Corning Incorporated (NYSE:GLW) Shares Acquired by Quantinno Capital Management LP

Quantinno Capital Management LP lifted its position in shares of Corning Incorporated (NYSE:GLW) by 114.5% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 164,858 shares of the electronics maker’s stock after acquiring an additional 88,019 shares during the quarter. Quantinno Capital Management LP’s holdings in Corning were worth $7,834,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in GLW. Sound Income Strategies LLC increased its stake in shares of Corning by 76.7% during the fourth quarter. Sound Income Strategies LLC now owns 523 shares of the electronics maker’s stock worth $25,000 after acquiring an additional 227 shares during the period. Sierra Ocean LLC acquired a new position in Corning during the fourth quarter worth about $25,000. Asset Planning Inc acquired a new position in Corning during the fourth quarter worth about $29,000. Rosenberg Matthew Hamilton grew its position in Corning by 202.4% during the fourth quarter. Rosenberg Matthew Hamilton now owns 747 shares of the electronics maker’s stock worth $35,000 after buying an additional 500 shares during the period. Finally, Mainstream Capital Management LLC acquired a new position in Corning during the fourth quarter worth about $35,000. 69.80% of the stock is currently owned by institutional investors and hedge funds.

Corning Stock Performance

Shares of GLW opened at $47.56 on Friday. 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 company has a market capitalization of $40.73 billion, a price-to-earnings ratio of 82.00, a PEG ratio of 1.50 and a beta of 1.09. The company’s 50 day simple moving average is $44.53 and its 200 day simple moving average is $47.50. Corning Incorporated has a 1 year low of $35.01 and a 1 year high of $55.33.

Corning (NYSE:GLW) last announced its quarterly earnings data 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. The business had revenue of $3.68 billion for the quarter, compared to the consensus estimate of $3.63 billion. Corning had a net margin of 3.86% and a return on equity of 15.10%. The company’s quarterly revenue was up 12.9% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.38 earnings per share. On average, sell-side analysts predict that Corning Incorporated will post 2.33 EPS for the current year.

Corning Dividend Announcement

The company 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 annualized dividend and a dividend yield of 2.35%. The ex-dividend date is Friday, May 30th. Corning’s payout ratio is 215.38%.

Analyst Ratings Changes

Several brokerages have weighed in on GLW. Mizuho set a $52.00 target price on shares of Corning in a research report on Tuesday, April 15th. Barclays lowered their target price on shares of Corning from $53.00 to $52.00 and set an “equal weight” rating on the stock in a research report on Wednesday, January 29th. Oppenheimer lowered 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, April 30th. Citigroup lowered their target price on shares of Corning from $58.00 to $50.00 and set a “buy” rating on the stock in a research report on Monday, April 14th. Finally, Hsbc Global Res raised shares of Corning from a “hold” rating to a “strong-buy” rating in a report on Thursday, January 30th. 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 company’s stock. According to data from MarketBeat, Corning presently has an average rating of “Moderate Buy” and an average price target of $53.08.

Insider Activity at Corning

In other Corning news, SVP Michael Alan Bell sold 20,262 shares of the stock in a transaction that occurred on Wednesday, April 30th. The shares were sold at an average price of $44.06, for a total transaction of $892,743.72. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, VP John Z. Zhang sold 8,000 shares of the stock in a transaction that occurred on Monday, May 12th. The stock was sold at an average price of $46.91, for a total transaction of $375,280.00. Following the transaction, the vice president now directly owns 9,610 shares in the company, valued at approximately $450,805.10. This represents a 45.43% decrease in their position. 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.