Natixis Advisors LLC Has $16.73 Million Holdings in Corning Incorporated (NYSE:GLW)

Key Points

• Natixis Advisors LLC increased its holdings in Corning Incorporated by 19.5% in Q1, now owning 365,532 shares valued at approximately $16.73 million.
• Corning recently announced a quarterly dividend of $0.28 per share, with an annual yield of 1.8% and a payout ratio of 119.15%.
• Several analysts have raised their price targets for Corning, with Barclays setting a new target at $65.00 and Oppenheimer at $72.00, indicating strong market confidence.

Natixis Advisors LLC raised its holdings in Corning Incorporated (NYSE:GLW - Free Report) by 19.5% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The firm owned 365,532 shares of the electronics maker's stock after buying an additional 59,612 shares during the quarter. Natixis Advisors LLC's holdings in Corning were worth $16,734,000 as of its most recent SEC filing.

Several other institutional investors have also recently added to or reduced their stakes in GLW. Northern Trust Corp raised its position in Corning by 2.0% in the 4th quarter. Northern Trust Corp now owns 10,870,375 shares of the electronics maker's stock valued at $516,560,000 after buying an additional 208,826 shares during the last quarter. Dimensional Fund Advisors LP grew its stake in shares of Corning by 0.8% during the 4th 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 during the period. Bank of New York Mellon Corp lifted its holdings in Corning by 1.3% during the 1st 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 in the last quarter. Invesco Ltd. lifted its holdings in Corning by 5.1% during the 4th quarter. Invesco Ltd. now owns 6,048,735 shares of the electronics maker's stock worth $287,436,000 after purchasing an additional 293,713 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in shares of Corning by 6.1% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 5,285,990 shares of the electronics maker's stock valued at $251,190,000 after acquiring an additional 303,607 shares in the last quarter. 69.80% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Corning news, EVP Lewis A. Steverson sold 16,646 shares of the company's stock in a transaction on Wednesday, July 30th. The shares were sold at an average price of $62.22, for a total transaction of $1,035,714.12. Following the sale, the executive vice president directly owned 39,759 shares of the company's stock, valued at approximately $2,473,804.98. This represents a 29.51% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, 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 directly owned 35,743 shares in the company, valued at $2,228,933.48. This trade represents a 29.39% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 137,381 shares of company stock valued at $7,836,789 over the last 90 days. 0.32% of the stock is currently owned by company insiders.

Analyst Ratings Changes

GLW has been the topic of a number of recent analyst reports. Oppenheimer reiterated an "outperform" rating and issued a $72.00 price objective (up from $55.00) on shares of Corning in a research report on Wednesday, July 30th. Susquehanna reissued a "positive" rating and set a $75.00 price target (up previously from $60.00) on shares of Corning in a report on Wednesday, July 30th. Wall Street Zen raised Corning from a "buy" rating to a "strong-buy" rating in a research note on Saturday. JPMorgan Chase & Co. upped their price objective on Corning from $62.00 to $65.00 and gave the company an "overweight" rating in a research report on Friday, July 25th. Finally, UBS Group lifted their price objective on Corning from $54.00 to $57.00 and gave the company a "neutral" rating in a research note on Wednesday, July 9th. Three analysts have rated the stock with a hold rating, ten have issued a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $63.25.

Corning Price Performance

Shares of NYSE GLW traded down $0.27 during trading on Tuesday, reaching $63.22. The company had a trading volume of 5,389,559 shares, compared to its average volume of 5,455,025. Corning Incorporated has a 52 week low of $37.31 and a 52 week high of $64.41. The stock has a market cap of $54.16 billion, a PE ratio of 67.26, a PEG ratio of 1.63 and a beta of 1.08. The company has a debt-to-equity ratio of 0.58, a quick ratio of 0.93 and a current ratio of 1.50. The business's 50 day moving average price is $53.03 and its 200-day moving average price is $49.28.

Corning (NYSE:GLW - Get Free Report) last issued its quarterly earnings data on Tuesday, July 29th. The electronics maker reported $0.60 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.57 by $0.03. Corning had a net margin of 5.77% and a return on equity of 17.27%. The firm had revenue of $3.86 billion during the quarter, compared to analysts' expectations of $3.84 billion. During the same quarter in the previous year, the company earned $0.47 earnings per share. Analysts expect that Corning Incorporated will post 2.33 earnings per share for the current year.

Corning Dividend Announcement

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 given a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a dividend yield of 1.8%. The ex-dividend date of this dividend is Friday, August 29th. Corning's payout ratio is currently 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.