Alight Capital Management LP Invests $3.80 Million in Corning Incorporated (NYSE:GLW)

Alight Capital Management LP bought a new position in shares of Corning Incorporated (NYSE:GLW - Free Report) in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund bought 80,000 shares of the electronics maker's stock, valued at approximately $3,802,000. Corning comprises approximately 1.2% of Alight Capital Management LP's portfolio, making the stock its 27th biggest position.

Several other large investors have also made changes to their positions in the company. Norges Bank acquired a new position in Corning during the 4th quarter valued at about $490,933,000. Amundi lifted its holdings in Corning by 139.0% in the fourth quarter. Amundi now owns 3,900,808 shares of the electronics maker's stock valued at $186,186,000 after buying an additional 2,268,436 shares during the period. Mariner LLC grew its holdings in Corning by 134.0% during the 4th quarter. Mariner LLC now owns 3,869,358 shares of the electronics maker's stock worth $183,867,000 after acquiring an additional 2,215,840 shares during the period. Raymond James Financial Inc. acquired a new stake in Corning during the 4th quarter worth $92,522,000. Finally, Appaloosa LP bought a new stake in shares of Corning during the 4th quarter valued at $71,280,000. Institutional investors and hedge funds own 69.80% of the company's stock.

Corning Stock Down 0.8 %

Shares of NYSE GLW traded down $0.35 during midday trading on Monday, reaching $45.41. The company's stock had a trading volume of 3,135,276 shares, compared to its average volume of 5,959,280. Corning Incorporated has a fifty-two week low of $32.92 and a fifty-two week high of $55.33. The stock has a 50 day simple moving average of $44.79 and a 200-day simple moving average of $47.56. The stock has a market capitalization of $38.91 billion, a price-to-earnings ratio of 78.29, a PEG ratio of 1.50 and a beta of 1.09. The company has a current ratio of 1.62, a quick ratio of 1.07 and a debt-to-equity ratio of 0.62.

Corning (NYSE:GLW - Get Free Report) last posted its quarterly earnings data on Tuesday, April 29th. The electronics maker reported $0.54 EPS for the quarter, topping analysts' consensus estimates of $0.51 by $0.03. Corning had a net margin of 3.86% and a return on equity of 15.10%. The company had revenue of $3.68 billion during the quarter, compared to the consensus estimate of $3.63 billion. During the same period in the prior year, the business posted $0.38 EPS. The company's quarterly revenue was up 12.9% on a year-over-year basis. Equities research analysts predict that Corning Incorporated will post 2.33 earnings per share for the current year.

Corning Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 27th. Stockholders of record on Friday, May 30th will be issued a $0.28 dividend. This represents a $1.12 annualized dividend and a dividend yield of 2.47%. The ex-dividend date of this dividend is Friday, May 30th. Corning's payout ratio is presently 215.38%.

Analyst Ratings Changes

A number of equities research analysts recently commented on GLW shares. Hsbc Global Res raised Corning from a "hold" rating to a "strong-buy" rating in a research note on Thursday, January 30th. HSBC raised Corning from a "hold" rating to a "buy" rating and upped their price target for the company from $51.00 to $60.00 in a research note on Thursday, January 30th. StockNews.com lowered shares of Corning from a "buy" rating to a "hold" rating in a research note on Tuesday, February 25th. Bank of America upped their target price on shares of Corning from $65.00 to $68.00 and gave the company a "buy" rating in a research note on Wednesday, March 19th. Finally, Citigroup reduced their price target on shares of Corning from $58.00 to $50.00 and set a "buy" rating on the stock in a research report on Monday, April 14th. Four equities research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $53.08.

Insider Buying and Selling

In other news, SVP Michael Alan Bell sold 20,262 shares of the business's stock in a transaction dated Wednesday, April 30th. The shares were sold at an average price of $44.06, for a total transaction of $892,743.72. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. 0.40% of the stock is owned by corporate insiders.

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.