UniSuper Management Pty Ltd Buys 11,637 Shares of Corning Incorporated (NYSE:GLW)

UniSuper Management Pty Ltd raised its position in shares of Corning Incorporated (NYSE:GLW) by 19.9% in the fourth quarter, according to its most recent filing with the SEC. The firm owned 70,154 shares of the electronics maker’s stock after purchasing an additional 11,637 shares during the quarter. UniSuper Management Pty Ltd’s holdings in Corning were worth $3,334,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in the company. Amundi raised its stake in Corning by 139.0% during the fourth quarter. Amundi now owns 3,900,808 shares of the electronics maker’s stock worth $186,186,000 after buying an additional 2,268,436 shares during the last quarter. Raymond James Financial Inc. bought a new position in shares of Corning in the 4th quarter worth about $92,522,000. Appaloosa LP bought a new position in shares of Corning in the 4th quarter worth about $71,280,000. FMR LLC lifted its stake in shares of Corning by 52.8% in the 3rd quarter. FMR LLC now owns 3,723,044 shares of the electronics maker’s stock valued at $168,095,000 after purchasing an additional 1,285,836 shares during the period. Finally, State Street Corp boosted its position in shares of Corning by 3.8% during the 3rd quarter. State Street Corp now owns 33,983,090 shares of the electronics maker’s stock valued at $1,534,337,000 after purchasing an additional 1,242,718 shares in the last quarter. Institutional investors own 69.80% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on the company. Morgan Stanley lifted their target price on Corning from $39.00 to $48.00 and gave the stock an “equal weight” rating in a report on Tuesday, December 17th. Bank of America boosted their target price on shares of Corning from $65.00 to $68.00 and gave the company a “buy” rating in a research report on Wednesday, March 19th. Barclays reduced their price target on shares of Corning from $53.00 to $52.00 and set an “equal weight” rating for the company in a report on Wednesday, January 29th. HSBC raised shares of Corning from a “hold” rating to a “buy” rating and lifted their price target for the company from $51.00 to $60.00 in a research note on Thursday, January 30th. Finally, Hsbc Global Res upgraded Corning from a “hold” rating to a “strong-buy” rating in a research note on Thursday, January 30th. Four investment 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. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $54.31.

Corning Stock Down 1.4 %

GLW stock opened at $45.91 on Friday. The firm has a market capitalization of $39.33 billion, a PE ratio of 79.16, a P/E/G ratio of 1.50 and a beta of 1.03. The company has a quick ratio of 1.07, a current ratio of 1.62 and a debt-to-equity ratio of 0.62. Corning Incorporated has a twelve month low of $30.72 and a twelve month high of $55.33. The stock’s 50 day moving average is $49.84 and its 200-day moving average is $47.90.

Corning (NYSE:GLW) last issued its quarterly earnings data on Wednesday, January 29th. The electronics maker reported $0.57 earnings per share 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%. Sell-side analysts expect that Corning Incorporated will post 2.33 EPS for the current fiscal year.

Corning Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 28th. Shareholders of record on Friday, February 28th were given a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a yield of 2.44%. The ex-dividend date of this dividend was Friday, February 28th. Corning’s payout ratio is 193.10%.

Insider Buying and Selling at Corning

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

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.