UBS Asset Management Americas Inc. Increases Holdings in Corning Incorporated (NYSE:GLW)


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UBS Asset Management Americas Inc. lifted its stake in shares of Corning Incorporated (NYSE:GLW) by 6.1% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 3,134,259 shares of the electronics maker’s stock after purchasing an additional 180,984 shares during the quarter. UBS Asset Management Americas Inc.’s holdings in Corning were worth $112,833,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently modified their holdings of GLW. Eudaimonia Partners LLC grew its holdings in Corning by 21.2% during the 3rd quarter. Eudaimonia Partners LLC now owns 1,600 shares of the electronics maker’s stock valued at $25,000 after buying an additional 280 shares in the last quarter. Hoover Financial Advisors Inc. bought a new position in shares of Corning in the fourth quarter valued at approximately $27,000. Financial Avengers Inc. purchased a new position in Corning during the fourth quarter valued at approximately $29,000. ELM Advisors LLC bought a new stake in Corning during the 4th quarter worth approximately $30,000. Finally, Paces Ferry Wealth Advisors LLC purchased a new stake in Corning in the 3rd quarter worth approximately $32,000. 74.33% of the stock is currently owned by institutional investors and hedge funds.

In related news, CEO Wendell P. Weeks sold 146,629 shares of the stock in a transaction dated Friday, February 19th. The shares were sold at an average price of $37.74, for a total transaction of $5,533,778.46. Also, VP Michael Alan Bell sold 13,320 shares of the stock in a transaction dated Monday, April 5th. The shares were sold at an average price of $45.48, for a total transaction of $605,793.60. Following the sale, the vice president now directly owns 13,320 shares in the company, valued at $605,793.60. The disclosure for this sale can be found here. Insiders sold a total of 316,816 shares of company stock worth $12,412,491 over the last ninety days. Insiders own 0.47% of the company’s stock.

GLW has been the topic of several research analyst reports. UBS Group began coverage on shares of Corning in a report on Wednesday, January 6th. They issued a “buy” rating and a $43.00 price target on the stock. JPMorgan Chase & Co. lowered Corning from an “overweight” rating to a “neutral” rating and set a $39.00 target price on the stock. in a research note on Friday, December 11th. Morgan Stanley increased their target price on Corning from $34.00 to $37.00 and gave the company an “equal weight” rating in a research note on Tuesday. Argus upped their price objective on Corning from $42.00 to $54.00 and gave the stock a “buy” rating in a report on Wednesday. Finally, Barclays upgraded shares of Corning from an “equal weight” rating to an “overweight” rating and upped their price target for the company from $31.00 to $44.00 in a report on Thursday, January 14th. Four equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average target price of $40.50.

Shares of NYSE GLW opened at $44.29 on Thursday. The company has a current ratio of 2.09, a quick ratio of 1.42 and a debt-to-equity ratio of 0.74. Corning Incorporated has a 12 month low of $18.82 and a 12 month high of $45.84. The firm has a market capitalization of $34.07 billion, a PE ratio of 221.45, a price-to-earnings-growth ratio of 9.93 and a beta of 1.16. The firm has a fifty day simple moving average of $40.33 and a two-hundred day simple moving average of $36.84.

Corning (NYSE:GLW) last released its earnings results on Wednesday, January 27th. The electronics maker reported $0.52 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.48 by $0.04. The firm had revenue of $3.35 billion for the quarter, compared to the consensus estimate of $3.18 billion. Corning had a net margin of 2.71% and a return on equity of 11.50%. The company’s revenue was up 18.9% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.46 EPS. On average, sell-side analysts predict that Corning Incorporated will post 1.36 earnings per share for the current year.

The firm also recently announced a quarterly dividend, which was paid on Tuesday, March 30th. Stockholders of record on Friday, February 26th were given a $0.24 dividend. The ex-dividend date of this dividend was Thursday, February 25th. This is an increase from Corning’s previous quarterly dividend of $0.22. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.17%. Corning’s dividend payout ratio is currently 54.55%.

Corning Company Profile

Corning Incorporated engages in display technologies, optical communications, environmental technologies, specialty materials, and life sciences businesses worldwide. The company's Display Technologies segment offers glass substrates for liquid crystal displays and organic light-emitting diodes used in televisions, notebook computers, desktop monitors, tablets, and handheld devices.

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Institutional Ownership by Quarter for Corning (NYSE:GLW)

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