Oppenheimer Asset Management Inc. Grows Holdings in Corning Incorporated (NYSE:GLW)

Oppenheimer Asset Management Inc. raised its position in shares of Corning Incorporated (NYSE:GLW) by 0.7% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 613,194 shares of the electronics maker’s stock after purchasing an additional 4,419 shares during the quarter. Oppenheimer Asset Management Inc. owned 0.07% of Corning worth $29,139,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. Allspring Global Investments Holdings LLC increased its stake in Corning by 7.2% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 40,214 shares of the electronics maker’s stock worth $1,816,000 after buying an additional 2,702 shares in the last quarter. International Assets Investment Management LLC grew its position in shares of Corning by 1,780.0% during the third quarter. International Assets Investment Management LLC now owns 248,009 shares of the electronics maker’s stock worth $11,198,000 after purchasing an additional 234,817 shares in the last quarter. Hennion & Walsh Asset Management Inc. purchased a new stake in shares of Corning during the third quarter worth about $269,000. Mirae Asset Global Investments Co. Ltd. raised its stake in Corning by 75.7% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 96,824 shares of the electronics maker’s stock valued at $4,344,000 after purchasing an additional 41,715 shares during the period. Finally, Valmark Advisers Inc. lifted its holdings in Corning by 12.5% in the 3rd quarter. Valmark Advisers Inc. now owns 7,572 shares of the electronics maker’s stock worth $342,000 after purchasing an additional 842 shares in the last quarter. 69.80% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

GLW has been the subject of a number of research analyst reports. Barclays cut their price objective on shares of Corning from $53.00 to $52.00 and set an “equal weight” rating for the company in a report on Wednesday, January 29th. UBS Group raised their target price on shares of Corning from $46.00 to $51.00 and gave the company a “neutral” rating in a research note on Wednesday, October 30th. HSBC upgraded shares of Corning from a “hold” rating to a “buy” rating and boosted their price target for the stock from $51.00 to $60.00 in a research note on Thursday, January 30th. Deutsche Bank Aktiengesellschaft lifted their target price on Corning from $49.00 to $54.00 and gave the stock a “buy” rating in a report on Wednesday, October 30th. Finally, Morgan Stanley increased their price target on Corning from $39.00 to $48.00 and gave the company an “equal weight” rating in a research note on Tuesday, December 17th. Four equities research 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 company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $53.00.

Corning Price Performance

Shares of GLW stock opened at $49.99 on Thursday. The stock has a 50 day moving average price of $50.08 and a 200 day moving average price of $47.01. Corning Incorporated has a 52-week low of $30.72 and a 52-week high of $55.33. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.07 and a current ratio of 1.62. The firm has a market capitalization of $42.82 billion, a P/E ratio of 86.19, a P/E/G ratio of 1.50 and a beta of 1.03.

Corning (NYSE:GLW) last issued 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 net margin of 3.86% and a return on equity of 15.10%. As a group, sell-side analysts predict that Corning Incorporated will post 2.33 earnings per share for the current year.

Corning Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Friday, February 28th will be issued a $0.28 dividend. The ex-dividend date is Friday, February 28th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.24%. Corning’s payout ratio is 193.10%.

Insider Buying and Selling

In other Corning news, COO Eric S. Musser sold 30,000 shares of the company’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 approximately $7,940,852.48. This represents a 16.40 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP Michael Alan Bell sold 2,209 shares of the firm’s stock in a transaction on Thursday, January 30th. The shares were sold at an average price of $49.87, for a total value of $110,162.83. The disclosure for this sale can be found here. 0.40% of the stock is owned by insiders.

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.