Asset Management One Co. Ltd. Increases Stake in Corning Incorporated (NYSE:GLW)

Asset Management One Co. Ltd. boosted its holdings in shares of Corning Incorporated (NYSE:GLW - Free Report) by 6.2% in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 347,937 shares of the electronics maker's stock after buying an additional 20,350 shares during the quarter. Asset Management One Co. Ltd.'s holdings in Corning were worth $15,929,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. Vermillion Wealth Management Inc. purchased a new position in Corning during the 4th quarter worth approximately $29,000. Putney Financial Group LLC purchased a new position in Corning during the 4th quarter worth approximately $30,000. Mainstream Capital Management LLC purchased a new position in Corning during the 4th quarter worth approximately $35,000. Transce3nd LLC purchased a new position in Corning during the 4th quarter worth approximately $39,000. Finally, ORG Partners LLC raised its position in Corning by 115.8% during the 1st quarter. ORG Partners LLC now owns 887 shares of the electronics maker's stock worth $40,000 after buying an additional 476 shares during the last quarter. 69.80% of the stock is owned by hedge funds and other institutional investors.

Corning Price Performance

Corning stock traded up $0.17 during trading on Friday, reaching $51.87. The company had a trading volume of 5,295,413 shares, compared to its average volume of 5,681,623. The firm's 50-day simple moving average is $47.88 and its 200 day simple moving average is $47.89. Corning Incorporated has a 1-year low of $37.18 and a 1-year high of $55.33. The firm has a market capitalization of $44.42 billion, a PE ratio of 99.74, a price-to-earnings-growth ratio of 1.39 and a beta of 1.11. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.05 and a current ratio of 1.69.

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 (EPS) for the quarter, beating analysts' consensus estimates of $0.51 by $0.03. Corning had a net margin of 3.34% and a return on equity of 16.47%. The firm had revenue of $3.68 billion for the quarter, compared to analysts' expectations of $3.63 billion. During the same quarter last year, the company earned $0.38 EPS. The firm's revenue for the quarter was up 12.9% compared to the same quarter last year. As a group, equities research analysts anticipate that Corning Incorporated will post 2.33 earnings per share for the current fiscal year.

Corning Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, September 29th. Investors of record on Friday, August 29th will be paid a $0.28 dividend. The ex-dividend date of this dividend is Friday, August 29th. This represents a $1.12 dividend on an annualized basis and a yield of 2.16%. Corning's dividend payout ratio is currently 215.38%.

Wall Street Analyst Weigh In

GLW has been the subject of a number of recent research reports. Oppenheimer reduced their price target on shares of Corning from $58.00 to $55.00 and set an "outperform" rating for the company in a research report on Wednesday, April 30th. Bank of America raised their price objective 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. JPMorgan Chase & Co. dropped their price objective on shares of Corning from $62.00 to $50.00 and set an "overweight" rating on the stock in a research note on Thursday, April 17th. Mizuho set a $52.00 price objective on shares of Corning in a research note on Tuesday, April 15th. Finally, Citigroup dropped their price objective on shares of Corning from $58.00 to $50.00 and set a "buy" rating on the stock in a research note on Monday, April 14th. Four research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $53.75.

Insider Activity at Corning

In other Corning news, SVP Stefan Becker sold 17,106 shares of the firm's stock in a transaction on Thursday, May 29th. The stock was sold at an average price of $49.68, for a total value of $849,826.08. Following the transaction, the senior vice president now owns 16,117 shares in the company, valued at approximately $800,692.56. This trade represents a 51.49% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, SVP Soumya Seetharam sold 6,505 shares of the firm's stock in a transaction on Thursday, May 29th. The shares were sold at an average price of $50.01, for a total value of $325,315.05. Following the completion of the transaction, the senior vice president now owns 25,000 shares in the company, valued at $1,250,250. The trade was a 20.65% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 75,796 shares of company stock valued at $3,632,635. 0.40% of the stock is owned by company insiders.

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.