Mitsubishi UFJ Asset Management Co. Ltd. Buys 66,476 Shares of Corning Incorporated (NYSE:GLW)

Mitsubishi UFJ Asset Management Co. Ltd. raised its holdings in shares of Corning Incorporated (NYSE:GLW - Free Report) by 5.6% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 1,256,300 shares of the electronics maker's stock after acquiring an additional 66,476 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. owned about 0.15% of Corning worth $59,674,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of GLW. Vanguard Group Inc. raised 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 purchasing an additional 916,528 shares in the last quarter. Wellington Management Group LLP raised its stake in Corning by 0.3% during the 3rd quarter. Wellington Management Group LLP now owns 39,225,452 shares of the electronics maker's stock worth $1,771,029,000 after acquiring an additional 133,214 shares during the period. State Street Corp boosted its stake in Corning by 3.8% in the 3rd quarter. State Street Corp now owns 33,983,090 shares of the electronics maker's stock worth $1,534,337,000 after purchasing an additional 1,242,718 shares during the period. Charles Schwab Investment Management Inc. grew its holdings in Corning by 1.7% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 4,937,981 shares of the electronics maker's stock valued at $234,653,000 after buying an additional 84,905 shares in the last quarter. Finally, Amundi increased its stake in Corning by 139.0% during the fourth quarter. Amundi now owns 3,900,808 shares of the electronics maker's stock worth $186,186,000 after acquiring an additional 2,268,436 shares during the last quarter. 69.80% of the stock is owned by institutional investors.

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Insider Activity at Corning

In related news, COO Eric S. Musser sold 30,000 shares of the firm'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 transaction, the chief operating officer now owns 152,944 shares of the company's stock, valued at approximately $7,940,852.48. This trade represents a 16.40 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Michael Alan Bell sold 2,209 shares of the stock in a transaction that occurred 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 insiders.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on GLW. Citigroup increased their price objective on Corning from $55.00 to $58.00 and gave the stock a "buy" rating in a research note on Tuesday, January 21st. Morgan Stanley upped their target price on Corning from $39.00 to $48.00 and gave the stock an "equal weight" rating in a research note on Tuesday, December 17th. HSBC raised shares of Corning from a "hold" rating to a "buy" rating and boosted their price target for the stock from $51.00 to $60.00 in a report on Thursday, January 30th. Bank of America upped their target price on Corning from $65.00 to $68.00 and gave the company a "buy" rating in a report on Wednesday, March 19th. Finally, Hsbc Global Res upgraded shares of Corning from a "hold" rating to a "strong-buy" rating in a report on Thursday, January 30th. Four investment 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's stock. According to data from MarketBeat.com, Corning has a consensus rating of "Moderate Buy" and a consensus price target of $54.31.

Corning Trading Down 0.9 %

NYSE:GLW traded down $0.42 during trading hours on Tuesday, reaching $45.36. 3,912,415 shares of the company were exchanged, compared to its average volume of 6,000,205. 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 52-week low of $30.72 and a 52-week high of $55.33. The firm has a market cap of $38.86 billion, a price-to-earnings ratio of 78.26, a PEG ratio of 1.50 and a beta of 1.03. The stock has a 50 day simple moving average of $49.76 and a 200 day simple moving average of $47.98.

Corning (NYSE:GLW - Get Free Report) last released its quarterly earnings results 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 net margin of 3.86% and a return on equity of 15.10%. As a group, analysts predict that Corning Incorporated will post 2.33 EPS for the current year.

Corning Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, March 28th. Stockholders of record on Friday, February 28th were paid a $0.28 dividend. 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 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.