Man Group plc Invests $2.96 Million in Corning Incorporated (NYSE:GLW)

Man Group plc bought a new stake in Corning Incorporated (NYSE:GLW - Free Report) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 62,240 shares of the electronics maker's stock, valued at approximately $2,958,000.

Other large investors have also added to or reduced their stakes in the company. Sound Income Strategies LLC increased its holdings in Corning by 76.7% during the 4th quarter. Sound Income Strategies LLC now owns 523 shares of the electronics maker's stock valued at $25,000 after purchasing an additional 227 shares during the period. Sierra Ocean LLC purchased a new position in shares of Corning during the fourth quarter valued at approximately $25,000. Asset Planning Inc bought a new position in shares of Corning during the fourth quarter valued at approximately $29,000. Mainstream Capital Management LLC purchased a new stake in Corning in the fourth quarter worth $35,000. Finally, JFS Wealth Advisors LLC boosted its holdings in Corning by 171.8% in the fourth quarter. JFS Wealth Advisors LLC now owns 810 shares of the electronics maker's stock valued at $38,000 after acquiring an additional 512 shares in the last quarter. Hedge funds and other institutional investors own 69.80% of the company's stock.

Wall Street Analysts Forecast Growth

GLW has been the topic of a number of research reports. Mizuho set a $52.00 target price on shares of Corning in a research note on Tuesday, April 15th. Citigroup lowered their target price on Corning from $58.00 to $50.00 and set a "buy" rating for the company in a research note on Monday, April 14th. Bank of America lifted their target price on shares of Corning from $65.00 to $68.00 and gave the company a "buy" rating in a report on Wednesday, March 19th. Wall Street Zen downgraded shares of Corning from a "buy" rating to a "hold" rating in a research report on Tuesday, February 25th. Finally, Hsbc Global Res raised shares of Corning from a "hold" rating to a "strong-buy" rating in a report on Thursday, January 30th. Four investment analysts have rated the stock with a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $53.08.

Corning Stock Performance

GLW stock traded down $0.44 during trading on Wednesday, reaching $49.48. The stock had a trading volume of 1,023,451 shares, compared to its average volume of 6,021,874. Corning Incorporated has a 52 week low of $35.40 and a 52 week high of $55.33. The firm has a market cap of $42.38 billion, a PE ratio of 85.36, a PEG ratio of 1.50 and a beta of 1.09. The company has a current ratio of 1.62, a quick ratio of 1.07 and a debt-to-equity ratio of 0.62. The stock's 50 day moving average is $44.80 and its two-hundred day moving average is $47.52.

Corning (NYSE:GLW - Get Free Report) last announced its 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. Corning had a net margin of 3.86% and a return on equity of 15.10%. The business had revenue of $3.68 billion during the quarter, compared to analysts' expectations of $3.63 billion. During the same period in the prior year, the company earned $0.38 earnings per share. The firm's revenue was up 12.9% on a year-over-year basis. As a group, equities analysts anticipate that Corning Incorporated will post 2.33 earnings per share for the current year.

Corning Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, June 27th. Investors of record on Friday, May 30th will be issued a $0.28 dividend. This represents a $1.12 annualized dividend and a yield of 2.26%. The ex-dividend date of this dividend is Friday, May 30th. Corning's dividend payout ratio is 215.38%.

Insiders Place Their Bets

In related news, SVP Michael Alan Bell sold 20,262 shares of the company's stock in a transaction on Wednesday, April 30th. The shares were sold at an average price of $44.06, for a total transaction of $892,743.72. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, VP John Z. Zhang sold 8,000 shares of Corning stock in a transaction on Monday, May 12th. The shares were sold at an average price of $46.91, for a total transaction of $375,280.00. Following the completion of the sale, the vice president now owns 9,610 shares in the company, valued at approximately $450,805.10. This represents a 45.43% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.40% of the stock is owned by company insiders.

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.