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

Hsbc Holdings PLC raised its holdings in shares of Corning Incorporated (NYSE:GLW - Free Report) by 2.9% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 1,433,814 shares of the electronics maker's stock after purchasing an additional 40,471 shares during the period. Hsbc Holdings PLC owned approximately 0.17% of Corning worth $68,066,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in the business. Oregon Public Employees Retirement Fund lifted its stake in Corning by 0.3% during the 4th quarter. Oregon Public Employees Retirement Fund now owns 66,063 shares of the electronics maker's stock valued at $3,139,000 after acquiring an additional 204 shares during the period. Principal Securities Inc. grew its position in Corning by 3.5% in the 4th quarter. Principal Securities Inc. now owns 6,170 shares of the electronics maker's stock worth $293,000 after purchasing an additional 211 shares during the period. Bogart Wealth LLC raised its stake in Corning by 18.3% during the 4th quarter. Bogart Wealth LLC now owns 1,419 shares of the electronics maker's stock valued at $67,000 after buying an additional 219 shares during the last quarter. Buffington Mohr McNeal raised its stake in Corning by 2.1% during the 4th quarter. Buffington Mohr McNeal now owns 10,461 shares of the electronics maker's stock valued at $497,000 after buying an additional 220 shares during the last quarter. Finally, Allworth Financial LP lifted its holdings in shares of Corning by 1.1% during the 4th quarter. Allworth Financial LP now owns 19,581 shares of the electronics maker's stock valued at $930,000 after buying an additional 220 shares during the period. 69.80% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of analysts recently commented on the company. JPMorgan Chase & Co. reduced their price objective on Corning from $62.00 to $50.00 and set an "overweight" rating for the company in a research report on Thursday, April 17th. StockNews.com lowered shares of Corning from a "buy" rating to a "hold" rating in a research report on Tuesday, February 25th. 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 upgraded shares of Corning from a "hold" rating to a "strong-buy" rating in a research report on Thursday, January 30th. Finally, Citigroup decreased their price target 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. Four analysts have rated the stock with a hold rating, ten have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, Corning presently has a consensus rating of "Moderate Buy" and an average price target of $53.31.

Corning Price Performance

NYSE:GLW traded up $0.30 on Friday, reaching $44.18. 3,767,555 shares of the company's stock traded hands, compared to its average volume of 5,986,210. The stock has a 50-day simple moving average of $45.45 and a 200-day simple moving average of $47.60. Corning Incorporated has a 12 month low of $31.37 and a 12 month high of $55.33. The firm has a market cap of $37.85 billion, a PE ratio of 76.17, a P/E/G ratio of 1.50 and a beta of 1.03. The company has a quick ratio of 1.07, a current ratio of 1.62 and a debt-to-equity ratio of 0.62.

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

Corning Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, March 28th. Investors 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 annualized dividend and a yield of 2.54%. Corning's payout ratio is 193.10%.

Insider Buying and Selling at Corning

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

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.