ING Groep NV Has $19.31 Million Stake in Corning Incorporated (NYSE:GLW)

Key Points

• ING Groep NV increased its holdings in Corning Incorporated by 49.4%, owning 421,837 shares worth approximately $19.3 million as of the end of the latest quarter.
• Analysts have raised their price targets for Corning shares, with a consensus price target now set at $63.25, reflecting optimism about the company's growth potential.
• The company recently declared a quarterly dividend of $0.28, representing a 1.8% annualized yield, with a payout ratio of 119.15%.

ING Groep NV raised its position in Corning Incorporated (NYSE:GLW - Free Report) by 49.4% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 421,837 shares of the electronics maker's stock after purchasing an additional 139,417 shares during the period. ING Groep NV's holdings in Corning were worth $19,312,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Polar Capital Holdings Plc bought a new position in Corning in the fourth quarter worth about $124,253,000. Mariner LLC raised its position in Corning by 134.0% during the fourth quarter. Mariner LLC now owns 3,869,358 shares of the electronics maker's stock valued at $183,867,000 after buying an additional 2,215,840 shares during the period. Assenagon Asset Management S.A. boosted its stake in shares of Corning by 101.0% during the 1st quarter. Assenagon Asset Management S.A. now owns 2,951,938 shares of the electronics maker's stock valued at $135,140,000 after buying an additional 1,483,151 shares during the period. SG Americas Securities LLC increased its holdings 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 worth $54,495,000 after buying an additional 1,156,746 shares during the last quarter. Finally, Worldquant Millennium Advisors LLC bought a new position in Corning during the fourth quarter valued at about $45,753,000. Institutional investors and hedge funds own 69.80% of the company's stock.

Corning Price Performance

GLW stock traded up $0.78 during mid-day trading on Thursday, reaching $64.76. 9,613,315 shares of the company's stock were exchanged, compared to its average volume of 5,645,645. The company has a debt-to-equity ratio of 0.58, a current ratio of 1.50 and a quick ratio of 0.93. Corning Incorporated has a 12-month low of $37.31 and a 12-month high of $66.50. The company has a market cap of $55.47 billion, a price-to-earnings ratio of 68.89, a price-to-earnings-growth ratio of 1.44 and a beta of 1.08. The stock's 50 day moving average is $53.59 and its 200 day moving average is $49.48.

Corning (NYSE:GLW - Get Free Report) last announced its quarterly earnings results on Tuesday, July 29th. The electronics maker reported $0.60 earnings per share for the quarter, beating analysts' consensus estimates of $0.57 by $0.03. The business 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 period last year, the business earned $0.47 earnings per share. On average, research analysts expect that Corning Incorporated will post 2.33 EPS for the current year.

Corning Dividend Announcement

The firm also recently declared 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 is Friday, August 29th. This represents a $1.12 annualized dividend and a dividend yield of 1.7%. Corning's dividend payout ratio is currently 119.15%.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on GLW. Mizuho lifted their target price on shares of Corning from $52.00 to $59.00 and gave the company an "outperform" rating in a research report on Tuesday, July 15th. Citigroup increased their price objective on shares of Corning from $52.00 to $60.00 and gave the stock a "buy" rating in a research note on Friday, July 11th. Wolfe Research began coverage on shares of Corning in a research note on Tuesday, July 8th. They set an "outperform" rating for the company. JPMorgan Chase & Co. raised their target price on shares of Corning from $62.00 to $65.00 and gave the company an "overweight" rating in a report on Friday, July 25th. Finally, Argus reaffirmed a "buy" rating and set a $68.00 target price on shares of Corning in a research report on Wednesday, July 30th. Three equities research analysts have rated the stock with a hold rating, ten have issued a buy rating and two have issued a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $63.92.

Insiders Place Their Bets

In related news, EVP Lewis A. Steverson sold 16,646 shares of the firm's stock in a transaction that occurred on Wednesday, July 30th. The shares were sold at an average price of $62.22, for a total value 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 trade represents a 29.51% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Stefan Becker sold 17,106 shares of the business's 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 transaction, the senior vice president owned 16,117 shares in the company, valued at $800,692.56. This represents a 51.49% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 137,381 shares of company stock valued at $7,836,789. Corporate insiders own 0.40% of the company's stock.

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.