Xponance Inc. Buys 5,010 Shares of Corning Incorporated (NYSE:GLW)

Xponance Inc. raised its stake in shares of Corning Incorporated (NYSE:GLW) by 4.7% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 112,517 shares of the electronics maker’s stock after acquiring an additional 5,010 shares during the period. Xponance Inc.’s holdings in Corning were worth $5,347,000 as of its most recent SEC filing.

Several other large investors have also bought and sold shares of the stock. Wellington Management Group LLP lifted its stake in Corning by 0.3% during the 3rd quarter. Wellington Management Group LLP now owns 39,225,452 shares of the electronics maker’s stock valued at $1,771,029,000 after acquiring an additional 133,214 shares in the last quarter. State Street Corp raised its stake 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 worth $1,534,337,000 after purchasing an additional 1,242,718 shares during the period. Charles Schwab Investment Management Inc. raised its stake in shares of Corning by 1.7% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 4,937,981 shares of the electronics maker’s stock worth $234,653,000 after purchasing an additional 84,905 shares during the period. Amundi raised its stake in shares of Corning by 139.0% during the 4th quarter. Amundi now owns 3,900,808 shares of the electronics maker’s stock worth $186,186,000 after purchasing an additional 2,268,436 shares during the period. Finally, FMR LLC raised its stake in shares of Corning by 52.8% during the 3rd quarter. FMR LLC now owns 3,723,044 shares of the electronics maker’s stock worth $168,095,000 after purchasing an additional 1,285,836 shares during the period. 69.80% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several brokerages recently weighed in on GLW. Morgan Stanley lifted their price objective on 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 raised Corning from a “hold” rating to a “strong-buy” rating in a report on Thursday, January 30th. HSBC raised Corning from a “hold” rating to a “buy” rating and lifted their price objective for the stock from $51.00 to $60.00 in a report on Thursday, January 30th. StockNews.com lowered Corning from a “buy” rating to a “hold” rating in a report on Tuesday, February 25th. Finally, Citigroup lifted their price objective on Corning from $55.00 to $58.00 and gave the stock a “buy” rating in a report on Tuesday, January 21st. Four investment analysts have rated the stock with a hold rating, ten have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $54.31.

Insider Transactions at Corning

In other news, SVP Michael Alan Bell sold 2,209 shares of the business’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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, COO Eric S. Musser sold 30,000 shares of the business’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 sale, the chief operating officer now owns 152,944 shares of the company’s stock, valued at $7,940,852.48. The trade was a 16.40 % decrease in their position. The disclosure for this sale can be found here. 0.45% of the stock is owned by insiders.

Corning Stock Up 3.3 %

GLW stock opened at $48.84 on Thursday. 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 market capitalization of $41.83 billion, a PE ratio of 84.20, a PEG ratio of 1.50 and a beta of 1.03. Corning Incorporated has a twelve month low of $30.72 and a twelve month high of $55.33. The stock has a 50-day simple moving average of $49.86 and a two-hundred day simple moving average of $47.62.

Corning (NYSE:GLW) last issued its quarterly earnings data on Wednesday, January 29th. The electronics maker reported $0.57 EPS for the quarter, topping 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 predict that Corning Incorporated will post 2.33 EPS for the current fiscal year.

Corning Dividend Announcement

The firm also recently disclosed 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 2.29%. The ex-dividend date is Friday, February 28th. Corning’s payout ratio is 193.10%.

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.