Man Group plc Purchases Shares of 62,240 Corning Incorporated (NYSE:GLW)

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

Other institutional investors have also recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its position in shares of Corning by 0.9% in the fourth quarter. Vanguard Group Inc. now owns 99,903,247 shares of the electronics maker's stock worth $4,747,402,000 after buying an additional 916,528 shares during the period. Geode Capital Management LLC boosted its position in shares of Corning by 3.0% in the fourth quarter. Geode Capital Management LLC now owns 18,470,610 shares of the electronics maker's stock worth $875,633,000 after buying an additional 533,686 shares during the period. Northern Trust Corp boosted its position in shares of Corning by 2.0% in the fourth quarter. Northern Trust Corp now owns 10,870,375 shares of the electronics maker's stock worth $516,560,000 after buying an additional 208,826 shares during the period. Norges Bank purchased a new stake in shares of Corning in the fourth quarter worth about $490,933,000. Finally, Dimensional Fund Advisors LP boosted its position in shares of Corning by 0.8% in the fourth quarter. Dimensional Fund Advisors LP now owns 9,800,573 shares of the electronics maker's stock worth $465,723,000 after buying an additional 78,497 shares during the period. Hedge funds and other institutional investors own 69.80% of the company's stock.

Insider Transactions at Corning

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

Analyst Ratings Changes

Several equities research analysts have recently weighed in on GLW shares. Barclays decreased their target price on Corning from $53.00 to $52.00 and set an "equal weight" rating for the company in a research report on Wednesday, January 29th. JPMorgan Chase & Co. decreased their target price on Corning from $62.00 to $50.00 and set an "overweight" rating for the company in a research report on Thursday, April 17th. Oppenheimer decreased their target price on Corning from $58.00 to $55.00 and set an "outperform" rating for the company in a research report on Wednesday, April 30th. Mizuho set a $52.00 price target on Corning in a report on Tuesday, April 15th. Finally, Bank of America increased their price target on Corning from $65.00 to $68.00 and gave the company a "buy" rating in a report on Wednesday, March 19th. Four research analysts have rated the stock with a hold rating, ten have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $53.08.

Corning Stock Up 2.4%

NYSE GLW traded up $1.15 on Tuesday, hitting $49.51. 2,185,552 shares of the stock traded hands, compared to its average volume of 5,957,970. The stock has a 50-day moving average of $44.78 and a 200 day moving average of $47.51. Corning Incorporated has a twelve month low of $35.40 and a twelve month high of $55.33. The company has a market capitalization of $42.40 billion, a P/E ratio of 85.35, a price-to-earnings-growth 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.

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

Corning Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, June 27th. Stockholders of record on Friday, May 30th will be given a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.26%. The ex-dividend date is Friday, May 30th. Corning's payout ratio is 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.