Sumitomo Mitsui Trust Holdings Inc. Has $62.54 Million Stock Holdings in Corning Incorporated (NYSE:GLW)

Sumitomo Mitsui Trust Holdings Inc. cut its stake in shares of Corning Incorporated (NYSE:GLW) by 0.2% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The fund owned 2,053,927 shares of the electronics maker’s stock after selling 3,984 shares during the period. Sumitomo Mitsui Trust Holdings Inc.’s holdings in Corning were worth $62,542,000 as of its most recent filing with the SEC.

A number of other hedge funds also recently made changes to their positions in the business. Romano Brothers AND Company lifted its position in shares of Corning by 6.6% in the fourth quarter. Romano Brothers AND Company now owns 42,875 shares of the electronics maker’s stock valued at $1,306,000 after buying an additional 2,640 shares during the last quarter. Altus Wealth Group LLC lifted its position in shares of Corning by 16.4% in the fourth quarter. Altus Wealth Group LLC now owns 17,001 shares of the electronics maker’s stock valued at $518,000 after buying an additional 2,390 shares during the last quarter. Louisiana State Employees Retirement System acquired a new stake in shares of Corning in the fourth quarter valued at approximately $1,413,000. Byrne Asset Management LLC lifted its position in shares of Corning by 5.2% in the fourth quarter. Byrne Asset Management LLC now owns 25,315 shares of the electronics maker’s stock valued at $774,000 after buying an additional 1,245 shares during the last quarter. Finally, Citizens National Bank Trust Department lifted its position in shares of Corning by 17.9% in the fourth quarter. Citizens National Bank Trust Department now owns 33,937 shares of the electronics maker’s stock valued at $1,033,000 after buying an additional 5,150 shares during the last quarter. 69.80% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, Vice Chairman Lawrence D. Mcrae sold 77,464 shares of Corning stock in a transaction on Thursday, March 21st. The stock was sold at an average price of $33.24, for a total value of $2,574,903.36. Following the transaction, the insider now owns 215,254 shares in the company, valued at approximately $7,155,042.96. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Corporate insiders own 0.40% of the company’s stock.

Corning Price Performance

Corning stock opened at $30.89 on Friday. The stock’s fifty day moving average price is $32.33 and its two-hundred day moving average price is $30.38. Corning Incorporated has a one year low of $25.26 and a one year high of $36.01. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.67 and a quick ratio of 1.05. The firm has a market cap of $26.42 billion, a PE ratio of 46.10, a price-to-earnings-growth ratio of 1.71 and a beta of 1.08.

Corning (NYSE:GLW) last posted its quarterly earnings data on Tuesday, January 30th. The electronics maker reported $0.39 EPS for the quarter, hitting analysts’ consensus estimates of $0.39. Corning had a return on equity of 12.31% and a net margin of 4.62%. The firm had revenue of $2.99 billion for the quarter, compared to analyst estimates of $3.26 billion. During the same quarter last year, the company earned $0.47 EPS. The company’s revenue was down 12.1% on a year-over-year basis. As a group, research analysts expect that Corning Incorporated will post 1.87 EPS for the current fiscal year.

Corning Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 28th. Shareholders of record on Thursday, February 29th were paid a dividend of $0.28 per share. The ex-dividend date of this dividend was Wednesday, February 28th. This represents a $1.12 dividend on an annualized basis and a yield of 3.63%. Corning’s dividend payout ratio (DPR) is presently 167.16%.

Analyst Upgrades and Downgrades

GLW has been the subject of a number of recent analyst reports. JPMorgan Chase & Co. raised their price objective on Corning from $34.00 to $36.00 and gave the company a “neutral” rating in a research report on Thursday, April 11th. Susquehanna reiterated a “positive” rating and set a $40.00 target price on shares of Corning in a research note on Monday, April 1st. UBS Group increased their target price on Corning from $34.00 to $35.00 and gave the stock a “neutral” rating in a research note on Monday, April 8th. HSBC lowered Corning from a “hold” rating to a “reduce” rating and set a $29.00 target price on the stock. in a research note on Thursday, February 1st. Finally, StockNews.com upgraded Corning from a “sell” rating to a “hold” rating in a research note on Monday, April 1st. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Corning presently has a consensus rating of “Hold” and an average target price of $34.56.

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.