Elo Mutual Pension Insurance Co Has $3.80 Million Stock Position in Corning Incorporated (NYSE:GLW)

Elo Mutual Pension Insurance Co increased its holdings in Corning Incorporated (NYSE:GLW) by 11.3% during the fourth quarter, HoldingsChannel reports. The fund owned 79,922 shares of the electronics maker’s stock after acquiring an additional 8,086 shares during the quarter. Elo Mutual Pension Insurance Co’s holdings in Corning were worth $3,798,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. Quest Partners LLC bought a new position in Corning during the third quarter valued at $106,000. FMR LLC increased its position in shares of Corning by 52.8% in the third 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 last quarter. Brooklyn Investment Group bought a new stake in shares of Corning during the 3rd quarter worth $76,000. Bridgewater Associates LP purchased a new position in shares of Corning in the 3rd quarter worth about $6,939,000. Finally, CreativeOne Wealth LLC grew its position in Corning by 20.5% during the third quarter. CreativeOne Wealth LLC now owns 9,944 shares of the electronics maker’s stock valued at $449,000 after acquiring an additional 1,689 shares during the last quarter. Institutional investors own 69.80% of the company’s stock.

Corning Trading Down 1.4 %

Shares of Corning stock opened at $45.91 on Friday. Corning Incorporated has a 1-year low of $30.72 and a 1-year high of $55.33. 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 stock has a market cap of $39.33 billion, a P/E ratio of 79.16, a P/E/G ratio of 1.50 and a beta of 1.03. The stock’s 50 day simple moving average is $49.84 and its 200-day simple moving average is $47.86.

Corning (NYSE:GLW) last announced its earnings results on Wednesday, January 29th. The electronics maker reported $0.57 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.56 by $0.01. Corning had a return on equity of 15.10% and a net margin of 3.86%. Analysts predict that Corning Incorporated will post 2.33 EPS for the current fiscal year.

Corning Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 28th. Stockholders of record on Friday, February 28th were given a dividend of $0.28 per share. The ex-dividend date was Friday, February 28th. This represents a $1.12 annualized dividend and a dividend yield of 2.44%. Corning’s dividend payout ratio is currently 193.10%.

Analyst Ratings Changes

Several analysts have weighed in on GLW shares. Citigroup boosted their price objective on Corning from $55.00 to $58.00 and gave the company a “buy” rating in a research report on Tuesday, January 21st. Morgan Stanley increased their target price on Corning from $39.00 to $48.00 and gave the stock an “equal weight” rating in a research report on Tuesday, December 17th. Barclays cut their price objective on shares of Corning from $53.00 to $52.00 and set an “equal weight” rating on the stock in a report on Wednesday, January 29th. Bank of America lifted their price target on Corning from $65.00 to $68.00 and gave the stock a “buy” rating in a research report on Wednesday, March 19th. Finally, Hsbc Global Res raised Corning from a “hold” rating to a “strong-buy” rating in a research report on Thursday, January 30th. Four analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $54.31.

Insiders Place Their Bets

In related news, SVP Michael Alan Bell sold 2,209 shares of the business’s stock in a transaction dated Thursday, January 30th. The shares were sold at an average price of $49.87, for a total transaction of $110,162.83. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, COO Eric S. Musser sold 30,000 shares of the company’s stock in a transaction dated Friday, January 31st. The shares were sold at an average price of $51.92, for a total transaction 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 trade represents a 16.40 % decrease in their position. The disclosure for this sale can be found here. 0.40% of the stock is owned by corporate insiders.

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.