LGT Group Foundation Boosts Stake in Corning Incorporated (NYSE:GLW)

Key Points

• LGT Group Foundation increased its stake in Corning Incorporated by 24.3% during the first quarter, bringing its total holdings to 373,025 shares valued at approximately $17.08 million.
• Several institutional investors have recently boosted their investments in Corning, with Northern Trust Corp holding the largest stake at 10,870,375 shares, valued at $516.56 million.
• Corning announced a quarterly dividend of $0.28 per share, reflecting a 1.7% yield, with the payout ratio currently at 119.15%.

LGT Group Foundation raised its holdings in shares of Corning Incorporated (NYSE:GLW - Free Report) by 24.3% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 373,025 shares of the electronics maker's stock after buying an additional 72,912 shares during the quarter. LGT Group Foundation's holdings in Corning were worth $17,077,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently added to or reduced their stakes in the company. Northern Trust Corp lifted its stake in Corning by 2.0% during the fourth quarter. Northern Trust Corp now owns 10,870,375 shares of the electronics maker's stock worth $516,560,000 after purchasing an additional 208,826 shares during the last quarter. Dimensional Fund Advisors LP lifted its stake in Corning by 0.8% during the fourth quarter. Dimensional Fund Advisors LP now owns 9,800,573 shares of the electronics maker's stock worth $465,723,000 after purchasing an additional 78,497 shares during the last quarter. Bank of New York Mellon Corp lifted its stake in shares of Corning by 1.3% in the 1st quarter. Bank of New York Mellon Corp now owns 6,347,977 shares of the electronics maker's stock valued at $290,610,000 after acquiring an additional 80,872 shares during the last quarter. Invesco Ltd. lifted its stake in shares of Corning by 4.8% in the 1st quarter. Invesco Ltd. now owns 6,337,063 shares of the electronics maker's stock valued at $290,111,000 after acquiring an additional 288,328 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake 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 during the last quarter. Institutional investors own 69.80% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on GLW shares. JPMorgan Chase & Co. boosted their target price on Corning from $62.00 to $65.00 and gave the company an "overweight" rating in a research note on Friday, July 25th. Barclays boosted their price target on Corning from $52.00 to $65.00 and gave the company an "equal weight" rating in a report on Wednesday, July 30th. Argus restated a "buy" rating and set a $68.00 price target on shares of Corning in a report on Wednesday, July 30th. Susquehanna restated 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. Finally, Wolfe Research initiated coverage on Corning in a report on Tuesday, July 8th. They set an "outperform" rating on the stock. Three analysts have rated the stock with a hold rating, ten have given a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $65.17.

Corning Stock Performance

GLW stock opened at $65.00 on Tuesday. The stock has a market capitalization of $55.68 billion, a PE ratio of 69.15, a price-to-earnings-growth ratio of 1.48 and a beta of 1.08. Corning Incorporated has a 12-month low of $37.31 and a 12-month high of $66.50. The company has a current ratio of 1.50, a quick ratio of 0.93 and a debt-to-equity ratio of 0.58. The stock's 50 day simple moving average is $54.51 and its 200 day simple moving average is $49.69.

Corning (NYSE:GLW - Get Free Report) last released its quarterly earnings data on Tuesday, July 29th. The electronics maker reported $0.60 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.57 by $0.03. The business had revenue of $3.86 billion for the quarter, compared to analysts' expectations of $3.84 billion. Corning had a return on equity of 17.27% and a net margin of 5.77%. During the same period in the prior year, the firm posted $0.47 EPS. As a group, research analysts forecast that Corning Incorporated will post 2.33 earnings per share for the current fiscal year.

Corning Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, September 29th. Stockholders of record on Friday, August 29th will be issued a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a dividend yield of 1.7%. The ex-dividend date of this dividend is Friday, August 29th. Corning's dividend payout ratio is presently 119.15%.

Insider Activity

In other news, EVP Lewis A. Steverson sold 16,646 shares of the stock in a transaction on Wednesday, July 30th. The stock was sold at an average price of $62.22, for a total transaction of $1,035,714.12. Following the transaction, the executive vice president directly owned 39,759 shares of the company's stock, valued at $2,473,804.98. This represents a 29.51% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, SVP Stefan Becker sold 17,106 shares of the stock in a transaction on Thursday, May 29th. The shares were sold at an average price of $49.68, for a total value of $849,826.08. Following the transaction, the senior vice president directly owned 16,117 shares in the company, valued at $800,692.56. The trade was a 51.49% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 211,484 shares of company stock worth $12,813,804. Insiders own 0.32% of the company's stock.

Corning Company 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.

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