Corning Incorporated (NYSE:GLW) Shares Bought by Point72 Hong Kong Ltd

Point72 Hong Kong Ltd boosted its stake in Corning Incorporated (NYSE:GLW - Free Report) by 396.7% during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 375,254 shares of the electronics maker's stock after acquiring an additional 299,697 shares during the period. Corning accounts for about 1.1% of Point72 Hong Kong Ltd's holdings, making the stock its 22nd biggest position. Point72 Hong Kong Ltd's holdings in Corning were worth $17,832,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also recently added to or reduced their stakes in the company. Sound Income Strategies LLC increased its position in Corning by 76.7% in the 4th quarter. Sound Income Strategies LLC now owns 523 shares of the electronics maker's stock valued at $25,000 after acquiring an additional 227 shares during the period. Sierra Ocean LLC acquired a new position in Corning in the 4th quarter valued at about $25,000. Asset Planning Inc acquired a new position in Corning during the 4th quarter worth approximately $29,000. Mainstream Capital Management LLC acquired a new position in Corning during the 4th quarter worth approximately $35,000. Finally, Rosenberg Matthew Hamilton increased its position in Corning by 202.4% during the 4th quarter. Rosenberg Matthew Hamilton now owns 747 shares of the electronics maker's stock worth $35,000 after purchasing an additional 500 shares during the period. Institutional investors and hedge funds own 69.80% of the company's stock.

Insider Buying and Selling

In related news, VP John Z. Zhang sold 8,000 shares of the stock in a transaction 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 sale, the vice president now directly owns 9,610 shares in the company, valued at approximately $450,805.10. This represents a 45.43% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Michael Alan Bell sold 20,262 shares of the stock in a transaction on 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. Corporate insiders own 0.40% of the company's stock.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on the company. Mizuho set a $52.00 target price on Corning in a research report on Tuesday, April 15th. Bank of America boosted their target price on Corning from $65.00 to $68.00 and gave the stock a "buy" rating in a research report on Wednesday, March 19th. HSBC upgraded Corning from a "hold" rating to a "buy" rating and boosted their target price for the stock from $51.00 to $60.00 in a research report on Thursday, January 30th. StockNews.com cut Corning from a "buy" rating to a "hold" rating in a research report on Tuesday, February 25th. Finally, Citigroup dropped their target price on Corning from $58.00 to $50.00 and set a "buy" rating on the stock in a research report on Monday, April 14th. Four research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, Corning presently has an average rating of "Moderate Buy" and an average target price of $53.08.

Corning Trading Up 1.4%

Shares of Corning stock traded up $0.65 during trading hours on Friday, reaching $48.25. 4,639,459 shares of the company's stock were exchanged, compared to its average volume of 5,958,155. Corning Incorporated has a 52-week low of $35.30 and a 52-week high of $55.33. The firm has a market capitalization of $41.33 billion, a price-to-earnings ratio of 83.19, a price-to-earnings-growth ratio of 1.50 and a beta of 1.09. The company has a fifty day moving average of $44.60 and a 200-day moving average of $47.50. 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 issued its 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. The business had revenue of $3.68 billion for the quarter, compared to analyst estimates 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 last year, the company posted $0.38 EPS. Sell-side analysts forecast that Corning Incorporated will post 2.33 EPS for the current fiscal year.

Corning Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, June 27th. Investors of record on Friday, May 30th will be given a $0.28 dividend. This represents a $1.12 annualized dividend and a dividend yield of 2.32%. The ex-dividend date of this dividend is Friday, May 30th. Corning's dividend payout ratio (DPR) is currently 215.38%.

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.