Federated Hermes Inc. Has $2.76 Million Holdings in Corning Incorporated (NYSE:GLW)

Federated Hermes Inc. boosted its stake in Corning Incorporated (NYSE:GLW - Free Report) by 56.5% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 58,162 shares of the electronics maker's stock after acquiring an additional 20,994 shares during the period. Federated Hermes Inc.'s holdings in Corning were worth $2,764,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in the stock. Norges Bank acquired a new position in Corning in the fourth quarter worth $490,933,000. Amundi lifted its position in shares of Corning by 139.0% in the 4th quarter. Amundi now owns 3,900,808 shares of the electronics maker's stock worth $186,186,000 after buying an additional 2,268,436 shares during the last quarter. Raymond James Financial Inc. bought a new stake in shares of Corning during the 4th quarter valued at about $92,522,000. Appaloosa LP acquired a new stake in Corning during the fourth quarter worth about $71,280,000. Finally, Vanguard Group Inc. lifted its holdings in Corning by 0.9% in the fourth quarter. Vanguard Group Inc. now owns 99,903,247 shares of the electronics maker's stock worth $4,747,402,000 after acquiring an additional 916,528 shares during the last quarter. 69.80% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several analysts recently issued reports on the company. StockNews.com downgraded Corning from a "buy" rating to a "hold" rating in a report on Tuesday, February 25th. Barclays reduced their target price on shares of Corning from $53.00 to $52.00 and set an "equal weight" rating for the company in a research note on Wednesday, January 29th. Mizuho set a $52.00 price objective on Corning in a research report on Tuesday. Citigroup lowered their target price on Corning from $58.00 to $50.00 and set a "buy" rating on the stock in a research report on Monday. Finally, Bank of America boosted their price target on Corning from $65.00 to $68.00 and gave the stock a "buy" rating in a research report on Wednesday, March 19th. Four analysts have rated the stock with a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $53.31.

Insider Buying and Selling at Corning

In related news, SVP Michael Alan Bell sold 2,209 shares of the company's stock in a transaction 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 document filed with the SEC, which can be accessed through this hyperlink. Also, COO Eric S. Musser sold 30,000 shares of the firm's stock in a transaction dated 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 owns 152,944 shares of the company's stock, valued at $7,940,852.48. The trade was a 16.40 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.40% of the company's stock.

Corning Price Performance

Shares of NYSE GLW traded up $0.22 during trading on Friday, hitting $41.50. The company had a trading volume of 4,976,031 shares, compared to its average volume of 5,936,785. The company has a market cap of $35.55 billion, a P/E ratio of 71.55, a PEG ratio of 1.50 and a beta of 1.03. 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 business's 50-day moving average is $46.63 and its 200 day moving average is $47.67. Corning Incorporated has a 52 week low of $30.72 and a 52 week high of $55.33.

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

Corning Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 28th. Shareholders of record on Friday, February 28th were given a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a yield of 2.70%. The ex-dividend date was Friday, February 28th. Corning's payout ratio is 193.10%.

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.