Sumitomo Mitsui Trust Holdings Inc. Has $62.54 Million Stake in Corning Incorporated (NYSE:GLW)

Sumitomo Mitsui Trust Holdings Inc. decreased its stake in shares of Corning Incorporated (NYSE:GLW) by 0.2% during the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 2,053,927 shares of the electronics maker’s stock after selling 3,984 shares during the period. Sumitomo Mitsui Trust Holdings Inc. owned 0.24% of Corning worth $62,542,000 as of its most recent filing with the SEC.

A number of other hedge funds have also made changes to their positions in the stock. Romano Brothers AND Company increased its holdings in shares of Corning by 6.6% during the 4th quarter. Romano Brothers AND Company now owns 42,875 shares of the electronics maker’s stock valued at $1,306,000 after acquiring an additional 2,640 shares during the last quarter. Altus Wealth Group LLC increased its holdings in shares of Corning by 16.4% during the 4th quarter. Altus Wealth Group LLC now owns 17,001 shares of the electronics maker’s stock valued at $518,000 after acquiring an additional 2,390 shares during the last quarter. Louisiana State Employees Retirement System acquired a new position in shares of Corning during the 4th quarter valued at about $1,413,000. Byrne Asset Management LLC increased its holdings in shares of Corning by 5.2% during the 4th quarter. Byrne Asset Management LLC now owns 25,315 shares of the electronics maker’s stock valued at $774,000 after acquiring an additional 1,245 shares during the last quarter. Finally, Citizens National Bank Trust Department increased its holdings in shares of Corning by 17.9% during the 4th quarter. Citizens National Bank Trust Department now owns 33,937 shares of the electronics maker’s stock valued at $1,033,000 after acquiring an additional 5,150 shares during the last quarter. Institutional investors and hedge funds own 69.80% of the company’s stock.

Corning Price Performance

Shares of NYSE:GLW opened at $30.89 on Friday. Corning Incorporated has a 1-year low of $25.26 and a 1-year high of $36.01. The firm has a market capitalization of $26.42 billion, a PE ratio of 46.10, a PEG ratio of 1.71 and a beta of 1.08. The business’s 50 day moving average is $32.33 and its 200-day moving average is $30.38. The company has a current ratio of 1.67, a quick ratio of 1.05 and a debt-to-equity ratio of 0.61.

Corning (NYSE:GLW) last posted its earnings results on Tuesday, January 30th. The electronics maker reported $0.39 EPS for the quarter, hitting the consensus estimate of $0.39. The business had revenue of $2.99 billion during the quarter, compared to the consensus estimate of $3.26 billion. Corning had a return on equity of 12.31% and a net margin of 4.62%. Corning’s revenue was down 12.1% on a year-over-year basis. During the same quarter last year, the company earned $0.47 EPS. Sell-side analysts predict that Corning Incorporated will post 1.87 earnings per share for the current year.

Corning Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, March 28th. Investors of record on Thursday, February 29th were given a dividend of $0.28 per share. The ex-dividend date was Wednesday, February 28th. This represents a $1.12 annualized dividend and a dividend yield of 3.63%. Corning’s dividend payout ratio (DPR) is presently 167.16%.

Insider Buying and Selling

In related news, Vice Chairman Lawrence D. Mcrae sold 77,464 shares of the firm’s stock in a transaction that occurred on Thursday, March 21st. The stock was sold at an average price of $33.24, for a total transaction of $2,574,903.36. Following the completion of the transaction, the insider now owns 215,254 shares in the company, valued at approximately $7,155,042.96. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 0.40% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on the company. Susquehanna reaffirmed a “positive” rating and issued a $40.00 target price on shares of Corning in a report on Monday, April 1st. UBS Group raised their target price on Corning from $34.00 to $35.00 and gave the company a “neutral” rating in a report on Monday, April 8th. HSBC lowered Corning from a “hold” rating to a “reduce” rating and set a $29.00 target price on the stock. in a report on Thursday, February 1st. StockNews.com raised Corning from a “sell” rating to a “hold” rating in a report on Monday, April 1st. Finally, Barclays raised their target price on Corning from $28.00 to $35.00 and gave the company an “equal weight” rating in a report on Wednesday, January 31st. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $34.56.

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.