Polar Capital Holdings Plc Buys Shares of 2,614,751 Corning Incorporated (NYSE:GLW)

Polar Capital Holdings Plc purchased a new position in shares of Corning Incorporated (NYSE:GLW - Free Report) during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor purchased 2,614,751 shares of the electronics maker's stock, valued at approximately $124,253,000. Polar Capital Holdings Plc owned approximately 0.31% of Corning as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Sound Income Strategies LLC boosted its holdings in shares of Corning by 76.7% during the 4th quarter. Sound Income Strategies LLC now owns 523 shares of the electronics maker's stock worth $25,000 after buying an additional 227 shares in the last quarter. Sierra Ocean LLC bought a new position in shares of Corning during the 4th quarter worth approximately $25,000. Asset Planning Inc bought a new position in shares of Corning during the 4th quarter worth approximately $29,000. Mainstream Capital Management LLC bought a new position in shares of Corning during the 4th quarter worth approximately $35,000. Finally, Rosenberg Matthew Hamilton boosted its holdings in shares of 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 buying an additional 500 shares in the last quarter. 69.80% of the stock is currently owned by institutional investors.

Corning Stock Up 1.4%

NYSE:GLW traded up $0.65 during trading hours on Friday, hitting $48.25. 4,639,459 shares of the company traded hands, compared to its average volume of 5,958,155. Corning Incorporated has a one year low of $35.30 and a one year high of $55.33. The company has a market cap of $41.33 billion, a PE ratio of 83.19, a PEG ratio of 1.50 and a beta of 1.09. The firm's 50-day simple moving average is $44.60 and its 200-day simple moving average is $47.50. 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 (NYSE:GLW - Get Free Report) last announced its earnings results on Tuesday, April 29th. The electronics maker reported $0.54 earnings per share (EPS) for the quarter, beating 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 during the quarter, compared to analyst estimates of $3.63 billion. During the same period last year, the firm posted $0.38 EPS. The business's revenue was up 12.9% compared to the same quarter last year. Equities analysts predict that Corning Incorporated will post 2.33 earnings per share for the current year.

Corning Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 27th. Stockholders of record on Friday, May 30th will be given a dividend of $0.28 per share. 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 is presently 215.38%.

Wall Street Analyst Weigh In

A number of research firms have issued reports on GLW. JPMorgan Chase & Co. cut their price target on Corning from $62.00 to $50.00 and set an "overweight" rating on the stock in a report on Thursday, April 17th. HSBC upgraded Corning from a "hold" rating to a "buy" rating and increased their target price for the stock from $51.00 to $60.00 in a report on Thursday, January 30th. Citigroup cut 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. Oppenheimer cut 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. Finally, Barclays cut their target price on Corning from $53.00 to $52.00 and set an "equal weight" rating on the stock in a report on Wednesday, January 29th. Four research analysts have rated the stock with a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $53.08.

Insider Activity

In related news, VP John Z. Zhang sold 8,000 shares of Corning stock in a transaction dated 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 owns 9,610 shares of the company's stock, valued at approximately $450,805.10. This trade represents a 45.43% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, SVP Michael Alan Bell sold 20,262 shares of Corning stock in a transaction dated Wednesday, April 30th. The stock was 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. Insiders own 0.40% of the company's stock.

Corning Company 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.