FengHe Fund Management Pte. Ltd. Has $27.65 Million Holdings in Corning Incorporated (NYSE:GLW)

FengHe Fund Management Pte. Ltd. increased its holdings in shares of Corning Incorporated (NYSE:GLW) by 28.1% in the fourth quarter, according to its most recent disclosure with the SEC. The firm owned 581,800 shares of the electronics maker’s stock after purchasing an additional 127,500 shares during the period. Corning accounts for approximately 8.2% of FengHe Fund Management Pte. Ltd.’s holdings, making the stock its 6th largest position. FengHe Fund Management Pte. Ltd.’s holdings in Corning were worth $27,647,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Wellington Management Group LLP grew its holdings in Corning by 0.3% during the third quarter. Wellington Management Group LLP now owns 39,225,452 shares of the electronics maker’s stock worth $1,771,029,000 after purchasing an additional 133,214 shares during the period. State Street Corp grew its holdings in Corning by 3.8% during the third quarter. State Street Corp now owns 33,983,090 shares of the electronics maker’s stock worth $1,534,337,000 after purchasing an additional 1,242,718 shares during the period. Charles Schwab Investment Management Inc. grew its holdings in Corning by 0.8% during the third quarter. Charles Schwab Investment Management Inc. now owns 4,853,076 shares of the electronics maker’s stock worth $219,116,000 after purchasing an additional 38,168 shares during the period. FMR LLC grew its holdings in Corning by 52.8% during 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 period. Finally, Stifel Financial Corp lifted its position in Corning by 1.9% during the third quarter. Stifel Financial Corp now owns 2,810,435 shares of the electronics maker’s stock worth $126,893,000 after acquiring an additional 52,667 shares during the last quarter. Institutional investors own 69.80% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on the stock. 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 research report on Wednesday, January 29th. Deutsche Bank Aktiengesellschaft raised their price objective on shares of Corning from $49.00 to $54.00 and gave the stock a “buy” rating in a research report on Wednesday, October 30th. Hsbc Global Res upgraded shares of Corning from a “hold” rating to a “strong-buy” rating in a research report on Thursday, January 30th. Citigroup raised their price objective on shares of Corning from $55.00 to $58.00 and gave the stock a “buy” rating in a research report on Tuesday, January 21st. Finally, UBS Group raised their price objective on shares of Corning from $46.00 to $51.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 30th. Three research analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $53.00.

Insider Buying and Selling at Corning

In other Corning 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 transaction of $1,557,600.00. Following the completion of the transaction, the chief operating officer now directly owns 152,944 shares in the company, valued at $7,940,852.48. The trade was a 16.40 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, SVP John P. Bayne, Jr. sold 5,000 shares of the business’s stock in a transaction that occurred on Friday, November 22nd. The shares were sold at an average price of $48.39, for a total transaction of $241,950.00. Following the transaction, the senior vice president now owns 6,700 shares of the company’s stock, valued at approximately $324,213. This represents a 42.74 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 46,085 shares of company stock worth $2,345,436 over the last three months. Corporate insiders own 0.40% of the company’s stock.

Corning Stock Up 0.9 %

NYSE GLW opened at $52.58 on Monday. The company has a current ratio of 1.62, a quick ratio of 1.07 and a debt-to-equity ratio of 0.62. Corning Incorporated has a 1-year low of $30.72 and a 1-year high of $55.33. The company has a 50 day moving average of $49.52 and a 200-day moving average of $46.26. The company has a market cap of $45.02 billion, a price-to-earnings ratio of 90.66, a PEG ratio of 1.55 and a beta of 1.03.

Corning (NYSE:GLW) last announced its quarterly earnings data on Wednesday, January 29th. The electronics maker reported $0.57 EPS 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%. On average, equities research analysts expect that Corning Incorporated will post 2.33 earnings per share for the current fiscal year.

Corning Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Friday, February 28th will be given a dividend of $0.28 per share. The ex-dividend date is Friday, February 28th. This represents a $1.12 annualized dividend and a yield of 2.13%. Corning’s dividend payout ratio is currently 193.11%.

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.