Nomura Asset Management Co. Ltd. Buys 94,837 Shares of Corning Incorporated (NYSE:GLW)

Nomura Asset Management Co. Ltd. raised its stake in shares of Corning Incorporated (NYSE:GLW) by 38.9% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 338,475 shares of the electronics maker’s stock after acquiring an additional 94,837 shares during the period. Nomura Asset Management Co. Ltd.’s holdings in Corning were worth $16,084,000 as of its most recent SEC filing.

Other hedge funds have also recently bought and sold shares of the company. Norges Bank purchased a new position in Corning during the fourth quarter worth about $490,933,000. Amundi boosted its stake in shares of Corning by 139.0% in the 4th quarter. Amundi now owns 3,900,808 shares of the electronics maker’s stock worth $186,186,000 after buying an additional 2,268,436 shares during the last quarter. Raymond James Financial Inc. bought a new position in shares of Corning in the fourth quarter valued at approximately $92,522,000. Appaloosa LP purchased a new stake in shares of Corning during the fourth quarter valued at approximately $71,280,000. Finally, FMR LLC lifted its holdings in Corning by 52.8% during the third quarter. FMR LLC now owns 3,723,044 shares of the electronics maker’s stock worth $168,095,000 after acquiring an additional 1,285,836 shares during the period. 69.80% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, COO Eric S. Musser sold 30,000 shares of the business’s 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 completion of the transaction, the chief operating officer now 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 ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, 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 disclosure for this sale can be found here. 0.40% of the stock is owned by company insiders.

Corning Stock Down 1.4 %

GLW stock opened at $45.91 on Friday. The stock has a 50-day simple moving average of $49.84 and a two-hundred day simple moving average of $47.90. Corning Incorporated has a twelve month low of $30.72 and a twelve month high of $55.33. The firm has a market capitalization of $39.33 billion, a PE ratio of 79.16, a PEG ratio of 1.50 and a beta of 1.03. The company has a quick ratio of 1.07, a current ratio of 1.62 and a debt-to-equity ratio of 0.62.

Corning (NYSE:GLW) last posted its 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 net margin of 3.86% and a return on equity of 15.10%. On average, equities 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. Investors of record on Friday, February 28th were paid a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a yield of 2.44%. The ex-dividend date was Friday, February 28th. Corning’s dividend payout ratio is 193.10%.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on GLW. Hsbc Global Res raised Corning from a “hold” rating to a “strong-buy” rating in a research report on Thursday, January 30th. Citigroup raised 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. Barclays dropped their target price on shares of Corning from $53.00 to $52.00 and set an “equal weight” rating on the stock in a research note on Wednesday, January 29th. HSBC upgraded shares of Corning from a “hold” rating to a “buy” rating and raised their price target for the stock from $51.00 to $60.00 in a research note on Thursday, January 30th. Finally, StockNews.com lowered Corning from a “buy” rating to a “hold” rating in a report on Tuesday, February 25th. Four equities research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company 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.