UniSuper Management Pty Ltd Has $3.33 Million Stock Holdings in Corning Incorporated (NYSE:GLW)

UniSuper Management Pty Ltd boosted its position in shares of Corning Incorporated (NYSE:GLW - Free Report) by 19.9% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 70,154 shares of the electronics maker's stock after purchasing an additional 11,637 shares during the period. UniSuper Management Pty Ltd's holdings in Corning were worth $3,334,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its holdings in shares of Corning by 0.9% in the 4th quarter. Vanguard Group Inc. now owns 99,903,247 shares of the electronics maker's stock worth $4,747,402,000 after acquiring an additional 916,528 shares in the last quarter. Wellington Management Group LLP raised its position in Corning by 0.3% in the 3rd quarter. Wellington Management Group LLP now owns 39,225,452 shares of the electronics maker's stock valued at $1,771,029,000 after purchasing an additional 133,214 shares during the last quarter. State Street Corp boosted its stake in Corning by 3.8% in the third quarter. State Street Corp now owns 33,983,090 shares of the electronics maker's stock worth $1,534,337,000 after purchasing an additional 1,242,718 shares in the last quarter. Charles Schwab Investment Management Inc. grew its holdings in shares of Corning by 1.7% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 4,937,981 shares of the electronics maker's stock worth $234,653,000 after purchasing an additional 84,905 shares during the last quarter. Finally, Amundi increased its stake in shares of Corning by 139.0% in the fourth quarter. Amundi now owns 3,900,808 shares of the electronics maker's stock valued at $186,186,000 after buying an additional 2,268,436 shares in the last quarter. 69.80% of the stock is currently owned by institutional investors and hedge funds.

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Wall Street Analysts Forecast Growth

GLW has been the topic of a number of research analyst reports. Citigroup increased their price objective on shares of Corning from $55.00 to $58.00 and gave the stock a "buy" rating in a report on Tuesday, January 21st. HSBC raised shares of Corning from a "hold" rating to a "buy" rating and raised their price target for the company from $51.00 to $60.00 in a report on Thursday, January 30th. Bank of America boosted their target price on Corning from $65.00 to $68.00 and gave the stock a "buy" rating in a research report on Wednesday, March 19th. Hsbc Global Res raised shares of Corning from a "hold" rating to a "strong-buy" rating in a research note on Thursday, January 30th. Finally, StockNews.com cut shares of Corning from a "buy" rating to a "hold" rating in a report on Tuesday, February 25th. Four research 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 company. According to MarketBeat, Corning currently has an average rating of "Moderate Buy" and a consensus price target of $54.31.

Corning Stock Performance

GLW stock traded down $0.26 during trading hours on Tuesday, reaching $45.53. The stock had a trading volume of 6,700,113 shares, compared to its average volume of 5,767,062. Corning Incorporated has a fifty-two week low of $30.72 and a fifty-two week high of $55.33. The stock has a market capitalization of $39.00 billion, a PE ratio of 78.49, a price-to-earnings-growth ratio of 1.50 and a beta of 1.03. The stock has a 50-day simple moving average of $49.76 and a 200 day simple moving average of $47.98. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.62 and a quick ratio of 1.07.

Corning (NYSE:GLW - Get Free Report) last announced 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 net margin of 3.86% and a return on equity of 15.10%. Analysts predict that Corning Incorporated will post 2.33 EPS for the current fiscal year.

Corning Dividend Announcement

The firm also recently disclosed 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 dividend on an annualized basis and a yield of 2.46%. The ex-dividend date of this dividend was Friday, February 28th. Corning's dividend payout ratio is currently 193.10%.

Insider Activity at Corning

In related news, SVP Michael Alan Bell sold 2,209 shares of Corning stock in a transaction that occurred on Thursday, January 30th. The shares were sold at an average price of $49.87, for a total transaction of $110,162.83. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, COO Eric S. Musser sold 30,000 shares of the 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 approximately $7,940,852.48. The trade was a 16.40 % decrease in their position. The disclosure for this sale can be found here. 0.40% of the stock is currently owned by corporate 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.