Corning Incorporated $GLW Shares Newly Bought by Aware Super Pty Ltd as trustee of Aware Super

Key Points

• Aware Super opened a position in Corning, buying 65,934 shares worth approximately $10.1 million in the third quarter. Institutional investors collectively own about 69.8% of the company.
• Corning’s latest quarterly results topped expectations: earnings were $0.91 per share versus an $0.88 consensus, while revenue rose 18.9% year over year to $5.08 billion.
• Analysts’ consensus rating is Moderate Buy, with an average price target of $175.81. Corning also announced a quarterly dividend of $0.28 per share.

Aware Super Pty Ltd as trustee of Aware Super purchased a new position in Corning Incorporated (NYSE:GLW - Free Report) in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 65,934 shares of the electronics maker's stock, valued at approximately $10,138,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in GLW. State Street Corp increased its position in shares of Corning by 13.4% during the 2nd quarter. State Street Corp now owns 41,108,384 shares of the electronics maker's stock worth $10,500,315,000 after purchasing an additional 4,845,027 shares in the last quarter. Bank of America Corp DE boosted its position in Corning by 29.2% in the second quarter. Bank of America Corp DE now owns 18,730,616 shares of the electronics maker's stock valued at $4,784,361,000 after buying an additional 4,231,507 shares in the last quarter. Wellington Management Group LLP boosted its position in Corning by 50.9% in the second quarter. Wellington Management Group LLP now owns 13,174,194 shares of the electronics maker's stock valued at $3,365,084,000 after buying an additional 4,446,514 shares in the last quarter. Bank of New York Mellon Corp bought a new stake in Corning during the second quarter worth about $1,510,911,000. Finally, Legal & General Group Plc bought a new stake in Corning during the second quarter worth about $1,212,283,000. Institutional investors own 69.80% of the company's stock.

Analyst Upgrades and Downgrades

GLW has been the subject of several recent analyst reports. Sanford C. Bernstein started coverage on shares of Corning in a report on Wednesday, September 30th. They set a "market perform" rating and a $140.00 price objective for the company. Barclays boosted their target price on Corning from $129.00 to $132.00 and gave the stock an "equal weight" rating in a report on Wednesday, October 28th. UBS Group decreased their price target on Corning from $201.00 to $192.00 and set a "buy" rating on the stock in a research report on Wednesday, October 28th. Wall Street Zen raised Corning from a "hold" rating to a "buy" rating in a report on Saturday, October 10th. Finally, Truist Financial reiterated a "buy" rating and issued a $175.00 price objective (down from $182.00) on shares of Corning in a research report on Wednesday, October 28th. One research analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and six have assigned a Hold rating to the company. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $175.81.

Insider Buying and Selling at Corning

In other news, EVP Lewis Steverson sold 13,100 shares of the company's stock in a transaction on Friday, August 28th. The stock was sold at an average price of $151.29, for a total transaction of $1,981,899.00. Following the transaction, the executive vice president owned 15,052 shares of the company's stock, valued at $2,277,217.08. This represents a 46.53% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. 0.25% of the stock is currently owned by insiders.

Corning Trading Up 2.3%

Shares of NYSE GLW opened at $126.05 on Wednesday. Corning Incorporated has a 1-year low of $77.39 and a 1-year high of $271.78. The company has a market cap of $108.58 billion, a PE ratio of 39.61, a P/E/G ratio of 1.52 and a beta of 1.23. The company has a current ratio of 1.72, a quick ratio of 1.17 and a debt-to-equity ratio of 0.51. The company has a 50-day moving average of $146.97 and a two-hundred day moving average of $155.31.

Corning (NYSE:GLW - Get Free Report) last released its quarterly earnings results on Tuesday, October 27th. The electronics maker reported $0.91 EPS for the quarter, beating the consensus estimate of $0.88 by $0.03. Corning had a net margin of 12.13% and a return on equity of 20.83%. The business had revenue of $5.08 billion for the quarter, compared to analysts' expectations of $5.03 billion. During the same period in the prior year, the firm earned $0.67 earnings per share. Corning's revenue was up 18.9% compared to the same quarter last year. As a group, equities analysts expect that Corning Incorporated will post 3.37 earnings per share for the current fiscal year.

Corning Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, December 11th. Stockholders of record on Friday, November 13th will be given a dividend of $0.28 per share. The ex-dividend date is Friday, November 13th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 0.9%. Corning's payout ratio is presently 45.34%.

Corning Profile

Corning Incorporated NYSE: GLW is a technology company that develops and manufactures specialty glass, ceramics and optical-fiber products. Its materials and engineering expertise support communications networks, consumer electronics, automotive systems, life sciences and other industrial applications.

The company's products include optical fiber, cable and connectivity solutions used in telecommunications infrastructure; glass substrates for televisions, computer monitors and other displays; durable cover glass for mobile devices; emissions-control components for vehicles; laboratory glassware and consumables; and specialized glass and ceramic materials for scientific, industrial and semiconductor applications.

Founded in 1851 and headquartered in Corning, New York, the company serves customers through operations and facilities across North America, Europe, Asia and other international markets.

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