APG Asset Management US Inc. Makes New $1.22 Million Investment in Corning Incorporated (NYSE:GLW)

APG Asset Management US Inc. acquired a new position in shares of Corning Incorporated (NYSE:GLW - Free Report) in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 25,590 shares of the electronics maker's stock, valued at approximately $1,216,000.

Other hedge funds also recently modified their holdings of the company. Sound Income Strategies LLC increased its position in shares of Corning by 76.7% in the fourth 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 purchased a new stake in Corning during the 4th quarter valued at about $25,000. Asset Planning Inc purchased a new stake in shares of Corning during the fourth quarter valued at $29,000. Rosenberg Matthew Hamilton raised its stake in Corning by 202.4% during the 4th quarter. Rosenberg Matthew Hamilton now owns 747 shares of the electronics maker's stock valued at $35,000 after buying an additional 500 shares during the last quarter. Finally, Mainstream Capital Management LLC purchased a new stake in Corning during the fourth quarter valued at $35,000. Institutional investors own 69.80% of the company's stock.

Corning Price Performance

GLW traded up $0.36 during midday trading on Monday, reaching $41.62. 1,335,374 shares of the company's stock were exchanged, compared to its average volume of 5,912,421. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.62 and a quick ratio of 1.07. The stock has a market capitalization of $35.66 billion, a PE ratio of 71.76, a P/E/G ratio of 1.50 and a beta of 1.03. Corning Incorporated has a 1-year low of $30.72 and a 1-year high of $55.33. The business's 50-day moving average price is $47.57 and its 200 day moving average price is $47.81.

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Corning (NYSE:GLW - Get Free Report) last posted its quarterly earnings data on Wednesday, January 29th. The electronics maker reported $0.57 EPS for the quarter, beating analysts' consensus estimates of $0.56 by $0.01. Corning had a net margin of 3.86% and a return on equity of 15.10%. As a group, equities analysts anticipate that Corning Incorporated will post 2.33 EPS for the current fiscal year.

Corning Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 28th. Shareholders of record on Friday, February 28th were paid a dividend of $0.28 per share. The ex-dividend date was Friday, February 28th. This represents a $1.12 dividend on an annualized basis and a yield of 2.69%. Corning's dividend payout ratio (DPR) is presently 193.10%.

Insider Activity at Corning

In other news, COO Eric S. Musser sold 30,000 shares of the business's stock in a transaction that occurred on Friday, January 31st. The shares were sold at an average price of $51.92, for a total transaction of $1,557,600.00. Following the sale, the chief operating officer now owns 152,944 shares in the company, valued at $7,940,852.48. The trade was a 16.40 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Michael Alan Bell sold 2,209 shares of the company's stock in a transaction on Thursday, January 30th. The shares were sold at an average price of $49.87, for a total value of $110,162.83. The disclosure for this sale can be found here. 0.40% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

GLW has been the topic of a number of research reports. Barclays dropped their price objective on shares of Corning from $53.00 to $52.00 and set an "equal weight" rating on the stock in a report on Wednesday, January 29th. Hsbc Global Res raised shares of Corning from a "hold" rating to a "strong-buy" rating in a research note on Thursday, January 30th. HSBC upgraded Corning from a "hold" rating to a "buy" rating and boosted their target price for the company from $51.00 to $60.00 in a research report on Thursday, January 30th. Citigroup upped their target price on shares of Corning from $55.00 to $58.00 and gave the stock a "buy" rating in a research note on Tuesday, January 21st. Finally, Bank of America lifted their target price on Corning from $65.00 to $68.00 and gave the company a "buy" rating in a research report on Wednesday, March 19th. Four equities research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, Corning presently has an average rating of "Moderate Buy" and an average target price of $54.31.

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.