Corning Incorporated (NYSE:GLW) Shares Sold by Point72 Asia Singapore Pte. Ltd.

Point72 Asia Singapore Pte. Ltd. lowered its position in shares of Corning Incorporated (NYSE:GLW) by 90.9% in the fourth quarter, according to the company in its most recent filing with the SEC. The firm owned 1,041 shares of the electronics maker’s stock after selling 10,348 shares during the quarter. Point72 Asia Singapore Pte. Ltd.’s holdings in Corning were worth $49,000 at the end of the most recent reporting period.

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

Insiders Place Their Bets

In other Corning news, VP John Z. Zhang sold 8,000 shares of the firm’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 value of $375,280.00. Following the transaction, the vice president now directly 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 transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, 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 value of $892,743.72. The disclosure for this sale can be found here. 0.40% of the stock is currently owned by corporate insiders.

Corning Stock Up 1.4%

GLW stock opened at $48.25 on Monday. Corning Incorporated has a 52 week low of $35.30 and a 52 week high of $55.33. 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 firm has a 50-day simple moving average of $44.60 and a 200-day simple moving average of $47.49. The stock has a market capitalization of $41.33 billion, a P/E ratio of 83.19, a P/E/G ratio of 1.50 and a beta of 1.09.

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

Corning Announces Dividend

The company 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 $0.28 dividend. The ex-dividend date of this dividend is Friday, May 30th. This represents a $1.12 dividend on an annualized basis and a yield of 2.32%. Corning’s payout ratio is currently 215.38%.

Analysts Set New Price Targets

Several equities research analysts have commented on GLW shares. StockNews.com lowered shares of Corning from a “buy” rating to a “hold” rating in a report on Tuesday, February 25th. Mizuho set a $52.00 target price on Corning in a research note on Tuesday, April 15th. Bank of America lifted their price target on Corning from $65.00 to $68.00 and gave the company a “buy” rating in a research report on Wednesday, March 19th. Barclays lowered their price objective on Corning from $53.00 to $52.00 and set an “equal weight” rating on the stock in a research report on Wednesday, January 29th. Finally, HSBC raised shares of Corning from a “hold” rating to a “buy” rating and lifted their target price for the company from $51.00 to $60.00 in a report on Thursday, January 30th. Four research analysts have rated the stock with a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, Corning presently has an average rating of “Moderate Buy” and an average price target of $53.08.

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.