Trexquant Investment LP Has $28.82 Million Stock Position in Corning Incorporated (NYSE:GLW)

Trexquant Investment LP grew its stake in Corning Incorporated (NYSE:GLW - Free Report) by 47.3% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 606,435 shares of the electronics maker's stock after acquiring an additional 194,828 shares during the quarter. Trexquant Investment LP owned 0.07% of Corning worth $28,818,000 at the end of the most recent quarter.

Several other large investors also recently bought and sold shares of GLW. Sound Income Strategies LLC lifted its holdings in shares of Corning by 76.7% in the 4th quarter. Sound Income Strategies LLC now owns 523 shares of the electronics maker's stock valued at $25,000 after acquiring an additional 227 shares during the last quarter. Sierra Ocean LLC purchased a new position in shares of Corning in the 4th quarter valued at about $25,000. Asset Planning Inc acquired a new position in Corning in the 4th quarter valued at $29,000. Rosenberg Matthew Hamilton grew its holdings in shares of Corning by 202.4% in the fourth quarter. Rosenberg Matthew Hamilton now owns 747 shares of the electronics maker's stock valued at $35,000 after purchasing an additional 500 shares during the period. Finally, Mainstream Capital Management LLC acquired a new position in Corning during the fourth quarter worth $35,000. 69.80% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on GLW shares. StockNews.com cut Corning from a "buy" rating to a "hold" rating in a research report on Tuesday, February 25th. Hsbc Global Res upgraded Corning from a "hold" rating to a "strong-buy" rating in a research note on Thursday, January 30th. Bank of America lifted their price objective on shares of Corning from $65.00 to $68.00 and gave the company a "buy" rating in a research report on Wednesday, March 19th. Barclays dropped their price target on Corning from $53.00 to $52.00 and set an "equal weight" rating on the stock in a report on Wednesday, January 29th. Finally, Morgan Stanley lifted their price objective on shares of Corning from $39.00 to $48.00 and gave the company an "equal weight" rating in a research note on Tuesday, December 17th. Four research 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 MarketBeat.com, Corning currently has a consensus rating of "Moderate Buy" and an average price target of $54.31.

Remove Ads

Corning Stock Down 7.6 %

Shares of GLW traded down $3.21 during midday trading on Friday, reaching $39.08. 11,892,123 shares of the stock were exchanged, compared to its average volume of 5,840,924. The company has a market capitalization of $33.48 billion, a P/E ratio of 67.37, a PEG ratio of 1.50 and a beta of 1.03. Corning Incorporated has a 52 week low of $30.72 and a 52 week high of $55.33. The company has a current ratio of 1.62, a quick ratio of 1.07 and a debt-to-equity ratio of 0.62. The company's 50 day moving average is $48.95 and its two-hundred day moving average is $47.97.

Corning (NYSE:GLW - Get Free Report) last posted its quarterly earnings results on Wednesday, January 29th. The electronics maker reported $0.57 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.56 by $0.01. Corning had a net margin of 3.86% and a return on equity of 15.10%. On average, sell-side analysts anticipate that Corning Incorporated will post 2.33 earnings per share for the current year.

Corning Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, March 28th. Shareholders of record on Friday, February 28th were given a $0.28 dividend. This represents a $1.12 annualized dividend and a yield of 2.87%. The ex-dividend date was Friday, February 28th. Corning's dividend payout ratio is currently 193.10%.

Insider Transactions at Corning

In other 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 completion of the transaction, the chief operating officer now directly owns 152,944 shares of the company's stock, valued at $7,940,852.48. This trade represents a 16.40 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, SVP Michael Alan Bell sold 2,209 shares of Corning stock in a transaction 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. Corporate insiders own 0.40% of the company's stock.

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.