Talos Asset Management LP Invests $23.31 Million in Corning Incorporated (NYSE:GLW)

Talos Asset Management LP purchased a new position in shares of Corning Incorporated (NYSE:GLW) during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm purchased 490,600 shares of the electronics maker’s stock, valued at approximately $23,313,000. Corning makes up 5.5% of Talos Asset Management LP’s portfolio, making the stock its 6th biggest holding. Talos Asset Management LP owned about 0.06% of Corning at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Wellington Management Group LLP raised its stake in Corning by 0.3% during the 3rd quarter. Wellington Management Group LLP now owns 39,225,452 shares of the electronics maker’s stock worth $1,771,029,000 after acquiring an additional 133,214 shares in the last quarter. State Street Corp raised 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 worth $1,534,337,000 after acquiring an additional 1,242,718 shares in the last quarter. Charles Schwab Investment Management Inc. raised its stake in Corning by 1.7% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 4,937,981 shares of the electronics maker’s stock worth $234,653,000 after acquiring an additional 84,905 shares in the last quarter. Amundi raised its stake in Corning by 139.0% during the 4th quarter. Amundi now owns 3,900,808 shares of the electronics maker’s stock worth $186,186,000 after acquiring an additional 2,268,436 shares in the last quarter. Finally, FMR LLC raised its stake in Corning by 52.8% during the 3rd 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 in the last quarter. 69.80% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other news, COO Eric S. Musser sold 30,000 shares of the business’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 value 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 $7,940,852.48. The trade was a 16.40 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, SVP Michael Alan Bell sold 2,209 shares of the company’s stock in a transaction that occurred on Thursday, January 30th. The stock was 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. Company insiders own 0.45% of the company’s stock.

Corning Trading Up 3.3 %

Shares of Corning stock opened at $48.84 on Thursday. Corning Incorporated has a 52-week low of $30.72 and a 52-week high of $55.33. The company has a quick ratio of 1.07, a current ratio of 1.62 and a debt-to-equity ratio of 0.62. The company’s 50-day simple moving average is $49.86 and its 200-day simple moving average is $47.62. The firm has a market cap of $41.83 billion, a price-to-earnings ratio of 84.20, a price-to-earnings-growth ratio of 1.50 and a beta of 1.03.

Corning (NYSE:GLW) last released its quarterly earnings data on Wednesday, January 29th. The electronics maker reported $0.57 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%. As a group, equities research analysts anticipate that Corning Incorporated will post 2.33 earnings per share for the current year.

Corning Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Friday, February 28th will be given a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.29%. The ex-dividend date of this dividend is Friday, February 28th. Corning’s dividend payout ratio is presently 193.10%.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on the stock. HSBC upgraded shares of Corning from a “hold” rating to a “buy” rating and lifted their price target for the stock from $51.00 to $60.00 in a research note on Thursday, January 30th. Barclays dropped their price objective 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. StockNews.com lowered shares of Corning from a “buy” rating to a “hold” rating in a research note on Tuesday, February 25th. Hsbc Global Res upgraded shares of Corning from a “hold” rating to a “strong-buy” rating in a research note on Thursday, January 30th. Finally, 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 note on Wednesday. Four investment analysts have rated the stock with a hold rating, ten have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $54.31.

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.