Impax Asset Management Group plc Acquires Shares of 37,500 Corning Incorporated (NYSE:GLW)

Impax Asset Management Group plc bought a new stake in shares of Corning Incorporated (NYSE:GLW - Free Report) during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund bought 37,500 shares of the electronics maker's stock, valued at approximately $1,142,000.

Other institutional investors have also recently added to or reduced their stakes in the company. Peoples Bank KS purchased a new stake in shares of Corning during the third quarter valued at approximately $25,000. OFI Invest Asset Management purchased a new position in shares of Corning in the third quarter valued at $25,000. Janiczek Wealth Management LLC grew its holdings in Corning by 173.6% during the 3rd quarter. Janiczek Wealth Management LLC now owns 900 shares of the electronics maker's stock valued at $27,000 after purchasing an additional 571 shares in the last quarter. Pacifica Partners Inc. purchased a new stake in Corning during the 3rd quarter worth $28,000. Finally, SRS Capital Advisors Inc. lifted its holdings in Corning by 232.9% in the 3rd quarter. SRS Capital Advisors Inc. now owns 932 shares of the electronics maker's stock worth $28,000 after buying an additional 652 shares in the last quarter. 69.80% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

GLW has been the topic of a number of analyst reports. JPMorgan Chase & Co. lifted their target price on Corning from $34.00 to $36.00 and gave the stock a "neutral" rating in a research report on Thursday. StockNews.com raised Corning from a "sell" rating to a "hold" rating in a research report on Monday, April 1st. HSBC cut Corning from a "hold" rating to a "reduce" rating and set a $29.00 target price for the company. in a research note on Thursday, February 1st. Barclays lifted their price target on shares of Corning from $28.00 to $35.00 and gave the stock an "equal weight" rating in a research note on Wednesday, January 31st. Finally, UBS Group increased their price objective on shares of Corning from $34.00 to $35.00 and gave the company a "neutral" rating in a research note on Monday. One investment analyst has rated the stock with a sell rating, five have given a hold rating and four have given a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and an average target price of $34.56.

Insider Buying and Selling at Corning

In related news, Vice Chairman Lawrence D. Mcrae sold 77,464 shares of the stock in a transaction that occurred on Thursday, March 21st. The stock was sold at an average price of $33.24, for a total value of $2,574,903.36. Following the completion of the transaction, the insider now directly owns 215,254 shares of the company's stock, valued at approximately $7,155,042.96. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 0.45% of the stock is owned by company insiders.

Corning Stock Performance

Shares of Corning stock traded up $0.32 on Thursday, reaching $32.27. 5,980,923 shares of the company were exchanged, compared to its average volume of 4,777,055. Corning Incorporated has a 1-year low of $25.26 and a 1-year high of $36.01. The firm has a market cap of $27.60 billion, a price-to-earnings ratio of 48.16, a P/E/G ratio of 1.83 and a beta of 1.08. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.05 and a current ratio of 1.67. The company's 50-day moving average is $32.41 and its two-hundred day moving average is $30.34.

Corning (NYSE:GLW - Get Free Report) last posted its earnings results on Tuesday, January 30th. The electronics maker reported $0.39 earnings per share (EPS) for the quarter, meeting analysts' consensus estimates of $0.39. The company had revenue of $2.99 billion for the quarter, compared to analysts' expectations of $3.26 billion. Corning had a return on equity of 12.31% and a net margin of 4.62%. The firm's quarterly revenue was down 12.1% compared to the same quarter last year. During the same period last year, the business posted $0.47 earnings per share. As a group, research analysts expect that Corning Incorporated will post 1.86 earnings per share for the current fiscal year.

Corning Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, March 28th. Shareholders of record on Thursday, February 29th were given a $0.28 dividend. This represents a $1.12 annualized dividend and a yield of 3.47%. The ex-dividend date of this dividend was Wednesday, February 28th. Corning's dividend payout ratio (DPR) is 167.16%.

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.