Corning Incorporated (NYSE:GLW) Shares Purchased by Meiji Yasuda Asset Management Co Ltd.

Meiji Yasuda Asset Management Co Ltd. lifted its holdings in Corning Incorporated (NYSE:GLW) by 1.6% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 27,127 shares of the electronics maker’s stock after acquiring an additional 420 shares during the period. Meiji Yasuda Asset Management Co Ltd.’s holdings in Corning were worth $1,289,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in GLW. Quest Partners LLC purchased a new position in Corning in the third quarter valued at about $106,000. Great Valley Advisor Group Inc. grew its stake in shares of Corning by 101.5% in the third quarter. Great Valley Advisor Group Inc. now owns 11,581 shares of the electronics maker’s stock valued at $523,000 after buying an additional 5,835 shares in the last quarter. Swedbank AB lifted its position in Corning by 60.2% during the 3rd quarter. Swedbank AB now owns 38,314 shares of the electronics maker’s stock worth $1,730,000 after acquiring an additional 14,403 shares in the last quarter. Larson Financial Group LLC boosted its holdings in Corning by 905.5% in the 3rd quarter. Larson Financial Group LLC now owns 7,280 shares of the electronics maker’s stock worth $329,000 after acquiring an additional 6,556 shares during the period. Finally, Centaurus Financial Inc. acquired a new stake in Corning in the third quarter valued at approximately $514,000. Hedge funds and other institutional investors own 69.80% of the company’s stock.

Corning Trading Down 3.9 %

NYSE GLW opened at $47.07 on Thursday. The firm has a market capitalization of $40.32 billion, a PE ratio of 81.15, a price-to-earnings-growth ratio of 1.50 and a beta of 1.03. Corning Incorporated has a one year low of $30.72 and a one year high of $55.33. The company has a 50-day simple moving average of $49.97 and a 200-day simple moving average of $47.88. 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 earnings results on Wednesday, January 29th. The electronics maker reported $0.57 EPS for the quarter, beating the consensus estimate of $0.56 by $0.01. Corning had a return on equity of 15.10% and a net margin of 3.86%. On average, equities analysts forecast 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, March 28th. Stockholders of record on Friday, February 28th will be issued a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a dividend yield of 2.38%. The ex-dividend date is Friday, February 28th. Corning’s dividend payout ratio (DPR) is 193.10%.

Insider Transactions at Corning

In related news, COO Eric S. Musser sold 30,000 shares of Corning stock in a transaction dated Friday, January 31st. The shares were sold at an average price of $51.92, for a total value of $1,557,600.00. Following the sale, the chief operating officer now directly owns 152,944 shares in the company, valued at $7,940,852.48. This trade represents a 16.40 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, SVP Michael Alan Bell sold 2,209 shares of the company’s stock in a transaction dated Thursday, January 30th. The stock was sold at an average price of $49.87, for a total transaction of $110,162.83. The disclosure for this sale can be found here. Insiders own 0.40% of the company’s stock.

Analysts Set New Price Targets

GLW has been the topic of a number of recent research reports. Barclays reduced their target price on shares of Corning from $53.00 to $52.00 and set an “equal weight” rating on the stock in a research report on Wednesday, January 29th. Morgan Stanley boosted their price objective on shares of Corning from $39.00 to $48.00 and gave the stock an “equal weight” rating in a report on Tuesday, December 17th. Hsbc Global Res upgraded Corning from a “hold” rating to a “strong-buy” rating in a research note on Thursday, January 30th. StockNews.com cut Corning from a “buy” rating to a “hold” rating in a research note on Tuesday, February 25th. Finally, HSBC upgraded Corning from a “hold” rating to a “buy” rating and raised their price objective for the company from $51.00 to $60.00 in a research note on Thursday, January 30th. Four research 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 data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $54.31.

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.