Caitong International Asset Management Co. Ltd Makes New Investment in Corning Incorporated (NYSE:GLW)

Key Points

• Caitong International Asset Management Co. Ltd has made a new investment in Corning Incorporated, acquiring 11,335 shares valued at approximately $519,000 in the first quarter of this year.
• Several institutional investors have recently increased their stakes in Corning, with Polar Capital Holdings Plc and Nuveen LLC investing $124.25 million and $104.79 million, respectively, during the fourth quarter and the first quarter.
• Corning announced a quarterly dividend of $0.28, with a record date of August 29th, representing a 1.7% dividend yield and a payout ratio of 119.15%.

Caitong International Asset Management Co. Ltd bought a new position in shares of Corning Incorporated (NYSE:GLW - Free Report) in the 1st quarter, according to its most recent 13F filing with the SEC. The fund bought 11,335 shares of the electronics maker's stock, valued at approximately $519,000.

Other institutional investors and hedge funds also recently modified their holdings of the company. Polar Capital Holdings Plc bought a new position in shares of Corning during the fourth quarter worth $124,253,000. Nuveen LLC acquired a new stake in Corning during the 1st quarter worth $104,789,000. Assenagon Asset Management S.A. lifted its holdings in Corning by 101.0% during the first quarter. Assenagon Asset Management S.A. now owns 2,951,938 shares of the electronics maker's stock worth $135,140,000 after acquiring an additional 1,483,151 shares in the last quarter. SG Americas Securities LLC grew its stake in Corning by 3,441.4% in the first quarter. SG Americas Securities LLC now owns 1,190,359 shares of the electronics maker's stock valued at $54,495,000 after acquiring an additional 1,156,746 shares during the period. Finally, Deutsche Bank AG grew its stake in Corning by 37.1% in the first quarter. Deutsche Bank AG now owns 3,835,799 shares of the electronics maker's stock valued at $175,603,000 after acquiring an additional 1,037,875 shares during the period. 69.80% of the stock is owned by institutional investors.

Insider Buying and Selling

In other news, SVP Stefan Becker sold 17,106 shares of Corning stock in a transaction on Thursday, May 29th. The stock was sold at an average price of $49.68, for a total transaction of $849,826.08. Following the completion of the sale, the senior vice president owned 16,117 shares of the company's stock, valued at approximately $800,692.56. This trade represents a 51.49% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Wendell P. Weeks sold 82,103 shares of the company's stock in a transaction dated Thursday, August 7th. The shares were sold at an average price of $65.19, for a total transaction of $5,352,294.57. Following the completion of the transaction, the chief executive officer owned 809,295 shares in the company, valued at $52,757,941.05. This trade represents a 9.21% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 211,484 shares of company stock valued at $12,813,804 in the last ninety days. 0.32% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of research firms recently issued reports on GLW. UBS Group increased their target price on Corning from $57.00 to $65.00 and gave the stock a "neutral" rating in a research note on Wednesday, August 6th. JPMorgan Chase & Co. raised their price objective on shares of Corning from $62.00 to $65.00 and gave the stock an "overweight" rating in a report on Friday, July 25th. Wolfe Research started coverage on shares of Corning in a research report on Tuesday, July 8th. They issued an "outperform" rating on the stock. Argus reissued a "buy" rating and issued a $68.00 price target on shares of Corning in a research note on Wednesday, July 30th. Finally, Wall Street Zen upgraded Corning from a "buy" rating to a "strong-buy" rating in a report on Saturday, August 2nd. Three equities research 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 company's stock. According to data from MarketBeat.com, Corning currently has a consensus rating of "Moderate Buy" and an average price target of $65.17.

Corning Stock Up 1.2%

GLW opened at $65.73 on Wednesday. The stock's fifty day simple moving average is $54.81 and its 200 day simple moving average is $49.80. Corning Incorporated has a 1-year low of $37.31 and a 1-year high of $66.50. The stock has a market cap of $56.31 billion, a PE ratio of 69.93, a price-to-earnings-growth ratio of 1.46 and a beta of 1.08. The company has a current ratio of 1.50, a quick ratio of 0.93 and a debt-to-equity ratio of 0.58.

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 analysts' consensus estimates 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 net margin of 5.77% and a return on equity of 17.27%. During the same quarter last year, the company posted $0.47 EPS. As a group, research analysts expect that Corning Incorporated will post 2.33 earnings per share for the current year.

Corning Dividend Announcement

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

About Corning

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.

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