Federated Hermes Inc. Boosts Stock Holdings in Corning Incorporated (NYSE:GLW)

Federated Hermes Inc. grew its position in shares of Corning Incorporated (NYSE:GLW - Free Report) by 1,329.2% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,321,494 shares of the electronics maker's stock after buying an additional 1,229,031 shares during the quarter. Federated Hermes Inc. owned approximately 0.15% of Corning worth $40,239,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also recently added to or reduced their stakes in the company. Natixis Advisors L.P. grew its stake in shares of Corning by 5.9% during the third quarter. Natixis Advisors L.P. now owns 101,322 shares of the electronics maker's stock valued at $3,087,000 after purchasing an additional 5,616 shares during the last quarter. KMG Fiduciary Partners LLC bought a new stake in shares of Corning during the fourth quarter valued at approximately $1,199,000. HB Wealth Management LLC grew its stake in shares of Corning by 24.2% during the fourth quarter. HB Wealth Management LLC now owns 9,871 shares of the electronics maker's stock valued at $301,000 after purchasing an additional 1,926 shares during the last quarter. SG Americas Securities LLC grew its stake in shares of Corning by 59.8% during the fourth quarter. SG Americas Securities LLC now owns 108,358 shares of the electronics maker's stock valued at $3,300,000 after purchasing an additional 40,564 shares during the last quarter. Finally, Bank of New York Mellon Corp grew its stake in shares of Corning by 6.6% during the third quarter. Bank of New York Mellon Corp now owns 7,883,126 shares of the electronics maker's stock valued at $240,199,000 after purchasing an additional 490,638 shares during the last quarter. 69.80% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several analysts have recently commented on the stock. JPMorgan Chase & Co. increased their price target on shares of Corning from $34.00 to $36.00 and gave the company a "neutral" rating in a research note on Thursday, April 11th. HSBC lowered shares of Corning from a "hold" rating to a "reduce" rating and set a $29.00 price objective on the stock. in a report on Thursday, February 1st. Barclays increased their price objective on shares of Corning from $28.00 to $35.00 and gave the company an "equal weight" rating in a report on Wednesday, January 31st. StockNews.com upgraded shares of Corning from a "sell" rating to a "hold" rating in a report on Monday, April 1st. Finally, Susquehanna reiterated a "positive" rating and issued a $40.00 target price on shares of Corning in a report on Monday, April 1st. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and four have issued a buy rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Hold" and an average price target of $34.56.

Insider Buying and Selling at Corning

In other Corning news, Vice Chairman Lawrence D. Mcrae sold 77,464 shares of Corning stock in a transaction on Thursday, March 21st. The shares were sold at an average price of $33.24, for a total value of $2,574,903.36. Following the sale, the insider now directly owns 215,254 shares in the company, valued at approximately $7,155,042.96. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 0.40% of the company's stock.

Corning Stock Up 1.2 %

GLW traded up $0.36 during trading on Friday, hitting $31.27. The company had a trading volume of 4,636,555 shares, compared to its average volume of 4,059,459. The company has a market capitalization of $26.75 billion, a PE ratio of 46.67, a PEG ratio of 1.71 and a beta of 1.08. Corning Incorporated has a one year low of $25.26 and a one year high of $36.01. The firm's 50-day moving average price is $32.31 and its 200 day moving average price is $30.39. The company has a quick ratio of 1.05, a current ratio of 1.67 and a debt-to-equity ratio of 0.61.

Corning (NYSE:GLW - Get Free Report) last posted its quarterly earnings data on Tuesday, January 30th. The electronics maker reported $0.39 EPS for the quarter, meeting the consensus estimate of $0.39. The business had revenue of $2.99 billion for the quarter, compared to analysts' expectations of $3.26 billion. Corning had a net margin of 4.62% and a return on equity of 12.31%. The firm's revenue was down 12.1% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.47 EPS. As a group, equities analysts expect that Corning Incorporated will post 1.87 earnings per share for the current year.

Corning Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Shareholders of record on Thursday, February 29th were paid a $0.28 dividend. The ex-dividend date was Wednesday, February 28th. This represents a $1.12 annualized dividend and a yield of 3.58%. Corning's payout ratio is currently 167.16%.

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.