purchasing an additional 10,591 shares during the period. Finally, Wealthfront Advisers LLC increased its holdings in shares of Corning by 36.2% during the 1st quarter. Wealthfront Advisers LLC now owns 92,425 shares of the electronics maker’s stock valued at $12,567,000 after purchasing an additional 24,589 shares in the last quarter. Hedge funds and other institutional investors own 69.80% of the company’s stock.
Corning Price Performance
Corning stock opened at $173.29 on Tuesday. The stock has a market capitalization of $149.27 billion, a P/E ratio of 79.13, a P/E/G ratio of 2.12 and a beta of 1.14. The company’s fifty day moving average price is $176.54 and its 200 day moving average price is $162.37. The company has a debt-to-equity ratio of 0.59, a quick ratio of 1.24 and a current ratio of 1.81. Corning Incorporated has a 1 year low of $63.37 and a 1 year high of $271.78.
Corning Dividend Announcement
The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 29th. Investors of record on Monday, August 31st will be given a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a dividend yield of 0.6%. The ex-dividend date is Monday, August 31st. Corning’s dividend payout ratio is 51.14%.
Insider Transactions at Corning
In related news, CEO Wendell P. Weeks sold 100,000 shares of the firm’s stock in a transaction dated Tuesday, June 9th. The shares were sold at an average price of $186.46, for a total value of $18,646,000.00. Following the transaction, the chief executive officer directly owned 908,353 shares of the company’s stock, valued at approximately $169,371,500.38. This trade represents a 9.92% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, SVP Jaymin Amin sold 27,395 shares of Corning stock in a transaction dated Friday, May 22nd. The stock was sold at an average price of $192.14, for a total value of $5,263,675.30. Following the completion of the sale, the senior vice president owned 94,400 shares in the company, valued at approximately $18,138,016. The trade was a 22.49% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 0.25% of the company’s stock.
Analyst Ratings Changes
GLW has been the topic of a number of recent analyst reports. JPMorgan Chase & Co. lowered their price target on shares of Corning from $200.00 to $170.00 and set a “neutral” rating on the stock in a report on Wednesday, July 29th. Wall Street Zen cut shares of Corning from a “strong-buy” rating to a “buy” rating in a report on Sunday. Citigroup decreased their price objective on shares of Corning from $240.00 to $220.00 and set a “buy” rating for the company in a research report on Wednesday, July 29th. Weiss Ratings raised shares of Corning from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Friday, August 7th. Finally, UBS Group restated a “buy” rating and set a $196.00 target price on shares of Corning in a research report on Wednesday, July 29th. Eleven equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat, Corning currently has an average rating of “Moderate Buy” and a consensus target price of $174.08.
View Our Latest Stock Report on Corning
About Corning
Corning Incorporated is a global manufacturer specializing in specialty glass, ceramics and related materials and technologies. Headquartered in Corning, New York, the company supplies engineered materials and components used across multiple industries, including consumer electronics, telecommunications, automotive emissions control, pharmaceutical and life sciences, and industrial and scientific applications. Corning emphasizes materials science and precision manufacturing to develop durable, high-performance glass and ceramic products.
Key product lines include specialty display glass used by television and mobile-device manufacturers, cover glass marketed under well-known trade names for smartphones and tablets, and optical fiber and cable and related hardware for telecommunications networks.
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