Hsbc Holdings PLC Acquires 40,471 Shares of Corning Incorporated (NYSE:GLW)

Hsbc Holdings PLC increased its holdings in shares of Corning Incorporated (NYSE:GLW - Free Report) by 2.9% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,433,814 shares of the electronics maker's stock after buying an additional 40,471 shares during the quarter. Hsbc Holdings PLC owned 0.17% of Corning worth $68,066,000 as of its most recent filing with the Securities and Exchange Commission.

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

Analyst Upgrades and Downgrades

Several analysts recently issued reports on GLW shares. Mizuho set a $52.00 price objective on Corning in a report on Tuesday, April 15th. Hsbc Global Res upgraded Corning from a "hold" rating to a "strong-buy" rating in a report on Thursday, January 30th. Citigroup lowered their price target on Corning from $58.00 to $50.00 and set a "buy" rating for the company in a research note on Monday, April 14th. HSBC raised shares of Corning from a "hold" rating to a "buy" rating and raised their price objective for the company from $51.00 to $60.00 in a research report on Thursday, January 30th. Finally, StockNews.com downgraded shares of Corning from a "buy" rating to a "hold" rating in a research report on Tuesday, February 25th. Four equities research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $53.31.

Insider Activity at Corning

In other news, COO Eric S. Musser sold 30,000 shares of the business's stock in a transaction on Friday, January 31st. The shares were sold at an average price of $51.92, for a total value of $1,557,600.00. Following the sale, the chief operating officer now owns 152,944 shares in the company, valued at approximately $7,940,852.48. The trade was a 16.40 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Michael Alan Bell sold 2,209 shares of the stock in a transaction dated Thursday, January 30th. The stock was sold at an average price of $49.87, for a total transaction of $110,162.83. The disclosure for this sale can be found here. 0.40% of the stock is currently owned by insiders.

Corning Stock Performance

Shares of NYSE:GLW traded down $0.21 on Wednesday, hitting $44.25. 1,438,341 shares of the company were exchanged, compared to its average volume of 5,989,810. 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's 50 day moving average price is $45.13 and its two-hundred day moving average price is $47.58. Corning Incorporated has a one year low of $32.84 and a one year high of $55.33. The firm has a market capitalization of $37.92 billion, a price-to-earnings ratio of 76.20, a PEG ratio of 1.50 and a beta of 1.03.

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

Corning Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, March 28th. Stockholders of record on Friday, February 28th were given a dividend of $0.28 per share. The ex-dividend date of this dividend was Friday, February 28th. This represents a $1.12 annualized dividend and a dividend yield of 2.53%. Corning's dividend payout ratio (DPR) is currently 193.10%.

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.