Point72 Asia Singapore Pte. Ltd. Acquires Shares of 11,389 Corning Incorporated (NYSE:GLW)

Point72 Asia Singapore Pte. Ltd. bought a new stake in Corning Incorporated (NYSE:GLW - Free Report) during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 11,389 shares of the electronics maker's stock, valued at approximately $514,000.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the business. Dimensional Fund Advisors LP grew its stake in shares of Corning by 4.3% in the 2nd quarter. Dimensional Fund Advisors LP now owns 10,342,949 shares of the electronics maker's stock valued at $401,826,000 after purchasing an additional 426,864 shares during the last quarter. Charles Schwab Investment Management Inc. grew its stake in shares of Corning by 0.8% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 4,853,076 shares of the electronics maker's stock worth $219,116,000 after purchasing an additional 38,168 shares during the period. FMR LLC increased its holdings in shares of Corning by 52.8% in the 3rd quarter. FMR LLC now owns 3,723,044 shares of the electronics maker's stock valued at $168,095,000 after purchasing an additional 1,285,836 shares in the last quarter. Swiss National Bank raised its holdings in Corning by 0.6% during the third quarter. Swiss National Bank now owns 2,415,500 shares of the electronics maker's stock worth $109,060,000 after purchasing an additional 14,900 shares during the last quarter. Finally, Sumitomo Mitsui Trust Group Inc. grew its holdings in Corning by 0.5% in the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,936,928 shares of the electronics maker's stock valued at $87,452,000 after purchasing an additional 10,311 shares during the last quarter. 69.80% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on GLW shares. Deutsche Bank Aktiengesellschaft boosted their price objective on shares of Corning from $49.00 to $54.00 and gave the stock a "buy" rating in a research note on Wednesday, October 30th. Susquehanna increased their price target on shares of Corning from $46.00 to $55.00 and gave the stock a "positive" rating in a research report on Friday, September 20th. Bank of America lifted their target price on Corning from $46.00 to $51.00 and gave the stock a "buy" rating in a research report on Friday, September 20th. Oppenheimer reaffirmed an "outperform" rating and set a $58.00 price objective (up previously from $51.00) on shares of Corning in a research report on Wednesday, October 30th. Finally, StockNews.com cut shares of Corning from a "buy" rating to a "hold" rating in a report on Tuesday, November 26th. Six investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $50.08.

Corning Stock Performance

Shares of NYSE GLW traded down $0.07 during midday trading on Tuesday, hitting $49.17. 2,933,893 shares of the company's stock were exchanged, compared to its average volume of 5,607,225. Corning Incorporated has a 12 month low of $28.30 and a 12 month high of $51.03. The company's 50 day moving average price is $46.95 and its 200 day moving average price is $42.76. The company has a quick ratio of 1.05, a current ratio of 1.66 and a debt-to-equity ratio of 0.62. The firm has a market capitalization of $42.10 billion, a PE ratio of 289.24, a price-to-earnings-growth ratio of 1.57 and a beta of 1.03.

Corning (NYSE:GLW - Get Free Report) last posted its earnings results on Tuesday, October 29th. The electronics maker reported $0.54 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.53 by $0.01. Corning had a net margin of 1.24% and a return on equity of 13.45%. The company had revenue of $3.39 billion during the quarter, compared to analysts' expectations of $3.72 billion. During the same quarter last year, the company posted $0.45 EPS. Corning's quarterly revenue was up 6.9% compared to the same quarter last year. As a group, analysts predict that Corning Incorporated will post 1.95 earnings per share for the current fiscal year.

Corning Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 13th. Investors of record on Friday, November 15th will be paid a $0.28 dividend. The ex-dividend date is Friday, November 15th. This represents a $1.12 dividend on an annualized basis and a yield of 2.28%. Corning's dividend payout ratio (DPR) is 658.82%.

Insider Transactions at Corning

In related news, SVP John P. Bayne, Jr. sold 5,000 shares of the business's stock in a transaction dated Friday, November 22nd. The stock was sold at an average price of $48.39, for a total value of $241,950.00. Following the completion of the sale, the senior vice president now directly owns 6,700 shares of the company's stock, valued at $324,213. The trade was a 42.74 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, SVP John P. Bayne, Jr. sold 8,876 shares of the business's stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $49.09, for a total value of $435,722.84. The disclosure for this sale can be found here. 0.45% of the stock is owned by insiders.

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.