Optiver Holding B.V. Buys Shares of 2,691 Corning Incorporated (NYSE:GLW)

Optiver Holding B.V. bought a new stake in shares of Corning Incorporated (NYSE:GLW) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm bought 2,691 shares of the electronics maker’s stock, valued at approximately $128,000.

A number of other institutional investors have also added to or reduced their stakes in the business. Vanguard Group Inc. increased its position in Corning by 0.9% during the 4th quarter. Vanguard Group Inc. now owns 99,903,247 shares of the electronics maker’s stock valued at $4,747,402,000 after purchasing an additional 916,528 shares during the period. Geode Capital Management LLC increased its position in Corning by 3.0% during the 4th quarter. Geode Capital Management LLC now owns 18,470,610 shares of the electronics maker’s stock valued at $875,633,000 after purchasing an additional 533,686 shares during the period. Norges Bank purchased a new position in Corning during the 4th quarter valued at about $490,933,000. Dimensional Fund Advisors LP increased its position in Corning by 0.8% during the 4th quarter. Dimensional Fund Advisors LP now owns 9,800,573 shares of the electronics maker’s stock valued at $465,723,000 after purchasing an additional 78,497 shares during the period. Finally, Invesco Ltd. increased its position in Corning by 5.1% during the 4th quarter. Invesco Ltd. now owns 6,048,735 shares of the electronics maker’s stock valued at $287,436,000 after purchasing an additional 293,713 shares during the period. Hedge funds and other institutional investors own 69.80% of the company’s stock.

Insider Activity

In related news, COO Eric S. Musser sold 30,000 shares of Corning stock in a transaction that occurred on 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 completion of the sale, the chief operating officer now owns 152,944 shares in the company, valued at approximately $7,940,852.48. This trade represents a 16.40 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Michael Alan Bell sold 2,209 shares of Corning stock in a transaction that occurred on Thursday, January 30th. The shares were 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. Corporate insiders own 0.40% of the company’s stock.

Corning Stock Down 0.3 %

GLW stock opened at $44.06 on Tuesday. The firm has a market cap of $37.75 billion, a PE ratio of 75.97, a PEG ratio of 1.50 and a beta of 1.03. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.07 and a current ratio of 1.62. The firm’s 50 day moving average price is $45.28 and its 200-day moving average price is $47.60. Corning Incorporated has a one year low of $31.37 and a one year high of $55.33.

Corning (NYSE:GLW) last released its quarterly 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 net margin of 3.86% and a return on equity of 15.10%. On average, equities research analysts anticipate that Corning Incorporated will post 2.33 EPS for the current year.

Corning Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, March 28th. Stockholders of record on Friday, February 28th were given a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a dividend yield of 2.54%. The ex-dividend date was Friday, February 28th. Corning’s payout ratio is presently 193.10%.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on the stock. Hsbc Global Res upgraded shares of Corning from a “hold” rating to a “strong-buy” rating in a report on Thursday, January 30th. Mizuho set a $52.00 price objective on shares of Corning in a research note on Tuesday, April 15th. Citigroup decreased their price objective on shares of Corning from $58.00 to $50.00 and set a “buy” rating for the company in a research note on Monday, April 14th. 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. Finally, Bank of America boosted their price target on shares of Corning from $65.00 to $68.00 and gave the stock a “buy” rating in a report on Wednesday, March 19th. Four equities 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. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $53.31.

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.