CloudAlpha Capital Management Limited Hong Kong Takes $6.74 Million Position in Corning Incorporated (NYSE:GLW)

Key Points

• CloudAlpha Capital Management invested approximately $6.7 million in Corning Incorporated, acquiring 147,116 shares, making it one of their top 21 positions.
• Recent analyst upgrades include JPMorgan raising their target price from $52 to $62, while Citi increased it from $52 to $60, indicating strong market confidence in Corning's stock.
• Corning announced a quarterly dividend of $0.28 per share, representing a yield of 2.01%, despite a high payout ratio of 215.38%.

CloudAlpha Capital Management Limited Hong Kong acquired a new stake in shares of Corning Incorporated (NYSE:GLW - Free Report) during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 147,116 shares of the electronics maker's stock, valued at approximately $6,735,000. Corning makes up approximately 0.5% of CloudAlpha Capital Management Limited Hong Kong's investment portfolio, making the stock its 21st biggest holding.

A number of other institutional investors also recently added to or reduced their stakes in the stock. Geode Capital Management LLC boosted its position in Corning by 3.0% during the fourth quarter. Geode Capital Management LLC now owns 18,470,610 shares of the electronics maker's stock valued at $875,633,000 after purchasing an additional 533,686 shares in the last quarter. Northern Trust Corp boosted its holdings in Corning by 2.0% in the fourth quarter. Northern Trust Corp now owns 10,870,375 shares of the electronics maker's stock worth $516,560,000 after acquiring an additional 208,826 shares in the last quarter. Norges Bank acquired a new stake in Corning in the fourth quarter worth about $490,933,000. Dimensional Fund Advisors LP boosted its holdings in Corning by 0.8% in the fourth quarter. Dimensional Fund Advisors LP now owns 9,800,573 shares of the electronics maker's stock worth $465,723,000 after acquiring an additional 78,497 shares in the last quarter. Finally, Bank of New York Mellon Corp raised its stake in shares of Corning by 1.3% in the first quarter. Bank of New York Mellon Corp now owns 6,347,977 shares of the electronics maker's stock worth $290,610,000 after purchasing an additional 80,872 shares during the last quarter. Institutional investors own 69.80% of the company's stock.

Corning Stock Down 0.6%

NYSE GLW traded down $0.36 during trading hours on Friday, hitting $55.37. 4,717,798 shares of the company were exchanged, compared to its average volume of 3,971,845. The company has a 50 day moving average of $51.45 and a two-hundred day moving average of $48.71. The company has a quick ratio of 1.05, a current ratio of 1.69 and a debt-to-equity ratio of 0.62. Corning Incorporated has a 52-week low of $37.18 and a 52-week high of $56.25. The firm has a market cap of $47.42 billion, a price-to-earnings ratio of 106.47, a PEG ratio of 1.49 and a beta of 1.11.

Corning (NYSE:GLW - Get Free Report) last released its quarterly earnings data on Tuesday, April 29th. The electronics maker reported $0.54 EPS for the quarter, beating analysts' consensus estimates of $0.51 by $0.03. Corning had a return on equity of 16.47% and a net margin of 3.34%. The business had revenue of $3.68 billion for the quarter, compared to the consensus estimate of $3.63 billion. During the same quarter in the prior year, the business posted $0.38 EPS. The business's revenue for the quarter was up 12.9% on a year-over-year basis. Equities research analysts anticipate that Corning Incorporated will post 2.33 earnings per share for the current year.

Corning Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 29th. Stockholders of record on Friday, August 29th will be issued 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 dividend yield of 2.02%. Corning's payout ratio is currently 215.38%.

Analyst Ratings Changes

Several research analysts recently weighed in on GLW shares. Mizuho lifted their price target on Corning from $52.00 to $59.00 and gave the company an "outperform" rating in a research report on Tuesday, July 15th. Wolfe Research initiated coverage on Corning in a report on Tuesday, July 8th. They issued an "outperform" rating on the stock. Morgan Stanley lifted their price target on Corning from $44.00 to $50.00 and gave the stock an "equal weight" rating in a research note on Tuesday, July 8th. JPMorgan Chase & Co. boosted their price objective on Corning from $62.00 to $65.00 and gave the stock an "overweight" rating in a research note on Friday. Finally, UBS Group boosted their price objective on Corning from $54.00 to $57.00 and gave the stock a "neutral" rating in a research note on Wednesday, July 9th. Four analysts have rated the stock with a hold rating, nine have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $57.73.

Insiders Place Their Bets

In related news, SVP Michael Alan Bell sold 20,262 shares of the company's stock in a transaction dated Wednesday, April 30th. The stock was sold at an average price of $44.06, for a total value of $892,743.72. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP John Z. Zhang sold 8,000 shares of the company's stock in a transaction dated Monday, May 12th. The shares were sold at an average price of $46.91, for a total value of $375,280.00. Following the completion of the sale, the vice president directly owned 9,610 shares of the company's stock, valued at approximately $450,805.10. This trade represents a 45.43% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 75,796 shares of company stock worth $3,632,635. 0.40% of the stock is currently owned by company insiders.

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.