UniSuper Management Pty Ltd Has $3.33 Million Stock Holdings in Corning Incorporated (NYSE:GLW)

UniSuper Management Pty Ltd raised its stake in Corning Incorporated (NYSE:GLW) by 19.9% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 70,154 shares of the electronics maker’s stock after purchasing an additional 11,637 shares during the period. UniSuper Management Pty Ltd’s holdings in Corning were worth $3,334,000 at the end of the most recent quarter.

Several other large investors also recently modified their holdings of GLW. Sound Income Strategies LLC grew its stake in Corning by 76.7% in the 4th quarter. Sound Income Strategies LLC now owns 523 shares of the electronics maker’s stock valued at $25,000 after buying an additional 227 shares during the last quarter. Sierra Ocean LLC acquired a new position in shares of Corning in the fourth quarter valued at approximately $25,000. Asset Planning Inc bought a new position in shares of Corning during the fourth quarter worth approximately $29,000. Rosenberg Matthew Hamilton lifted its holdings in Corning by 202.4% during the 4th quarter. Rosenberg Matthew Hamilton now owns 747 shares of the electronics maker’s stock worth $35,000 after purchasing an additional 500 shares during the last quarter. Finally, Mainstream Capital Management LLC bought a new stake in Corning in the 4th quarter valued at $35,000. 69.80% of the stock is owned by institutional investors.

Corning Stock Performance

Corning stock opened at $45.91 on Friday. 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 stock has a market cap of $39.33 billion, a PE ratio of 79.16, a P/E/G ratio of 1.50 and a beta of 1.03. Corning Incorporated has a 12-month low of $30.72 and a 12-month high of $55.33. The business’s 50-day moving average price is $49.84 and its two-hundred day moving average price is $47.90.

Corning (NYSE:GLW) last announced its quarterly earnings results on Wednesday, January 29th. The electronics maker reported $0.57 earnings per share (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%. As a group, analysts expect that Corning Incorporated will post 2.33 earnings per share for the current fiscal year.

Corning Announces Dividend

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

Insider Activity at Corning

In related news, SVP Michael Alan Bell sold 2,209 shares of the firm’s stock in a transaction that occurred on Thursday, January 30th. The shares were sold at an average price of $49.87, for a total value of $110,162.83. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 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 transaction 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. The trade was a 16.40 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.40% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

GLW has been the subject of a number of research reports. Bank of America lifted their target price on Corning from $65.00 to $68.00 and gave the stock a “buy” rating in a report on Wednesday, March 19th. HSBC upgraded shares of 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 research note on Thursday, January 30th. Morgan Stanley increased their target price on shares of Corning from $39.00 to $48.00 and gave the stock an “equal weight” rating in a research report on Tuesday, December 17th. Hsbc Global Res upgraded shares of Corning from a “hold” rating to a “strong-buy” rating in a research report on Thursday, January 30th. Finally, StockNews.com downgraded Corning from a “buy” rating to a “hold” rating in a research report on Tuesday, February 25th. Four research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $54.31.

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.