Corning Incorporated $GLW Shares Acquired by Resona Asset Management Co. Ltd.

Key Points

• Resona Asset Management Co. Ltd. increased its holdings in Corning Incorporated by 7.9%, bringing its total to 254,295 shares, valued at approximately $11.65 million.
• Corning reported quarterly earnings of $0.60 per share, exceeding analysts' expectations and generating revenues of $3.86 billion, up from the previous year's figure.
• The company declared a quarterly dividend of $0.28 per share, with a payout ratio of 119.15%, indicating a commitment to returning value to shareholders despite high dividends relative to earnings.

Resona Asset Management Co. Ltd. increased its position in shares of Corning Incorporated (NYSE:GLW - Free Report) by 7.9% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 254,295 shares of the electronics maker's stock after acquiring an additional 18,708 shares during the quarter. Resona Asset Management Co. Ltd.'s holdings in Corning were worth $11,645,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Polar Capital Holdings Plc purchased a new stake in shares of Corning during the 4th quarter valued at approximately $124,253,000. Nuveen LLC acquired a new position in shares of Corning in the 1st quarter valued at $104,789,000. Assenagon Asset Management S.A. grew its holdings in shares of Corning by 101.0% during the 1st quarter. Assenagon Asset Management S.A. now owns 2,951,938 shares of the electronics maker's stock worth $135,140,000 after purchasing an additional 1,483,151 shares during the period. SG Americas Securities LLC increased its position in shares of Corning by 3,441.4% during the 1st quarter. SG Americas Securities LLC now owns 1,190,359 shares of the electronics maker's stock worth $54,495,000 after purchasing an additional 1,156,746 shares during the last quarter. Finally, Deutsche Bank AG raised its holdings in Corning by 37.1% in the 1st quarter. Deutsche Bank AG now owns 3,835,799 shares of the electronics maker's stock valued at $175,603,000 after buying an additional 1,037,875 shares during the period. 69.80% of the stock is currently owned by institutional investors and hedge funds.

Corning Stock Performance

Shares of GLW stock traded up $0.15 during mid-day trading on Monday, hitting $65.59. The stock had a trading volume of 1,393,059 shares, compared to its average volume of 5,628,431. The firm has a market cap of $56.18 billion, a PE ratio of 69.79, a PEG ratio of 1.47 and a beta of 1.08. The company's 50-day simple moving average is $55.70 and its 200-day simple moving average is $50.13. The company has a debt-to-equity ratio of 0.58, a current ratio of 1.50 and a quick ratio of 0.93. Corning Incorporated has a fifty-two week low of $37.31 and a fifty-two week high of $66.50.

Corning (NYSE:GLW - Get Free Report) last announced its quarterly earnings data on Tuesday, July 29th. The electronics maker reported $0.60 earnings per share for the quarter, beating analysts' consensus estimates of $0.57 by $0.03. The company had revenue of $3.86 billion for the quarter, compared to analyst estimates of $3.84 billion. Corning had a return on equity of 17.27% and a net margin of 5.77%. During the same quarter in the previous year, the company earned $0.47 EPS. Sell-side analysts anticipate that Corning Incorporated will post 2.33 earnings per share for the current year.

Corning Dividend Announcement

The business 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 $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a dividend yield of 1.7%. The ex-dividend date is Friday, August 29th. Corning's dividend payout ratio (DPR) is currently 119.15%.

Insiders Place Their Bets

In related news, COO Avery H. Nelson III sold 36,240 shares of the business's stock in a transaction dated Wednesday, July 30th. The shares were sold at an average price of $62.26, for a total value of $2,256,302.40. Following the sale, the chief operating officer directly owned 64,838 shares in the company, valued at $4,036,813.88. The trade was a 35.85% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Stefan Becker sold 17,106 shares of the company's stock in a transaction dated Thursday, May 29th. The shares were sold at an average price of $49.68, for a total transaction of $849,826.08. Following the completion of the sale, the senior vice president directly owned 16,117 shares in the company, valued at $800,692.56. This trade represents a 51.49% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 211,484 shares of company stock worth $12,813,804. Insiders own 0.32% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on the stock. JPMorgan Chase & Co. lifted their price target on shares of Corning from $62.00 to $65.00 and gave the company an "overweight" rating in a research report on Friday, July 25th. Citigroup upped their price target on Corning from $52.00 to $60.00 and gave the stock a "buy" rating in a research note on Friday, July 11th. Morgan Stanley set a $56.00 price objective on Corning and gave the company an "equal weight" rating in a report on Wednesday, July 30th. Wall Street Zen upgraded shares of Corning from a "buy" rating to a "strong-buy" rating in a research note on Saturday, August 2nd. Finally, Barclays raised their price target on shares of Corning from $52.00 to $65.00 and gave the company an "equal weight" rating in a research report on Wednesday, July 30th. Three analysts have rated the stock with a hold rating, ten have assigned a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $65.17.

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.