Hsbc Holdings PLC Acquires 40,471 Shares of Corning Incorporated (NYSE:GLW)

Hsbc Holdings PLC boosted its holdings in Corning Incorporated (NYSE:GLW) by 2.9% during the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 1,433,814 shares of the electronics maker’s stock after purchasing an additional 40,471 shares during the period. Hsbc Holdings PLC’s holdings in Corning were worth $68,066,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds also recently modified their holdings of GLW. Sound Income Strategies LLC grew 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 worth $25,000 after purchasing an additional 227 shares during the last quarter. Sierra Ocean LLC bought a new position in Corning during the fourth quarter valued at about $25,000. Asset Planning Inc acquired a new position in Corning in the 4th quarter valued at approximately $29,000. Mainstream Capital Management LLC bought a new stake in shares of Corning in the 4th quarter worth approximately $35,000. Finally, Rosenberg Matthew Hamilton grew 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 purchasing an additional 500 shares in the last quarter. 69.80% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other Corning news, COO Eric S. Musser sold 30,000 shares of the business’s stock in a transaction dated Friday, January 31st. The stock was sold at an average price of $51.92, for a total transaction of $1,557,600.00. Following the completion of the sale, the chief operating officer now directly owns 152,944 shares of the company’s stock, valued at approximately $7,940,852.48. The trade was a 16.40 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, SVP Michael Alan Bell sold 2,209 shares of the firm’s stock in a transaction dated Thursday, January 30th. The shares were sold at an average price of $49.87, for a total transaction of $110,162.83. The disclosure for this sale can be found here. Company insiders own 0.40% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on the company. StockNews.com cut Corning from a “buy” rating to a “hold” rating in a research report on Tuesday, February 25th. Bank of America lifted their target price on shares of Corning from $65.00 to $68.00 and gave the company a “buy” rating in a research report on Wednesday, March 19th. HSBC raised shares of Corning from a “hold” rating to a “buy” rating and increased their price target for the stock from $51.00 to $60.00 in a research report on Thursday, January 30th. Citigroup decreased their price objective on Corning from $58.00 to $50.00 and set a “buy” rating on the stock in a report on Monday, April 14th. Finally, JPMorgan Chase & Co. cut their target price on Corning from $62.00 to $50.00 and set an “overweight” rating for the company in a research report on Thursday, April 17th. Four equities research analysts have rated the stock with a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $53.31.

Corning Price Performance

Shares of GLW stock opened at $43.90 on Friday. The stock’s fifty day moving average is $45.62 and its 200-day moving average is $47.58. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.07 and a current ratio of 1.62. Corning Incorporated has a 52 week low of $31.20 and a 52 week high of $55.33. The stock has a market capitalization of $37.61 billion, a PE ratio of 75.69, a PEG ratio of 1.50 and a beta of 1.03.

Corning (NYSE:GLW) last posted its quarterly earnings data on Wednesday, January 29th. The electronics maker reported $0.57 earnings per share for the quarter, beating the consensus estimate of $0.56 by $0.01. Corning had a net margin of 3.86% and a return on equity of 15.10%. Equities research analysts expect that Corning Incorporated will post 2.33 EPS for the current fiscal year.

Corning Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 28th. Investors of record on Friday, February 28th were given a $0.28 dividend. This represents a $1.12 annualized dividend and a yield of 2.55%. The ex-dividend date was Friday, February 28th. Corning’s dividend payout ratio (DPR) is presently 193.10%.

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.