Talos Asset Management LP Purchases New Holdings in Corning Incorporated (NYSE:GLW)

Talos Asset Management LP purchased a new stake in Corning Incorporated (NYSE:GLW - Free Report) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 490,600 shares of the electronics maker's stock, valued at approximately $23,313,000. Corning comprises 5.5% of Talos Asset Management LP's portfolio, making the stock its 6th biggest position. Talos Asset Management LP owned 0.06% of Corning at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of GLW. Wellington Management Group LLP grew its stake in Corning by 0.3% in the third quarter. Wellington Management Group LLP now owns 39,225,452 shares of the electronics maker's stock valued at $1,771,029,000 after acquiring an additional 133,214 shares during the period. State Street Corp lifted its holdings in shares of Corning by 3.8% during the 3rd quarter. State Street Corp now owns 33,983,090 shares of the electronics maker's stock valued at $1,534,337,000 after purchasing an additional 1,242,718 shares in the last quarter. Charles Schwab Investment Management Inc. grew its position in shares of Corning by 1.7% in 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 purchasing an additional 84,905 shares during the period. Amundi increased its stake in Corning by 139.0% during the 4th quarter. Amundi now owns 3,900,808 shares of the electronics maker's stock worth $186,186,000 after purchasing an additional 2,268,436 shares in the last quarter. Finally, FMR LLC lifted its stake in Corning by 52.8% in the third quarter. FMR LLC now owns 3,723,044 shares of the electronics maker's stock valued at $168,095,000 after buying an additional 1,285,836 shares in the last quarter. 69.80% of the stock is currently owned by institutional investors and hedge funds.

Remove Ads

Insider Buying and Selling

In related news, COO Eric S. Musser sold 30,000 shares of the business's stock in a transaction on 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 completion of the sale, the chief operating officer now directly owns 152,944 shares in the company, valued at $7,940,852.48. The trade was a 16.40 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, SVP Michael Alan Bell sold 2,209 shares of the stock in a transaction on Thursday, January 30th. The stock was 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.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on GLW shares. HSBC raised shares of Corning from a "hold" rating to a "buy" rating and increased their price objective for the stock from $51.00 to $60.00 in a research report on Thursday, January 30th. Morgan Stanley boosted their price target on Corning from $39.00 to $48.00 and gave the company an "equal weight" rating in a report on Tuesday, December 17th. Citigroup increased their price objective on Corning from $55.00 to $58.00 and gave the stock a "buy" rating in a report on Tuesday, January 21st. Barclays dropped their target price on Corning from $53.00 to $52.00 and set an "equal weight" rating on the stock in a research report on Wednesday, January 29th. Finally, Bank of America upped 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 given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Corning currently has an average rating of "Moderate Buy" and an average target price of $54.31.

Corning Stock Performance

NYSE:GLW traded up $1.35 during mid-day trading on Monday, hitting $49.88. The stock had a trading volume of 5,164,429 shares, compared to its average volume of 5,496,307. The company's 50 day simple moving average is $49.91 and its 200 day simple moving average is $47.72. The stock has a market cap of $42.72 billion, a price-to-earnings ratio of 85.99, 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. Corning Incorporated has a twelve month low of $30.72 and a twelve month high of $55.33.

Corning (NYSE:GLW - Get Free Report) last issued its earnings results on Wednesday, January 29th. The electronics maker reported $0.57 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%. On average, equities research analysts forecast that Corning Incorporated will post 2.33 earnings per share for the current year.

Corning Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Friday, February 28th will be paid a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.25%. The ex-dividend date is Friday, February 28th. Corning's dividend payout ratio is presently 193.10%.

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.