Point72 Asia Singapore Pte. Ltd. Sells 10,348 Shares of Corning Incorporated (NYSE:GLW)

Point72 Asia Singapore Pte. Ltd. reduced its position in shares of Corning Incorporated (NYSE:GLW - Free Report) by 90.9% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 1,041 shares of the electronics maker's stock after selling 10,348 shares during the period. Point72 Asia Singapore Pte. Ltd.'s holdings in Corning were worth $49,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also added to or reduced their stakes in GLW. Norges Bank acquired a new stake in shares of Corning in the fourth quarter valued at approximately $490,933,000. Polar Capital Holdings Plc bought a new position in Corning during the 4th quarter worth $124,253,000. Amundi increased its stake in Corning by 139.0% during the 4th quarter. Amundi now owns 3,900,808 shares of the electronics maker's stock worth $186,186,000 after acquiring an additional 2,268,436 shares during the period. Mariner LLC raised its holdings in Corning by 134.0% in the 4th quarter. Mariner LLC now owns 3,869,358 shares of the electronics maker's stock valued at $183,867,000 after acquiring an additional 2,215,840 shares in the last quarter. Finally, Raymond James Financial Inc. bought a new stake in shares of Corning during the 4th quarter valued at $92,522,000. 69.80% of the stock is currently owned by institutional investors.

Insider Activity

In other Corning 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 transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, VP John Z. Zhang sold 8,000 shares of the 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 now directly owns 9,610 shares of the company's stock, valued at approximately $450,805.10. The trade was a 45.43% decrease in their position. The disclosure for this sale can be found here. Insiders own 0.40% of the company's stock.

Analysts Set New Price Targets

A number of research analysts recently commented on the company. Citigroup dropped their price target on Corning from $58.00 to $50.00 and set a "buy" rating for the company in a research note on Monday, April 14th. Oppenheimer decreased their target price on shares of Corning from $58.00 to $55.00 and set an "outperform" rating on the stock in a report on Wednesday, April 30th. Barclays cut their price target on shares of Corning from $53.00 to $52.00 and set an "equal weight" rating for the company in a report on Wednesday, January 29th. Mizuho set a $52.00 price objective on shares of Corning in a research note on Tuesday, April 15th. Finally, Hsbc Global Res upgraded shares of Corning from a "hold" rating to a "strong-buy" rating in a research report on Thursday, January 30th. Four research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $53.08.

Corning Price Performance

Shares of NYSE GLW traded up $0.35 during mid-day trading on Thursday, hitting $48.53. 7,648,438 shares of the stock traded hands, compared to its average volume of 5,949,067. The company has a market cap of $41.56 billion, a PE ratio of 83.67, a price-to-earnings-growth ratio of 1.50 and a beta of 1.09. Corning Incorporated has a twelve month low of $35.40 and a twelve month high of $55.33. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.62 and a quick ratio of 1.07. The firm has a 50 day simple moving average of $44.73 and a two-hundred day simple moving average of $47.50.

Corning (NYSE:GLW - Get Free Report) last announced its quarterly earnings results on Tuesday, April 29th. The electronics maker reported $0.54 EPS for the quarter, beating analysts' consensus estimates of $0.51 by $0.03. The firm had revenue of $3.68 billion for the quarter, compared to analyst estimates of $3.63 billion. Corning had a return on equity of 15.10% and a net margin of 3.86%. The business's revenue for the quarter was up 12.9% on a year-over-year basis. During the same period last year, the firm posted $0.38 earnings per share. As a group, equities research analysts forecast that Corning Incorporated will post 2.33 EPS for the current fiscal year.

Corning Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 27th. Shareholders of record on Friday, May 30th will be given a $0.28 dividend. This represents a $1.12 annualized dividend and a yield of 2.31%. The ex-dividend date is Friday, May 30th. Corning's dividend payout ratio (DPR) is currently 215.38%.

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.