Corning Incorporated (NYSE:GLW) Shares Bought by Mizuho Securities USA LLC

Mizuho Securities USA LLC grew its stake in shares of Corning Incorporated (NYSE:GLW) by 46.2% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 73,034 shares of the electronics maker’s stock after acquiring an additional 23,095 shares during the period. Mizuho Securities USA LLC’s holdings in Corning were worth $3,471,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently modified their holdings of GLW. Empowered Funds LLC lifted its position in shares of Corning by 2.9% during the 3rd quarter. Empowered Funds LLC now owns 17,777 shares of the electronics maker’s stock valued at $803,000 after acquiring an additional 509 shares during the period. Quest Partners LLC purchased a new position in shares of Corning during the 3rd quarter worth approximately $106,000. Prospera Financial Services Inc purchased a new position in shares of Corning during the 3rd quarter worth approximately $264,000. Charles Schwab Investment Management Inc. increased its stake in shares of Corning by 0.8% during the 3rd 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 in the last quarter. Finally, Raymond James Trust N.A. increased its stake in shares of Corning by 2.0% during the 3rd quarter. Raymond James Trust N.A. now owns 34,803 shares of the electronics maker’s stock worth $1,571,000 after purchasing an additional 697 shares in the last quarter. 69.80% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Corning

In related news, COO Eric S. Musser sold 30,000 shares of Corning stock in a transaction 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 transaction, the chief operating officer now owns 152,944 shares in the company, valued at approximately $7,940,852.48. The trade was a 16.40 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, SVP Michael Alan Bell sold 2,209 shares of Corning stock in a transaction on Thursday, January 30th. The shares were sold at an average price of $49.87, for a total transaction of $110,162.83. The disclosure for this sale can be found here. Company insiders own 0.40% of the company’s stock.

Corning Stock Down 0.4 %

Shares of GLW opened at $48.49 on Monday. The firm has a market cap of $41.53 billion, a PE ratio of 83.60, a price-to-earnings-growth ratio of 1.50 and a beta of 1.03. The company’s fifty day moving average is $49.91 and its two-hundred day moving average is $47.72. Corning Incorporated has a fifty-two week low of $30.72 and a fifty-two week high of $55.33. The company has a quick ratio of 1.07, a current ratio of 1.62 and a debt-to-equity ratio of 0.62.

Corning (NYSE:GLW) last announced its quarterly earnings results on Wednesday, January 29th. The electronics maker reported $0.57 earnings per share 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%. Analysts forecast that Corning Incorporated will post 2.33 earnings per share for the current year.

Corning Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Friday, February 28th will be issued a dividend of $0.28 per share. The ex-dividend date is Friday, February 28th. This represents a $1.12 annualized dividend and a dividend yield of 2.31%. Corning’s payout ratio is 193.10%.

Analyst Ratings Changes

A number of research analysts have recently weighed in on GLW shares. HSBC raised shares of Corning from a “hold” rating to a “buy” rating and raised their price objective for the stock from $51.00 to $60.00 in a research note on Thursday, January 30th. Morgan Stanley raised their price objective on shares of Corning from $39.00 to $48.00 and gave the stock an “equal weight” rating in a research note on Tuesday, December 17th. Barclays dropped 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 note on Wednesday, January 29th. StockNews.com cut shares of Corning from a “buy” rating to a “hold” rating in a research note on Tuesday, February 25th. Finally, Bank of America lifted their target price on shares of Corning from $65.00 to $68.00 and gave the stock a “buy” rating in a research note on Wednesday, March 19th. Four analysts have rated the stock with a hold rating, ten have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $54.31.

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.