Soros Fund Management LLC Takes $19.25 Million Position in Corning Incorporated (NYSE:GLW)

Soros Fund Management LLC acquired a new stake in Corning Incorporated (NYSE:GLW - Free Report) in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor acquired 405,000 shares of the electronics maker's stock, valued at approximately $19,246,000.

A number of other institutional investors and hedge funds have also bought and sold shares of the company. Schonfeld Strategic Advisors LLC boosted its stake in shares of Corning by 494.9% in the 4th quarter. Schonfeld Strategic Advisors LLC now owns 144,390 shares of the electronics maker's stock valued at $6,861,000 after purchasing an additional 120,118 shares during the last quarter. AQR Capital Management LLC lifted its position in shares of Corning by 46.1% during the 4th quarter. AQR Capital Management LLC now owns 440,740 shares of the electronics maker's stock worth $20,944,000 after buying an additional 139,120 shares in the last quarter. Northern Trust Corp increased its position in shares of Corning by 2.0% during the 4th quarter. Northern Trust Corp now owns 10,870,375 shares of the electronics maker's stock valued at $516,560,000 after purchasing an additional 208,826 shares during the last quarter. Optiver Holding B.V. bought a new position in shares of Corning during the 4th quarter valued at approximately $128,000. Finally, Beacon Pointe Advisors LLC grew its stake in shares of Corning by 2.5% during the 4th quarter. Beacon Pointe Advisors LLC now owns 59,953 shares of the electronics maker's stock worth $2,849,000 after acquiring an additional 1,487 shares during the period. Institutional investors and hedge funds own 69.80% of the company's stock.

Analyst Ratings Changes

GLW has been the subject of several recent research reports. Mizuho set a $52.00 price target on Corning in a research report on Tuesday, April 15th. Citigroup cut their target price on shares of Corning from $58.00 to $50.00 and set a "buy" rating on the stock in a report on Monday, April 14th. Barclays decreased their price objective on shares of Corning from $53.00 to $52.00 and set an "equal weight" rating for the company in a report on Wednesday, January 29th. Oppenheimer reduced their target price on shares of Corning from $58.00 to $55.00 and set an "outperform" rating on the stock in a research report on Wednesday. Finally, Bank of America upped their target price on shares of Corning from $65.00 to $68.00 and gave the stock a "buy" rating in a research note on Wednesday, March 19th. Four analysts have rated the stock with a hold rating, ten have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $53.08.

Corning Price Performance

NYSE:GLW traded up $0.98 during trading hours on Friday, reaching $45.76. The stock had a trading volume of 4,428,237 shares, compared to its average volume of 5,964,695. The company has a 50 day moving average price of $44.87 and a two-hundred day moving average price of $47.54. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.07 and a current ratio of 1.62. The stock has a market capitalization of $39.21 billion, a PE ratio of 78.90, a PEG ratio of 1.50 and a beta of 1.03. Corning Incorporated has a 52 week low of $32.92 and a 52 week high of $55.33.

Corning (NYSE:GLW - Get Free Report) last issued 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. The firm had revenue of $3.68 billion for the quarter, compared to the consensus estimate of $3.63 billion. Corning had a return on equity of 15.10% and a net margin of 3.86%. The company's revenue for the quarter was up 12.9% on a year-over-year basis. During the same period in the prior year, the business posted $0.38 earnings per share. As a group, sell-side analysts anticipate that Corning Incorporated will post 2.33 earnings per share for the current fiscal year.

Corning Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 27th. Investors of record on Friday, May 30th will be paid a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.45%. The ex-dividend date is Friday, May 30th. Corning's dividend payout ratio (DPR) is currently 193.10%.

Insider Buying and Selling at Corning

In related news, SVP Michael Alan Bell sold 20,262 shares of the firm's stock in a transaction on Wednesday, April 30th. The stock was sold at an average price of $44.06, for a total value of $892,743.72. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 0.40% of the stock is owned by insiders.

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.