Gotham Asset Management LLC Makes New Investment in Corning Incorporated (NYSE:GLW)

Gotham Asset Management LLC purchased a new stake in Corning Incorporated (NYSE:GLW - Free Report) in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 6,449 shares of the electronics maker's stock, valued at approximately $306,000.

Several other hedge funds have also made changes to their positions in GLW. Norges Bank purchased a new stake in shares of Corning in the 4th quarter valued at approximately $490,933,000. Amundi lifted its position in Corning by 139.0% in the 4th quarter. Amundi now owns 3,900,808 shares of the electronics maker's stock worth $186,186,000 after buying an additional 2,268,436 shares in the last quarter. Mariner LLC lifted its position in Corning by 134.0% in the 4th quarter. Mariner LLC now owns 3,869,358 shares of the electronics maker's stock worth $183,867,000 after buying an additional 2,215,840 shares in the last quarter. Raymond James Financial Inc. purchased a new stake in Corning in the 4th quarter worth approximately $92,522,000. Finally, Appaloosa LP purchased a new stake in Corning in the 4th quarter worth approximately $71,280,000. Hedge funds and other institutional investors own 69.80% of the company's stock.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on GLW. HSBC upgraded shares of Corning from a "hold" rating to a "buy" rating and increased their target price for the stock from $51.00 to $60.00 in a research report on Thursday, January 30th. Citigroup cut their target price on shares of Corning from $58.00 to $50.00 and set a "buy" rating for the company in a research report on Monday, April 14th. Mizuho set a $52.00 target price on shares of Corning in a research report on Tuesday, April 15th. Bank of America increased their target price on shares of Corning from $65.00 to $68.00 and gave the stock a "buy" rating in a research report on Wednesday, March 19th. Finally, Wall Street Zen downgraded shares of Corning from a "buy" rating to a "hold" rating in a research report on Tuesday, February 25th. Four equities research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Corning has a consensus rating of "Moderate Buy" and an average price target of $53.08.

Insider Activity

In other news, VP John Z. Zhang sold 8,000 shares of Corning stock in a transaction dated Monday, May 12th. The shares were sold at an average price of $46.91, for a total transaction of $375,280.00. Following the sale, the vice president now directly owns 9,610 shares in the company, valued at approximately $450,805.10. The trade was a 45.43% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Michael Alan Bell sold 20,262 shares of the business's stock in a transaction dated Wednesday, April 30th. The shares were sold at an average price of $44.06, for a total transaction of $892,743.72. The disclosure for this sale can be found here. 0.40% of the stock is owned by company insiders.

Corning Stock Performance

NYSE:GLW traded down $0.17 during midday trading on Friday, reaching $48.38. The stock had a trading volume of 4,889,753 shares, compared to its average volume of 5,959,913. Corning Incorporated has a 1-year low of $35.40 and a 1-year high of $55.33. The firm's fifty day simple moving average is $44.78 and its 200-day simple moving average is $47.52. 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 stock has a market capitalization of $41.44 billion, a P/E ratio of 83.42, a PEG ratio of 1.50 and a beta of 1.09.

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

Corning Dividend Announcement

The business 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. The ex-dividend date is Friday, May 30th. This represents a $1.12 annualized dividend and a yield of 2.32%. Corning's dividend payout ratio is 215.38%.

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.