ASR Vermogensbeheer N.V. Takes Position in Corning Incorporated (NYSE:GLW)

Key Points

• ASR Vermogensbeheer N.V. invested approximately $2.07 million in Corning Incorporated, acquiring 45,248 shares during the first quarter.
• Major institutional investors have recently increased their stakes in Corning, with notable investments including a $124 million position by Polar Capital Holdings Plc in the fourth quarter.
• The company recently announced a quarterly dividend of $0.28 per share, scheduled for payment on September 29th, resulting in an annualized yield of 1.7%.

ASR Vermogensbeheer N.V. purchased a new position in shares of Corning Incorporated (NYSE:GLW - Free Report) during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 45,248 shares of the electronics maker's stock, valued at approximately $2,071,000.

Other large investors have also made changes to their positions in the company. LMR Partners LLP increased its position 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 purchasing an additional 700,442 shares in the last quarter. Gotham Asset Management LLC acquired a new position in shares of Corning during the fourth quarter worth $306,000. GAMMA Investing LLC increased its position in shares of Corning by 29.2% in the 1st quarter. GAMMA Investing LLC now owns 11,358 shares of the electronics maker's stock valued at $520,000 after acquiring an additional 2,567 shares during the period. Dynamic Advisor Solutions LLC raised its stake in Corning by 1.3% in the 1st quarter. Dynamic Advisor Solutions LLC now owns 22,379 shares of the electronics maker's stock worth $1,024,000 after acquiring an additional 297 shares during the last quarter. Finally, Wealth Enhancement Advisory Services LLC raised its stake in Corning by 1.9% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 1,300,954 shares of the electronics maker's stock worth $59,558,000 after acquiring an additional 23,781 shares during the last quarter. 69.80% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Corning

In other news, SVP Michael Paul O'day sold 14,879 shares of the company's stock in a transaction on Wednesday, July 30th. The stock was sold at an average price of $62.36, for a total transaction of $927,854.44. Following the sale, the senior vice president owned 35,743 shares of the company's stock, valued at approximately $2,228,933.48. This represents a 29.39% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Wendell P. Weeks sold 82,103 shares of the stock in a transaction on Thursday, August 7th. The shares were sold at an average price of $65.19, for a total value of $5,352,294.57. Following the completion of the transaction, the chief executive officer directly owned 809,295 shares in the company, valued at $52,757,941.05. This trade represents a 9.21% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 211,484 shares of company stock valued at $12,813,804. Insiders own 0.32% of the company's stock.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on the company. Wall Street Zen upgraded Corning from a "buy" rating to a "strong-buy" rating in a research note on Saturday, August 2nd. Argus reiterated a "buy" rating and issued a $68.00 price objective on shares of Corning in a report on Wednesday, July 30th. JPMorgan Chase & Co. lifted their price objective on Corning from $62.00 to $65.00 and gave the stock an "overweight" rating in a report on Friday, July 25th. UBS Group lifted their price objective on Corning from $57.00 to $65.00 and gave the stock a "neutral" rating in a report on Wednesday, August 6th. Finally, Susquehanna reissued a "positive" rating and issued a $75.00 target price (up from $60.00) on shares of Corning in a research note on Wednesday, July 30th. Three research analysts have rated the stock with a hold rating, ten have assigned a buy rating and two have given a strong buy rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $65.17.

Corning Trading Up 1.2%

GLW stock traded up $0.75 during midday trading on Tuesday, hitting $65.73. 5,190,953 shares of the company's stock were exchanged, compared to its average volume of 5,695,662. The business has a 50-day simple moving average of $54.51 and a two-hundred day simple moving average of $49.69. The company has a current ratio of 1.50, a quick ratio of 0.93 and a debt-to-equity ratio of 0.58. The stock has a market capitalization of $56.31 billion, a PE ratio of 69.93, a P/E/G ratio of 1.48 and a beta of 1.08. Corning Incorporated has a 1-year low of $37.31 and a 1-year high of $66.50.

Corning (NYSE:GLW - Get Free Report) last posted its earnings results on Tuesday, July 29th. The electronics maker reported $0.60 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.57 by $0.03. The company had revenue of $3.86 billion during the quarter, compared to analysts' expectations of $3.84 billion. Corning had a return on equity of 17.27% and a net margin of 5.77%. During the same quarter last year, the firm earned $0.47 earnings per share. On average, sell-side analysts predict 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 Monday, September 29th. Stockholders of record on Friday, August 29th will be given a dividend of $0.28 per share. The ex-dividend date of this dividend is Friday, August 29th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 1.7%. Corning's dividend payout ratio is currently 119.15%.

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.