Bayesian Capital Management LP Has $6.11 Million Stock Holdings in Corning Incorporated (NYSE:GLW)

Bayesian Capital Management LP lifted its holdings in shares of Corning Incorporated (NYSE:GLW - Free Report) by 165.7% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 128,600 shares of the electronics maker's stock after purchasing an additional 80,200 shares during the quarter. Corning makes up about 0.7% of Bayesian Capital Management LP's holdings, making the stock its 12th biggest position. Bayesian Capital Management LP's holdings in Corning were worth $6,111,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of the business. Northstar Advisory Group LLC lifted its position in shares of Corning by 258.4% in the fourth quarter. Northstar Advisory Group LLC now owns 123,808 shares of the electronics maker's stock worth $5,883,000 after buying an additional 89,268 shares during the last quarter. Franklin Resources Inc. raised its stake in shares of Corning by 48.4% in the 3rd quarter. Franklin Resources Inc. now owns 191,648 shares of the electronics maker's stock valued at $8,975,000 after acquiring an additional 62,514 shares in the last quarter. Fifth Third Bancorp lifted its holdings in Corning by 16.8% in the 4th quarter. Fifth Third Bancorp now owns 111,448 shares of the electronics maker's stock worth $5,296,000 after purchasing an additional 16,001 shares during the last quarter. New Century Financial Group LLC bought a new stake in Corning during the fourth quarter worth approximately $1,110,000. Finally, Oak Thistle LLC acquired a new position in Corning during the fourth quarter valued at approximately $373,000. Institutional investors own 69.80% of the company's stock.

Insider Buying and Selling at Corning

In other news, SVP Michael Alan Bell sold 20,262 shares of Corning stock in a transaction that occurred on 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 legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 0.40% of the company's stock.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on the stock. Barclays decreased their price objective on shares of Corning from $53.00 to $52.00 and set an "equal weight" rating for the company in a report on Wednesday, January 29th. HSBC raised Corning from a "hold" rating to a "buy" rating and raised their price target for the company from $51.00 to $60.00 in a research report on Thursday, January 30th. Oppenheimer dropped their price objective on Corning from $58.00 to $55.00 and set an "outperform" rating on the stock in a research note on Wednesday. JPMorgan Chase & Co. decreased their target price on Corning from $62.00 to $50.00 and set an "overweight" rating for the company in a research note on Thursday, April 17th. Finally, Citigroup dropped their price target on 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 given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $53.08.

Corning Price Performance

NYSE:GLW opened at $45.76 on Friday. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.07 and a current ratio of 1.62. The company has a 50-day moving average of $44.79 and a 200-day moving average of $47.54. Corning Incorporated has a 52 week low of $32.92 and a 52 week high of $55.33. The company has a market capitalization of $39.21 billion, a price-to-earnings ratio of 78.90, a PEG ratio of 1.50 and a beta of 1.09.

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

Corning Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 27th. Shareholders of record on Friday, May 30th will be paid a dividend of $0.28 per share. The ex-dividend date of this dividend is Friday, May 30th. This represents a $1.12 annualized dividend and a yield of 2.45%. Corning's dividend payout ratio is currently 215.38%.

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.

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