Point72 Asia Singapore Pte. Ltd. Buys New Shares in Corning Incorporated (NYSE:GLW)

Point72 Asia Singapore Pte. Ltd. bought a new position in shares of Corning Incorporated (NYSE:GLW) during the third quarter, HoldingsChannel reports. The firm bought 11,389 shares of the electronics maker’s stock, valued at approximately $514,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. City Holding Co. grew its holdings in shares of Corning by 545.5% during the 3rd quarter. City Holding Co. now owns 710 shares of the electronics maker’s stock worth $32,000 after purchasing an additional 600 shares in the last quarter. Accordant Advisory Group Inc acquired a new stake in Corning during the second quarter worth $39,000. Cassady Schiller Wealth Management LLC bought a new stake in Corning in the 3rd quarter valued at $39,000. RPg Family Wealth Advisory LLC acquired a new position in shares of Corning in the 3rd quarter valued at $40,000. Finally, Global Trust Asset Management LLC lifted its holdings in shares of Corning by 2,250.0% during the 3rd quarter. Global Trust Asset Management LLC now owns 940 shares of the electronics maker’s stock worth $42,000 after acquiring an additional 900 shares during the period. 69.80% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on GLW shares. StockNews.com cut shares of Corning from a “buy” rating to a “hold” rating in a research note on Tuesday, November 26th. Barclays upped their price objective on Corning from $40.00 to $53.00 and gave the company an “equal weight” rating in a research note on Tuesday, October 29th. Susquehanna raised their target price on Corning from $46.00 to $55.00 and gave the stock a “positive” rating in a research report on Friday, September 20th. Deutsche Bank Aktiengesellschaft upped their price target on Corning from $49.00 to $54.00 and gave the company a “buy” rating in a research report on Wednesday, October 30th. Finally, Oppenheimer reissued an “outperform” rating and set a $58.00 price objective (up from $51.00) on shares of Corning in a report on Wednesday, October 30th. Six research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat.com, Corning currently has a consensus rating of “Moderate Buy” and an average price target of $50.08.

Corning Trading Up 1.2 %

GLW opened at $49.24 on Tuesday. Corning Incorporated has a 1-year low of $28.30 and a 1-year high of $51.03. The stock has a market capitalization of $42.16 billion, a PE ratio of 289.65, a PEG ratio of 1.56 and a beta of 1.03. The company has a current ratio of 1.66, a quick ratio of 1.05 and a debt-to-equity ratio of 0.62. The firm has a 50-day moving average price of $46.87 and a two-hundred day moving average price of $42.66.

Corning (NYSE:GLW) last issued its quarterly earnings results on Tuesday, October 29th. The electronics maker reported $0.54 earnings per share for the quarter, beating analysts’ consensus estimates of $0.53 by $0.01. The business had revenue of $3.39 billion during the quarter, compared to analyst estimates of $3.72 billion. Corning had a net margin of 1.24% and a return on equity of 13.45%. Corning’s revenue for the quarter was up 6.9% compared to the same quarter last year. During the same quarter last year, the business posted $0.45 earnings per share. As a group, equities analysts anticipate that Corning Incorporated will post 1.95 earnings per share for the current fiscal year.

Corning Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, December 13th. Investors of record on Friday, November 15th will be issued a $0.28 dividend. This represents a $1.12 annualized dividend and a yield of 2.27%. The ex-dividend date is Friday, November 15th. Corning’s dividend payout ratio is 658.82%.

Insider Buying and Selling

In other Corning news, SVP John P. Bayne, Jr. sold 8,876 shares of Corning stock in a transaction on Monday, November 25th. The shares were sold at an average price of $49.09, for a total transaction of $435,722.84. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, SVP John P. Bayne, Jr. sold 5,000 shares of the company’s stock in a transaction on Friday, November 22nd. The shares were sold at an average price of $48.39, for a total transaction of $241,950.00. Following the sale, the senior vice president now owns 6,700 shares of the company’s stock, valued at $324,213. The trade was a 42.74 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.45% 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.