Corning Incorporated (NYSE:GLW) Shares Purchased by ExodusPoint Capital Management LP

ExodusPoint Capital Management LP increased its holdings in Corning Incorporated (NYSE:GLW - Free Report) by 807.0% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 331,042 shares of the electronics maker's stock after acquiring an additional 294,544 shares during the quarter. ExodusPoint Capital Management LP's holdings in Corning were worth $15,731,000 at the end of the most recent quarter.

A number of other large investors have also recently bought and sold shares of the business. Public Sector Pension Investment Board grew its holdings in shares of Corning by 13.9% during the third quarter. Public Sector Pension Investment Board now owns 27,824 shares of the electronics maker's stock worth $1,256,000 after buying an additional 3,400 shares during the last quarter. Benjamin Edwards Inc. acquired a new stake in Corning during the 3rd quarter worth approximately $1,804,000. HighTower Advisors LLC grew its stake in shares of Corning by 56.1% in the 3rd quarter. HighTower Advisors LLC now owns 646,817 shares of the electronics maker's stock valued at $29,208,000 after purchasing an additional 232,397 shares during the last quarter. Investment Management Corp of Ontario increased its holdings in shares of Corning by 49.8% in the third quarter. Investment Management Corp of Ontario now owns 27,062 shares of the electronics maker's stock valued at $1,222,000 after purchasing an additional 9,000 shares during the period. Finally, IHT Wealth Management LLC raised its stake in shares of Corning by 29.4% during the third quarter. IHT Wealth Management LLC now owns 13,547 shares of the electronics maker's stock worth $610,000 after purchasing an additional 3,077 shares during the last quarter. Institutional investors and hedge funds own 69.80% of the company's stock.

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Analyst Ratings Changes

A number of equities analysts recently weighed in on GLW shares. Bank of America lifted their price objective on shares of Corning from $65.00 to $68.00 and gave the company a "buy" rating in a research report on Wednesday, March 19th. Morgan Stanley boosted their price target on shares of Corning from $39.00 to $48.00 and gave the stock an "equal weight" rating in a research note on Tuesday, December 17th. HSBC upgraded shares of Corning from a "hold" rating to a "buy" rating and raised their price objective for the company from $51.00 to $60.00 in a research report on Thursday, January 30th. Barclays dropped their target price 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. Finally, Hsbc Global Res raised Corning from a "hold" rating to a "strong-buy" rating in a report on Thursday, January 30th. Four equities research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $54.31.

Insider Activity at Corning

In other Corning news, COO Eric S. Musser sold 30,000 shares of Corning stock in a transaction that occurred 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 sale, the chief operating officer now directly owns 152,944 shares of the company's stock, valued at approximately $7,940,852.48. The trade was a 16.40 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP Michael Alan Bell sold 2,209 shares of the firm's stock in a transaction on Thursday, January 30th. The stock was 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. Corporate insiders own 0.40% of the company's stock.

Corning Price Performance

GLW traded up $4.02 during trading on Wednesday, reaching $43.20. 8,706,613 shares of the stock were exchanged, compared to its average volume of 5,887,753. 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 company has a market capitalization of $37.01 billion, a price-to-earnings ratio of 74.49, 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 $47.98 and its two-hundred day moving average price is $47.83.

Corning (NYSE:GLW - Get Free Report) last released its quarterly earnings data on Wednesday, January 29th. The electronics maker reported $0.57 EPS for the quarter, topping the consensus estimate 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 research analysts anticipate that Corning Incorporated will post 2.33 earnings per share for the current year.

Corning Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, March 28th. Stockholders of record on Friday, February 28th were issued a $0.28 dividend. The ex-dividend date was Friday, February 28th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.59%. Corning's dividend payout ratio (DPR) is 193.10%.

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.