AQR Capital Management LLC Acquires 139,120 Shares of Corning Incorporated (NYSE:GLW)

AQR Capital Management LLC lifted its stake in shares of Corning Incorporated (NYSE:GLW - Free Report) by 46.1% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 440,740 shares of the electronics maker's stock after buying an additional 139,120 shares during the quarter. AQR Capital Management LLC owned approximately 0.05% of Corning worth $20,944,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also modified their holdings of the company. Sound Income Strategies LLC lifted its position in Corning by 76.7% during the fourth quarter. Sound Income Strategies LLC now owns 523 shares of the electronics maker's stock worth $25,000 after buying an additional 227 shares during the period. Sierra Ocean LLC acquired a new stake in shares of Corning in the fourth quarter worth approximately $25,000. Asset Planning Inc acquired a new position in Corning during the fourth quarter worth approximately $29,000. Mainstream Capital Management LLC purchased a new position in shares of Corning in the 4th quarter worth $35,000. Finally, Rosenberg Matthew Hamilton boosted its holdings in Corning by 202.4% in the fourth quarter. Rosenberg Matthew Hamilton now owns 747 shares of the electronics maker's stock valued at $35,000 after acquiring an additional 500 shares during the last quarter. 69.80% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In related news, SVP Michael Alan Bell sold 20,262 shares of the stock in a transaction dated Wednesday, April 30th. The shares were sold at an average price of $44.06, for a total value of $892,743.72. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 0.40% of the company's stock.

Corning Stock Performance

Corning stock traded up $0.03 during midday trading on Friday, reaching $45.08. 2,559,577 shares of the company's stock were exchanged, compared to its average volume of 6,114,812. Corning Incorporated has a 52 week low of $34.08 and a 52 week high of $55.33. The firm has a market cap of $38.61 billion, a price-to-earnings ratio of 77.73, a P/E/G ratio of 1.50 and a beta of 1.09. The stock's 50-day simple moving average is $44.45 and its 200 day simple moving average is $47.50. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.07 and a current ratio of 1.62.

Corning (NYSE:GLW - Get Free Report) last released its quarterly earnings results on Tuesday, April 29th. The electronics maker reported $0.54 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.51 by $0.03. Corning had a net margin of 3.86% and a return on equity of 15.10%. The firm had revenue of $3.68 billion during the quarter, compared to the consensus estimate of $3.63 billion. During the same quarter last year, the firm earned $0.38 earnings per share. The company's revenue for the quarter was up 12.9% on a year-over-year basis. On average, analysts expect that Corning Incorporated will post 2.33 earnings per share for the current fiscal year.

Corning Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 27th. Investors of record on Friday, May 30th will be given a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a yield of 2.48%. The ex-dividend date is Friday, May 30th. Corning's payout ratio is 215.38%.

Analysts Set New Price Targets

GLW has been the subject of a number of analyst reports. Oppenheimer decreased their price target on Corning from $58.00 to $55.00 and set an "outperform" rating for the company in a report on Wednesday, April 30th. Bank of America boosted their price objective on shares of Corning from $65.00 to $68.00 and gave the stock a "buy" rating in a report on Wednesday, March 19th. HSBC upgraded Corning from a "hold" rating to a "buy" rating and raised their target price for the company from $51.00 to $60.00 in a research note on Thursday, January 30th. Mizuho set a $52.00 target price on Corning in a research note on Tuesday, April 15th. Finally, Hsbc Global Res raised Corning from a "hold" rating to a "strong-buy" rating in a report on Thursday, January 30th. 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's stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $53.08.

Corning Company 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.