Worldquant Millennium Advisors LLC Takes $45.75 Million Position in Corning Incorporated (NYSE:GLW)

Worldquant Millennium Advisors LLC bought a new stake in shares of Corning Incorporated (NYSE:GLW - Free Report) in the 4th quarter, according to its most recent filing with the SEC. The institutional investor bought 962,818 shares of the electronics maker's stock, valued at approximately $45,753,000. Worldquant Millennium Advisors LLC owned about 0.11% of Corning at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in GLW. Woodline Partners LP lifted its stake in Corning by 449.5% in the fourth quarter. Woodline Partners LP now owns 793,871 shares of the electronics maker's stock valued at $37,725,000 after buying an additional 649,399 shares during the last quarter. iSAM Funds UK Ltd bought a new stake in Corning in the fourth quarter valued at $701,000. Vident Advisory LLC lifted its stake in Corning by 11.2% in the fourth quarter. Vident Advisory LLC now owns 16,380 shares of the electronics maker's stock valued at $778,000 after buying an additional 1,655 shares during the last quarter. Sphera Management Technology Funds Ltd bought a new stake in Corning in the fourth quarter valued at $800,000. Finally, Tidal Investments LLC lifted its stake in Corning by 28.3% in the fourth quarter. Tidal Investments LLC now owns 53,300 shares of the electronics maker's stock valued at $2,533,000 after buying an additional 11,765 shares during the last quarter. 69.80% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, VP John Z. Zhang sold 8,000 shares of Corning stock in a transaction on Monday, May 12th. The stock was 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 of the company's stock, valued at approximately $450,805.10. This trade represents a 45.43% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 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 value of $892,743.72. The disclosure for this sale can be found here. Company insiders own 0.40% of the company's stock.

Analyst Ratings Changes

A number of research analysts recently issued reports on GLW shares. Oppenheimer lowered their target price on Corning from $58.00 to $55.00 and set an "outperform" rating on the stock in a report on Wednesday, April 30th. StockNews.com lowered Corning from a "buy" rating to a "hold" rating in a report on Tuesday, February 25th. Mizuho set a $52.00 target price on Corning in a report on Tuesday, April 15th. JPMorgan Chase & Co. lowered their target price on Corning from $62.00 to $50.00 and set an "overweight" rating on the stock in a report on Thursday, April 17th. Finally, Citigroup lowered their target price on Corning from $58.00 to $50.00 and set a "buy" rating on the stock in a report on Monday, April 14th. Four 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. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $53.08.

Corning Price Performance

Shares of GLW opened at $48.11 on Tuesday. The company has a quick ratio of 1.07, a current ratio of 1.62 and a debt-to-equity ratio of 0.62. Corning Incorporated has a twelve month low of $35.30 and a twelve month high of $55.33. The stock has a market capitalization of $41.20 billion, a P/E ratio of 82.95, a P/E/G ratio of 1.50 and a beta of 1.09. The company has a 50 day moving average of $44.65 and a 200-day moving average of $47.50.

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

Corning Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 27th. Shareholders of record on Friday, May 30th will be given a dividend of $0.28 per share. The ex-dividend date of this dividend is Friday, May 30th. This represents a $1.12 dividend on an annualized basis and a yield of 2.33%. Corning's dividend payout ratio (DPR) 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.

Want to see what other hedge funds are holding GLW? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Corning Incorporated (NYSE:GLW - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.