OMERS ADMINISTRATION Corp Has $12.88 Million Stake in Corning Incorporated (NYSE:GLW)

OMERS ADMINISTRATION Corp trimmed its position in Corning Incorporated (NYSE:GLW) by 3.0% during the fourth quarter, according to its most recent 13F filing with the SEC. The fund owned 271,116 shares of the electronics maker’s stock after selling 8,397 shares during the period. OMERS ADMINISTRATION Corp’s holdings in Corning were worth $12,883,000 as of its most recent filing with the SEC.

A number of other hedge funds have also recently bought and sold shares of GLW. Sound Income Strategies LLC boosted 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 buying an additional 227 shares during the last quarter. Sierra Ocean LLC bought a new position in shares of Corning in the 4th quarter worth $25,000. Asset Planning Inc bought a new position in shares of Corning in the 4th quarter worth $29,000. Rosenberg Matthew Hamilton boosted its position in shares of Corning by 202.4% in 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 last quarter. Finally, Mainstream Capital Management LLC bought a new position in shares of Corning in the 4th quarter worth $35,000. 69.80% of the stock is currently owned by institutional investors.

Corning Stock Performance

GLW opened at $47.00 on Tuesday. The business’s 50-day moving average price is $44.42 and its two-hundred day moving average price is $47.49. Corning Incorporated has a 1 year low of $34.15 and a 1 year high of $55.33. The company has a market capitalization of $40.25 billion, a price-to-earnings ratio of 81.03, a P/E/G ratio of 1.50 and a beta of 1.09. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.62 and a quick ratio of 1.07.

Corning (NYSE:GLW) last released its quarterly 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 for the quarter, compared to the consensus estimate of $3.63 billion. During the same quarter last year, the business posted $0.38 EPS. The company’s revenue for the quarter was up 12.9% on a year-over-year basis. Equities analysts expect that Corning Incorporated will post 2.33 EPS for the current fiscal year.

Corning Dividend Announcement

The business 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 dividend on an annualized basis and a dividend yield of 2.38%. The ex-dividend date is Friday, May 30th. Corning’s dividend payout ratio is currently 215.38%.

Analyst Upgrades and Downgrades

GLW has been the topic of several recent research reports. Barclays reduced their price target on Corning from $53.00 to $52.00 and set an “equal weight” rating on the stock in a research report on Wednesday, January 29th. Citigroup reduced 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. Mizuho set a $52.00 target price on Corning in a report on Tuesday, April 15th. JPMorgan Chase & Co. reduced their target price on Corning from $62.00 to $50.00 and set an “overweight” rating on the stock in a report on Thursday, April 17th. Finally, Oppenheimer reduced 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. Four equities 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 company. Based on data from MarketBeat.com, Corning presently has a consensus rating of “Moderate Buy” and an average price target of $53.08.

Insider Activity at Corning

In related news, 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 transaction was disclosed in a filing with the SEC, which is available at this link. 0.40% of the stock is owned by company 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.