StoneX Group Inc. Raises Stock Position in Corning Incorporated (NYSE:GLW)

StoneX Group Inc. raised its position in Corning Incorporated (NYSE:GLW) by 2.4% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 37,517 shares of the electronics maker’s stock after purchasing an additional 862 shares during the quarter. StoneX Group Inc.’s holdings in Corning were worth $1,783,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in the company. Oregon Public Employees Retirement Fund lifted its holdings in Corning by 0.3% in the fourth quarter. Oregon Public Employees Retirement Fund now owns 66,063 shares of the electronics maker’s stock valued at $3,139,000 after acquiring an additional 204 shares during the last quarter. Principal Securities Inc. lifted its stake in shares of Corning by 3.5% in the 4th quarter. Principal Securities Inc. now owns 6,170 shares of the electronics maker’s stock valued at $293,000 after purchasing an additional 211 shares during the last quarter. Bogart Wealth LLC grew its holdings in shares of Corning by 18.3% during the 4th quarter. Bogart Wealth LLC now owns 1,419 shares of the electronics maker’s stock worth $67,000 after purchasing an additional 219 shares during the period. Buffington Mohr McNeal increased its position in shares of Corning by 2.1% during the 4th quarter. Buffington Mohr McNeal now owns 10,461 shares of the electronics maker’s stock worth $497,000 after purchasing an additional 220 shares during the last quarter. Finally, Allworth Financial LP raised its holdings in Corning by 1.1% in the 4th quarter. Allworth Financial LP now owns 19,581 shares of the electronics maker’s stock valued at $930,000 after buying an additional 220 shares during the period. Hedge funds and other institutional investors own 69.80% of the company’s stock.

Insider Activity at Corning

In other Corning news, SVP Michael Alan Bell sold 2,209 shares of the stock in a transaction that occurred on Thursday, January 30th. The shares were sold at an average price of $49.87, for a total value of $110,162.83. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, COO Eric S. Musser sold 30,000 shares of the business’s stock in a transaction that occurred on 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 sale, the chief operating officer now owns 152,944 shares of the company’s stock, valued at $7,940,852.48. This represents a 16.40 % decrease in their position. The disclosure for this sale can be found here. 0.40% of the stock is currently owned by corporate insiders.

Corning Price Performance

GLW stock opened at $45.53 on Wednesday. The business’s 50-day moving average is $49.64 and its two-hundred day moving average is $48.00. 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 firm has a market capitalization of $39.00 billion, a P/E ratio of 78.49, a P/E/G ratio of 1.50 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 issued 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 net margin of 3.86% and a return on equity of 15.10%. Analysts anticipate that Corning Incorporated will post 2.33 earnings per share for the current fiscal year.

Corning Announces Dividend

The company also recently announced 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. The ex-dividend date of this dividend was Friday, February 28th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.46%. Corning’s payout ratio is currently 193.10%.

Analysts Set New Price Targets

Several research analysts have weighed in on GLW shares. Barclays lowered their target price on shares of Corning from $53.00 to $52.00 and set an “equal weight” rating for the company in a research note on Wednesday, January 29th. StockNews.com downgraded shares of Corning from a “buy” rating to a “hold” rating in a report on Tuesday, February 25th. HSBC upgraded Corning from a “hold” rating to a “buy” rating and upped their price target for the stock from $51.00 to $60.00 in a research note on Thursday, January 30th. Citigroup lifted their price objective on Corning from $55.00 to $58.00 and gave the company a “buy” rating in a research note on Tuesday, January 21st. Finally, Hsbc Global Res raised Corning from a “hold” rating to a “strong-buy” rating in a research note on Thursday, January 30th. Four investment analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price 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.