Brevan Howard Capital Management LP Purchases Shares of 73,322 Corning Incorporated (NYSE:GLW)

Brevan Howard Capital Management LP acquired a new stake in shares of Corning Incorporated (NYSE:GLW - Free Report) during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 73,322 shares of the electronics maker's stock, valued at approximately $3,484,000.

Other institutional investors have also modified their holdings of the company. Norges Bank purchased a new position in Corning during the fourth quarter worth $490,933,000. Amundi boosted 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. 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 valued at $183,867,000 after purchasing an additional 2,215,840 shares during the last quarter. Raymond James Financial Inc. purchased a new stake in Corning in the 4th quarter worth about $92,522,000. Finally, Appaloosa LP bought a new stake in Corning in the fourth quarter worth about $71,280,000. 69.80% of the stock is owned by institutional investors.

Insider Activity at Corning

In other Corning news, SVP Michael Alan Bell sold 20,262 shares of the business's stock in a transaction dated Wednesday, April 30th. The stock was sold at an average price of $44.06, for a total transaction of $892,743.72. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. 0.40% of the stock is currently owned by insiders.

Corning Stock Up 0.1 %

Shares of GLW stock traded up $0.03 during mid-day trading on Friday, hitting $45.08. 2,571,356 shares of the stock traded hands, compared to its average volume of 5,933,687. Corning Incorporated has a 52-week low of $34.08 and a 52-week high of $55.33. The stock has a market cap of $38.61 billion, a P/E ratio of 77.73, a P/E/G ratio of 1.50 and a beta of 1.09. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.62 and a quick ratio of 1.07. The stock's fifty day moving average is $44.45 and its two-hundred day moving average is $47.50.

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

Corning Announces Dividend

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

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on GLW. Hsbc Global Res raised Corning from a "hold" rating to a "strong-buy" rating in a research note on Thursday, January 30th. HSBC raised shares of Corning from a "hold" rating to a "buy" rating and boosted their target price for the company from $51.00 to $60.00 in a research note on Thursday, January 30th. Bank of America raised their price target on shares of Corning from $65.00 to $68.00 and gave the stock a "buy" rating in a research note on Wednesday, March 19th. Citigroup lowered their price objective on shares of Corning from $58.00 to $50.00 and set a "buy" rating for the company in a research report on Monday, April 14th. Finally, Oppenheimer reduced their target price on shares of Corning from $58.00 to $55.00 and set an "outperform" rating on the stock in a research report on Wednesday, April 30th. Four analysts have rated the stock with a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $53.08.

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.