Point72 Hong Kong Ltd Acquires New Shares in Corning Incorporated (NYSE:GLW)

Point72 Hong Kong Ltd bought a new stake in shares of Corning Incorporated (NYSE:GLW - Free Report) in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund bought 75,557 shares of the electronics maker's stock, valued at approximately $3,411,000.

Other hedge funds have also added to or reduced their stakes in the company. Dimensional Fund Advisors LP grew its stake in Corning by 4.3% during the second quarter. Dimensional Fund Advisors LP now owns 10,342,949 shares of the electronics maker's stock valued at $401,826,000 after acquiring an additional 426,864 shares in the last quarter. Charles Schwab Investment Management Inc. grew its position 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 valued at $219,116,000 after purchasing an additional 38,168 shares in the last quarter. FMR LLC grew its position in shares of Corning by 52.8% during 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 grew its position in shares of Corning by 0.6% during the 3rd quarter. Swiss National Bank now owns 2,415,500 shares of the electronics maker's stock valued at $109,060,000 after purchasing an additional 14,900 shares in the last quarter. Finally, Sumitomo Mitsui Trust Group Inc. grew its position in Corning by 0.5% during the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,936,928 shares of the electronics maker's stock worth $87,452,000 after buying an additional 10,311 shares in the last quarter. Hedge funds and other institutional investors own 69.80% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms have commented on GLW. Mizuho raised shares of Corning from a "neutral" rating to an "outperform" rating and boosted their price target for the stock from $44.00 to $47.00 in a research note on Wednesday, August 21st. UBS Group upped their price target on shares of Corning from $46.00 to $51.00 and gave the company a "neutral" rating in a research report on Wednesday, October 30th. Oppenheimer restated an "outperform" rating and set a $58.00 price target (up from $51.00) on shares of Corning in a research report on Wednesday, October 30th. StockNews.com lowered Corning from a "buy" rating to a "hold" rating in a research note on Tuesday, November 26th. Finally, JPMorgan Chase & Co. increased their price target on shares of Corning from $55.00 to $60.00 and gave the company an "overweight" rating in a research report on Wednesday, October 30th. Six analysts have rated the stock with a hold rating and nine have given a buy rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $50.08.

Insider Buying and Selling

In other news, SVP John P. Bayne, Jr. sold 8,876 shares of the business's stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $49.09, for a total value of $435,722.84. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, SVP John P. Bayne, Jr. sold 5,000 shares of the firm's stock in a transaction that occurred on Friday, November 22nd. The shares were sold at an average price of $48.39, for a total value of $241,950.00. Following the transaction, the senior vice president now directly owns 6,700 shares of the company's stock, valued at approximately $324,213. This trade represents a 42.74 % decrease in their position. The disclosure for this sale can be found here. 0.40% of the stock is currently owned by insiders.

Corning Stock Up 0.9 %

GLW traded up $0.45 on Friday, hitting $48.67. The company had a trading volume of 2,409,764 shares, compared to its average volume of 4,144,529. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.66 and a quick ratio of 1.05. Corning Incorporated has a 52-week low of $28.02 and a 52-week high of $51.03. The stock has a fifty day simple moving average of $46.78 and a 200-day simple moving average of $42.51. The firm has a market capitalization of $41.67 billion, a P/E ratio of 286.29, a P/E/G ratio of 1.56 and a beta of 1.03.

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

Corning Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 13th. Investors of record on Friday, November 15th will be given a dividend of $0.28 per share. The ex-dividend date of this dividend is Friday, November 15th. This represents a $1.12 dividend on an annualized basis and a yield of 2.30%. Corning's dividend payout ratio (DPR) is currently 658.82%.

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.