Resona Asset Management Co. Ltd. Purchases Shares of 235,587 Corning Incorporated (NYSE:GLW)

Resona Asset Management Co. Ltd. acquired a new stake in Corning Incorporated (NYSE:GLW - Free Report) in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 235,587 shares of the electronics maker's stock, valued at approximately $11,204,000.

Several other large investors have also recently added to or reduced their stakes in the business. Northstar Advisory Group LLC boosted its holdings in Corning by 258.4% in the fourth quarter. Northstar Advisory Group LLC now owns 123,808 shares of the electronics maker's stock valued at $5,883,000 after purchasing an additional 89,268 shares during the period. Franklin Resources Inc. boosted its stake in shares of Corning by 48.4% in the 3rd quarter. Franklin Resources Inc. now owns 191,648 shares of the electronics maker's stock valued at $8,975,000 after buying an additional 62,514 shares during the period. Fifth Third Bancorp increased its stake in shares of Corning by 16.8% during the fourth quarter. Fifth Third Bancorp now owns 111,448 shares of the electronics maker's stock worth $5,296,000 after buying an additional 16,001 shares during the period. First Financial Bank Trust Division raised its holdings in Corning by 27.5% in the fourth quarter. First Financial Bank Trust Division now owns 138,153 shares of the electronics maker's stock valued at $6,565,000 after acquiring an additional 29,790 shares in the last quarter. Finally, New Century Financial Group LLC acquired a new position in Corning during the 4th quarter worth approximately $1,110,000. 69.80% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Corning

In other Corning news, SVP Michael Alan Bell sold 2,209 shares of the firm's stock in a transaction dated Thursday, January 30th. The stock was sold at an average price of $49.87, for a total value of $110,162.83. The sale 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 stock in a transaction dated Friday, January 31st. The stock was 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 in the company, valued at approximately $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. Corporate insiders own 0.40% of the company's stock.

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Corning Price Performance

GLW traded down $0.63 on Friday, hitting $41.06. 3,702,281 shares of the company were exchanged, compared to its average volume of 5,890,454. Corning Incorporated has a fifty-two week low of $30.72 and a fifty-two week high of $55.33. 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 firm has a market capitalization of $35.18 billion, a P/E ratio of 70.80, a price-to-earnings-growth ratio of 1.50 and a beta of 1.03. The business's fifty day moving average is $47.79 and its 200 day moving average is $47.81.

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 for the quarter, topping analysts' consensus estimates of $0.56 by $0.01. Corning had a return on equity of 15.10% and a net margin of 3.86%. As a group, sell-side analysts anticipate 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. Shareholders of record on Friday, February 28th were issued a $0.28 dividend. This represents a $1.12 annualized dividend and a dividend yield of 2.73%. The ex-dividend date was Friday, February 28th. Corning's dividend payout ratio (DPR) is presently 193.10%.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on the stock. Barclays decreased their price objective on shares of Corning from $53.00 to $52.00 and set an "equal weight" rating for the company in a research report on Wednesday, January 29th. Citigroup raised their target price on Corning from $55.00 to $58.00 and gave the stock a "buy" rating in a research report on Tuesday, January 21st. StockNews.com downgraded Corning from a "buy" rating to a "hold" rating in a report on Tuesday, February 25th. Morgan Stanley boosted their price objective on shares of Corning from $39.00 to $48.00 and gave the stock an "equal weight" rating in a research report on Tuesday, December 17th. Finally, HSBC raised shares of Corning from a "hold" rating to a "buy" rating and increased their target price for the company from $51.00 to $60.00 in a research report on Thursday, January 30th. Four investment analysts have rated the stock with a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $54.31.

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.