Tokio Marine Asset Management Co. Ltd. Grows Stock Position in Corning Incorporated (NYSE:GLW)

Tokio Marine Asset Management Co. Ltd. raised its position in Corning Incorporated (NYSE:GLW) by 5.3% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 25,965 shares of the electronics maker’s stock after purchasing an additional 1,303 shares during the quarter. Tokio Marine Asset Management Co. Ltd.’s holdings in Corning were worth $1,234,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of GLW. FMR LLC raised its holdings in shares of Corning by 52.8% in the 3rd quarter. FMR LLC now owns 3,723,044 shares of the electronics maker’s stock worth $168,095,000 after purchasing an additional 1,285,836 shares during the period. State Street Corp grew its stake in 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. Los Angeles Capital Management LLC grew its stake in Corning by 215.6% during the 3rd quarter. Los Angeles Capital Management LLC now owns 1,677,513 shares of the electronics maker’s stock valued at $75,740,000 after purchasing an additional 1,145,955 shares in the last quarter. Pathway Financial Advisers LLC grew its stake in Corning by 4,306.9% during the 3rd quarter. Pathway Financial Advisers LLC now owns 1,050,463 shares of the electronics maker’s stock valued at $47,428,000 after purchasing an additional 1,026,626 shares in the last quarter. Finally, Conning Inc. grew its stake in Corning by 14,556.8% during the 3rd quarter. Conning Inc. now owns 881,019 shares of the electronics maker’s stock valued at $39,778,000 after purchasing an additional 875,008 shares in the last quarter. 69.80% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Corning

In other news, SVP John P. Bayne, Jr. sold 5,000 shares of the business’s stock in a transaction on Friday, November 22nd. The stock was sold at an average price of $48.39, for a total value of $241,950.00. Following the sale, the senior vice president now owns 6,700 shares of the company’s stock, valued at approximately $324,213. The trade was a 42.74 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, 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. This represents a 16.40 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 46,085 shares of company stock valued at $2,345,436 in the last quarter. Corporate insiders own 0.45% of the company’s stock.

Corning Stock Down 1.4 %

Shares of Corning stock opened at $51.35 on Tuesday. The business’s fifty day moving average price is $48.78 and its two-hundred day moving average price is $45.67. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.62 and a quick ratio of 1.07. The company has a market capitalization of $43.97 billion, a P/E ratio of 88.54, a PEG ratio of 1.51 and a beta of 1.03. Corning Incorporated has a 1-year low of $30.72 and a 1-year high of $55.33.

Corning (NYSE:GLW) last announced its earnings results on Wednesday, January 29th. The electronics maker reported $0.57 earnings per share for the quarter, beating 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%. As a group, research analysts forecast that Corning Incorporated will post 2.33 EPS for the current year.

Analysts Set New Price Targets

Several research analysts have recently commented on GLW shares. Citigroup lifted their target price on Corning from $55.00 to $58.00 and gave the stock a “buy” rating in a research report on Tuesday, January 21st. Deutsche Bank Aktiengesellschaft lifted their target price on Corning from $49.00 to $54.00 and gave the stock a “buy” rating in a research report on Wednesday, October 30th. HSBC upgraded Corning from a “hold” rating to a “buy” rating and lifted their target price for the stock from $51.00 to $60.00 in a research report on Thursday, January 30th. StockNews.com upgraded Corning from a “hold” rating to a “buy” rating in a research report on Tuesday, December 24th. Finally, Barclays decreased their target price on Corning from $53.00 to $52.00 and set an “equal weight” rating for the company in a research report on Wednesday, January 29th. Three equities research analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Corning presently has a consensus rating of “Moderate Buy” and an average target price of $53.00.

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.