AIA Group Ltd Buys Shares of 35,827 Corning Incorporated (NYSE:GLW)

Key Points

• AIA Group Ltd acquired 35,827 shares of Corning Incorporated, valued at approximately $1.64 million, during the first quarter.
• Corning announced a quarterly dividend of $0.28 per share, set to be paid on September 29th, with an annualized yield of 1.7%.
• Shares of Corning recently traded at $65.00, with analysts giving it a consensus rating of "Moderate Buy" and a target price of $65.17.

AIA Group Ltd acquired a new stake in shares of Corning Incorporated (NYSE:GLW - Free Report) in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 35,827 shares of the electronics maker's stock, valued at approximately $1,640,000.

A number of other institutional investors have also added to or reduced their stakes in GLW. LMR Partners LLP raised its stake in shares of Corning by 140.1% during the fourth quarter. LMR Partners LLP now owns 1,200,442 shares of the electronics maker's stock worth $57,045,000 after acquiring an additional 700,442 shares in the last quarter. Gotham Asset Management LLC bought a new stake in shares of Corning during the fourth quarter valued at approximately $306,000. GAMMA Investing LLC grew its holdings in shares of Corning by 29.2% in the first quarter. GAMMA Investing LLC now owns 11,358 shares of the electronics maker's stock valued at $520,000 after purchasing an additional 2,567 shares in the last quarter. Dynamic Advisor Solutions LLC increased its position in Corning by 1.3% in the first quarter. Dynamic Advisor Solutions LLC now owns 22,379 shares of the electronics maker's stock worth $1,024,000 after purchasing an additional 297 shares during the last quarter. Finally, Wealth Enhancement Advisory Services LLC increased its position in Corning by 1.9% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 1,300,954 shares of the electronics maker's stock worth $59,558,000 after purchasing an additional 23,781 shares during the last quarter. 69.80% of the stock is currently owned by institutional investors.

Insider Transactions at Corning

In related news, SVP Michael Paul O'day sold 14,879 shares of the company's stock in a transaction on Wednesday, July 30th. The shares were sold at an average price of $62.36, for a total value of $927,854.44. Following the completion of the sale, the senior vice president owned 35,743 shares in the company, valued at $2,228,933.48. This represents a 29.39% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Lewis A. Steverson sold 16,646 shares of the company's stock in a transaction on Wednesday, July 30th. The shares were sold at an average price of $62.22, for a total transaction of $1,035,714.12. Following the completion of the sale, the executive vice president owned 39,759 shares of the company's stock, valued at approximately $2,473,804.98. This trade represents a 29.51% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 211,484 shares of company stock worth $12,813,804 over the last 90 days. Company insiders own 0.40% of the company's stock.

Corning Trading Down 0.5%

Shares of GLW traded down $0.34 during mid-day trading on Friday, reaching $65.42. The stock had a trading volume of 3,035,042 shares, compared to its average volume of 5,650,347. The company has a debt-to-equity ratio of 0.58, a current ratio of 1.50 and a quick ratio of 0.93. Corning Incorporated has a 52-week low of $37.31 and a 52-week high of $66.50. The business's fifty day moving average is $55.41 and its 200 day moving average is $50.03. The firm has a market cap of $56.04 billion, a price-to-earnings ratio of 69.60, a P/E/G ratio of 1.48 and a beta of 1.08.

Corning (NYSE:GLW - Get Free Report) last posted its quarterly earnings data on Tuesday, July 29th. The electronics maker reported $0.60 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.57 by $0.03. The firm had revenue of $3.86 billion for the quarter, compared to the consensus estimate of $3.84 billion. Corning had a return on equity of 17.27% and a net margin of 5.77%. During the same quarter in the previous year, the business earned $0.47 EPS. On average, sell-side analysts predict that Corning Incorporated will post 2.33 EPS for the current fiscal year.

Corning Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 29th. Investors of record on Friday, August 29th will be given a $0.28 dividend. The ex-dividend date is Friday, August 29th. This represents a $1.12 annualized dividend and a yield of 1.7%. Corning's dividend payout ratio is 119.15%.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on GLW shares. Morgan Stanley set a $56.00 target price on shares of Corning and gave the company an "equal weight" rating in a research note on Wednesday, July 30th. JPMorgan Chase & Co. boosted their target price on shares of Corning from $62.00 to $65.00 and gave the company an "overweight" rating in a research note on Friday, July 25th. UBS Group lifted their price objective on Corning from $57.00 to $65.00 and gave the company a "neutral" rating in a report on Wednesday, August 6th. Citigroup boosted their target price on shares of Corning from $52.00 to $60.00 and gave the stock a "buy" rating in a report on Friday, July 11th. Finally, Argus reiterated a "buy" rating and issued a $68.00 target price on shares of Corning in a report on Wednesday, July 30th. Three analysts have rated the stock with a hold rating, ten have given a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat.com, Corning has a consensus rating of "Moderate Buy" and an average target price of $65.17.

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.