Corning Incorporated (NYSE:GLW) Shares Acquired by NEOS Investment Management LLC

NEOS Investment Management LLC grew its stake in shares of Corning Incorporated (NYSE:GLW - Free Report) by 31.6% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 46,611 shares of the electronics maker's stock after acquiring an additional 11,201 shares during the quarter. NEOS Investment Management LLC's holdings in Corning were worth $2,215,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of GLW. Northstar Advisory Group LLC increased its stake in Corning by 258.4% during the 4th quarter. Northstar Advisory Group LLC now owns 123,808 shares of the electronics maker's stock valued at $5,883,000 after purchasing an additional 89,268 shares in the last quarter. Franklin Resources Inc. increased its position in shares of Corning by 48.4% in the 3rd quarter. Franklin Resources Inc. now owns 191,648 shares of the electronics maker's stock valued at $8,975,000 after acquiring an additional 62,514 shares during the period. FMR LLC raised its stake in Corning by 52.8% in the 3rd quarter. FMR LLC now owns 3,723,044 shares of the electronics maker's stock worth $168,095,000 after acquiring an additional 1,285,836 shares during the last quarter. Fifth Third Bancorp lifted its position in Corning by 16.8% during the 4th quarter. Fifth Third Bancorp now owns 111,448 shares of the electronics maker's stock worth $5,296,000 after acquiring an additional 16,001 shares during the period. Finally, First Financial Bank Trust Division grew its stake in Corning by 27.5% during the 4th quarter. First Financial Bank Trust Division now owns 138,153 shares of the electronics maker's stock valued at $6,565,000 after purchasing an additional 29,790 shares during the last quarter. 69.80% of the stock is owned by hedge funds and other institutional investors.

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Corning Price Performance

GLW stock traded down $0.39 during mid-day trading on Tuesday, reaching $45.39. 4,282,079 shares of the company's stock were exchanged, compared to its average volume of 5,758,541. 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 Incorporated has a 12-month low of $30.72 and a 12-month high of $55.33. The stock's 50 day moving average is $49.76 and its 200 day moving average is $47.98. The company has a market cap of $38.89 billion, a price-to-earnings ratio of 78.12, a price-to-earnings-growth ratio of 1.50 and a beta of 1.03.

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

Corning Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, March 28th. Investors of record on Friday, February 28th were given a dividend of $0.28 per share. The ex-dividend date of this dividend was Friday, February 28th. This represents a $1.12 annualized dividend and a dividend yield of 2.47%. Corning's dividend payout ratio (DPR) is presently 193.10%.

Analyst Upgrades and Downgrades

GLW has been the subject of a number of research reports. Barclays decreased their target price on Corning from $53.00 to $52.00 and set an "equal weight" rating for the company 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 note on Thursday, January 30th. Citigroup increased their price objective 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. StockNews.com downgraded shares of Corning from a "buy" rating to a "hold" rating in a research report on Tuesday, February 25th. Finally, Bank of America upped their price target on shares of Corning from $65.00 to $68.00 and gave the company a "buy" rating in a report on Wednesday, March 19th. Four equities research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, Corning has a consensus rating of "Moderate Buy" and a consensus price target of $54.31.

Insider Buying and Selling

In related news, SVP Michael Alan Bell sold 2,209 shares of the business'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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, COO Eric S. Musser sold 30,000 shares of the firm's stock in a transaction on Friday, January 31st. The shares were sold at an average price of $51.92, for a total value of $1,557,600.00. Following the completion of the transaction, 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 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.