Sumitomo Mitsui DS Asset Management Company Ltd Has $3.05 Million Stake in Corning Incorporated (NYSE:GLW)

Sumitomo Mitsui DS Asset Management Company Ltd boosted its stake in Corning Incorporated (NYSE:GLW) by 1.2% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 78,597 shares of the electronics maker’s stock after acquiring an additional 942 shares during the quarter. Sumitomo Mitsui DS Asset Management Company Ltd’s holdings in Corning were worth $3,053,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in GLW. Cape Investment Advisory Inc. boosted its position in shares of Corning by 800.0% during the fourth quarter. Cape Investment Advisory Inc. now owns 900 shares of the electronics maker’s stock worth $27,000 after buying an additional 800 shares during the period. Access Investment Management LLC acquired a new position in Corning during the 1st quarter worth approximately $28,000. EverSource Wealth Advisors LLC grew its stake in shares of Corning by 347.3% during the 4th quarter. EverSource Wealth Advisors LLC now owns 1,060 shares of the electronics maker’s stock worth $32,000 after acquiring an additional 823 shares in the last quarter. Future Financial Wealth Managment LLC acquired a new stake in shares of Corning in the first quarter valued at approximately $33,000. Finally, Register Financial Advisors LLC bought a new stake in shares of Corning in the first quarter worth $33,000. 69.80% of the stock is owned by institutional investors and hedge funds.

Corning Stock Performance

NYSE GLW opened at $41.84 on Friday. The stock has a market cap of $35.84 billion, a PE ratio of 58.93, a P/E/G ratio of 1.63 and a beta of 1.05. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.98 and a current ratio of 1.57. The firm has a 50-day moving average of $41.31 and a 200-day moving average of $36.47. Corning Incorporated has a 52-week low of $25.26 and a 52-week high of $46.39.

Corning (NYSE:GLW) last issued its quarterly earnings data on Tuesday, July 30th. The electronics maker reported $0.47 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.46 by $0.01. Corning had a net margin of 3.53% and a return on equity of 12.69%. The firm had revenue of $3.60 billion during the quarter, compared to the consensus estimate of $3.55 billion. During the same period last year, the business posted $0.45 earnings per share. The business’s revenue for the quarter was up 3.5% compared to the same quarter last year. On average, sell-side analysts anticipate that Corning Incorporated will post 1.91 EPS for the current year.

Corning Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 27th. Shareholders of record on Friday, August 30th will be issued a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a yield of 2.68%. The ex-dividend date is Friday, August 30th. Corning’s dividend payout ratio is 157.75%.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on the stock. Deutsche Bank Aktiengesellschaft raised shares of Corning from a “hold” rating to a “buy” rating and set a $46.00 target price for the company in a research report on Wednesday, July 31st. Citigroup upped their target price on Corning from $45.00 to $51.00 and gave the stock a “buy” rating in a report on Friday, July 12th. JPMorgan Chase & Co. raised their price target on Corning from $47.00 to $55.00 and gave the company an “overweight” rating in a research note on Monday, July 29th. HSBC upgraded Corning from a “reduce” rating to a “hold” rating and set a $37.00 price objective on the stock in a research note on Tuesday, July 9th. Finally, Bank of America decreased their target price on shares of Corning from $47.00 to $46.00 and set a “buy” rating for the company in a research note on Wednesday, July 31st. Six research analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $45.62.

Insiders Place Their Bets

In other news, VP Jeffrey W. Evenson sold 12,830 shares of the business’s stock in a transaction dated Wednesday, June 5th. The shares were sold at an average price of $37.39, for a total value of $479,713.70. Following the completion of the sale, the vice president now owns 57,280 shares of the company’s stock, valued at $2,141,699.20. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Company insiders own 0.40% of the company’s stock.

Corning Company 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.