Universal Beteiligungs und Servicegesellschaft mbH Makes New $14.37 Million Investment in Corning Incorporated (NYSE:GLW)

Universal Beteiligungs und Servicegesellschaft mbH bought a new position in shares of Corning Incorporated (NYSE:GLW - Free Report) during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm bought 302,384 shares of the electronics maker's stock, valued at approximately $14,369,000.

Several other hedge funds have also added to or reduced their stakes in the business. Oregon Public Employees Retirement Fund boosted its position in Corning by 0.3% during the 4th quarter. Oregon Public Employees Retirement Fund now owns 66,063 shares of the electronics maker's stock worth $3,139,000 after buying an additional 204 shares during the period. Principal Securities Inc. lifted its position in shares of Corning by 3.5% in the 4th quarter. Principal Securities Inc. now owns 6,170 shares of the electronics maker's stock worth $293,000 after purchasing an additional 211 shares during the period. University of Texas Texas AM Investment Management Co. lifted its position in shares of Corning by 9.7% in the 4th quarter. University of Texas Texas AM Investment Management Co. now owns 2,422 shares of the electronics maker's stock worth $115,000 after purchasing an additional 214 shares during the period. Bogart Wealth LLC lifted its position in shares of Corning by 18.3% in the 4th quarter. Bogart Wealth LLC now owns 1,419 shares of the electronics maker's stock worth $67,000 after purchasing an additional 219 shares during the period. Finally, Allworth Financial LP lifted its position in shares of Corning by 1.1% in the 4th quarter. Allworth Financial LP now owns 19,581 shares of the electronics maker's stock worth $930,000 after purchasing an additional 220 shares during the period. 69.80% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on GLW shares. Wall Street Zen downgraded shares of Corning from a "buy" rating to a "hold" rating in a research report on Tuesday, February 25th. JPMorgan Chase & Co. dropped their price target on shares of Corning from $62.00 to $50.00 and set an "overweight" rating on the stock in a research report on Thursday, April 17th. Bank of America boosted their price target on shares of Corning from $65.00 to $68.00 and gave the stock a "buy" rating in a research report on Wednesday, March 19th. Citigroup dropped 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. Finally, Oppenheimer dropped 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 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, Corning has an average rating of "Moderate Buy" and a consensus target price of $53.08.

Insider Activity

In other news, SVP Stefan Becker sold 17,106 shares of the business's stock in a transaction that occurred on Thursday, May 29th. The shares were sold at an average price of $49.68, for a total value of $849,826.08. Following the sale, the senior vice president now owns 16,117 shares of the company's stock, valued at $800,692.56. The trade was a 51.49% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, VP John Z. Zhang sold 8,000 shares of the business's stock in a transaction that occurred on Monday, May 12th. The shares were sold at an average price of $46.91, for a total transaction of $375,280.00. Following the completion of the sale, the vice president now directly owns 9,610 shares in the company, valued at approximately $450,805.10. This trade represents a 45.43% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 69,291 shares of company stock valued at $3,307,320 over the last quarter. Company insiders own 0.40% of the company's stock.

Corning Stock Down 0.8%

Shares of NYSE GLW traded down $0.41 during mid-day trading on Friday, reaching $49.55. 12,836,651 shares of the company's stock traded hands, compared to its average volume of 5,981,219. The stock has a market cap of $42.44 billion, a P/E ratio of 85.43, a PEG ratio of 1.50 and a beta of 1.09. The business has a 50-day simple moving average of $44.83 and a 200 day simple moving average of $47.56. Corning Incorporated has a 1-year low of $36.58 and a 1-year high of $55.33. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.62 and a quick ratio of 1.07.

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 for the quarter, topping 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 business had revenue of $3.68 billion for the quarter, compared to analysts' expectations of $3.63 billion. During the same period in the previous year, the company earned $0.38 earnings per share. The firm's revenue for the quarter was up 12.9% compared to the same quarter last year. On average, analysts expect that Corning Incorporated will post 2.33 EPS for the current fiscal year.

Corning Announces Dividend

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 given a $0.28 dividend. This represents a $1.12 annualized dividend and a yield of 2.26%. The ex-dividend date is Friday, May 30th. Corning's dividend payout ratio is 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.